10 Best High-Yield Dividend Stocks To Invest In

5. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 63

Dividend Yield as of January 20: 4.04%

Chevron Corporation (NYSE:CVX) is an American multinational energy company that manufactures and sells a range of high-quality refined products. The company reported a 7% increase in global production for Q3 2024 compared to the previous year, setting a new record for the quarter. It continues to perform well in the Permian and has completed significant turnarounds at TCO and Gorgon ahead of schedule. These projects, along with other new initiatives expected to launch by 2025, are projected to boost Chevron’s Gulf of Mexico production to 300,000 barrels per day by 2026.

Chevron Corporation (NYSE:CVX) reported strong earnings for Q3 2024, with revenues of $50.67 billion, surpassing analysts’ expectations by $1.63 billion. Additionally, global production grew by 7% year-over-year, reaching almost 3.4 million barrels of oil equivalent per day (BOE/d). This growth was fueled by record production in the Permian Basin and the acquisition of PDC Energy.

Chevron Corporation (NYSE:CVX) has also been drawing investor attention due to its wide-ranging operations and strong cash flow. The CEO recently shared that the company is on track to increase its free cash flow by $6 billion to $8 billion next year, while also reducing costs by several billion dollars. These expected results are anticipated to stem from new or expanded oil production projects in Kazakhstan, US shale, and the offshore Gulf of Mexico.

In addition to all other developments, Chevron Corporation (NYSE:CVX) showed a strong cash position in the latest quarter, generating $9.7 billion in operating cash flow, up from $46.3 billion during the same period last year. The company returned $7.7 billion to shareholders through dividends and share repurchases. Thanks to this cash flow, the company has maintained a dividend growth streak of over 37 years and currently pays a quarterly dividend of $1.63 per share. The stock’s dividend yield on January 20 came in at 4.04%.

As per Insider Monkey’s database of Q3 2024, 63 hedge funds held stakes in Chevron Corporation (NYSE:CVX), compared with 64 in the previous quarter. These stakes have a consolidated value of over $21 billion.