10 Best Dow Jones Dividend Stocks According to Wall Street Analysts

4. Chevron Corporation (NYSE:CVX)

Upside Potential as of February 6: 16.28%

Chevron Corporation (NYSE:CVX) is a California-based multinational energy company that manufactures and sells a range of high-quality refined products. The company had a standout year in 2024, achieving record-breaking performance. The energy giant boosted its global production by 7%, while US output surged by 19% to new highs. Positioned for continued growth in 2025, the company benefited from a full year of its PDC Energy acquisition, completed in August 2023. In addition, key project startups in the Gulf of Mexico and ongoing expansion in the Permian Basin—where production climbed 18%—further contributed to its strong performance.

Chevron Corporation (NYSE:CVX) recently unveiled plans to collaborate on developing scalable power solutions utilizing natural gas-fired turbines, designed to integrate carbon capture and storage to meet the increasing energy needs of US data centers. In addition, it successfully commenced gas production from the Sanha Lean Gas Connection project, ensuring a steady supply of natural gas to the Angola Liquefied Natural Gas facility.

Chevron Corporation (NYSE:CVX)’s cash position remained solid. The company reported an operating cash flow of $31.5 billion in FY24 and its free cash flow came in at $15 billion. It also returned nearly $12 billion to shareholders through dividends. Moreover, the company bought back more than $15 billion worth of its shares in 2024, continuing its history of share repurchases, which it has carried out in 17 of the past 21 years.

On January 31, Chevron Corporation (NYSE:CVX) declared a 4.9% increase in its quarterly dividend to $1.71 per share. Through this increase, the company stretched its dividend growth streak to 38 years, which makes CVX one of the best dividend stocks on our list. The stock supports a dividend yield of 4.51%, as of February 6.

At the end of Q3 2023, 63 hedge funds tracked by Insider Monkey owned stakes in Chevron Corporation (NYSE:CVX), compared with 64 in the previous quarter. These stakes have a consolidated value of over $21 billion.