Chevron Is an Elite Dividend Stock (and Has Plenty of Fuel to Continue Growing Its 4.3%-Yielding Payout)
(NYSE: CVX) doesn't get enough credit for its ability to pay dividends. The oil giant has increased its payout annually for 37 straight years. That's the second-longest streak in the oil patch, and it's particularly impressive given the sector's volatility.
Beyond that, its dividend growth rate takes it up a level as an investment. The company has delivered above-average payout growth over the last five years (which is impressive considering its yield of 4.3%). And it should have plenty of capacity to keep increasing its payouts at a healthy pace.
Chevron recently closed the books on another record year. The oil company returned a record $26 billion to shareholders in 2023 -- $11.3 billion through dividends and $14.9 billion in stock buybacks (32% more than in 2022). The share repurchase program helped it keep its total cash outlays for dividends to 3% above 2022's total, even though it boosted its per-share payment by 6%.
Source Fool.com
Chevron Corp. Stock
The stock is an absolute favorite of our community with 25 Buy predictions and no Sell predictions.
As a result the target price of 179 € shows a positive potential of 22.84% compared to the current price of 145.72 € for Chevron Corp..
