5 Best Fortune 500 Dividend Stocks to Buy Now

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1. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 59     

Dividend Yield as of October 18: 3.52%

Chevron Corporation (NYSE:CVX) engages in integrated energy and chemical operations worldwide. It is one of the elite large cap stocks to invest in. On October 5, news media reported that the Biden administration was preparing to remove sanctions on Venezuela which will allow Chevron to resume pumping oil in the country. 

On September 12, Piper Sandler analyst Ryan Todd maintained an Overweight rating on Chevron Corporation (NYSE:CVX) stock and raised the price target to $190 from $189, noting that company’s near-record distillate margins continue to drive upside to refining estimates, despite some risk to upstream cost inflation. 

At the end of the second quarter of 2022, 59 hedge funds in the database of Insider Monkey held stakes worth $26 billion in Chevron Corporation (NYSE:CVX), compared to 53 the preceding quarter worth $27.99 billion.

In its Q1 2022 investor letter, Diamond Hill, an asset management firm, highlighted a few stocks and Chevron Corporation (NYSE:CVX) was one of them. Here is what the fund said:

“Other top contributors in Q1 included multinational energy company Chevron Corp. (NYSE:CVX). The company benefited from increased energy demand as COVID-related economic restrictions eased in tandem with concerns regarding supply interruptions related to Russia’s invasion of Ukraine.” 

You can also take a peek at 10 Best FTSE Dividend Stocks To Buy Now and 10 Best Italian Stocks To Buy Now.

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