5 Best Stocks for Dividends

3. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 50

Dividend Yield: 5.58%

Chevron Corporation (NYSE:CVX) ranks third on the list of 10 best stocks for dividends. The California-based energy company has increased dividends in the last 34 years. Chevron Corporation (NYSE:CVX) currently pays an annualized dividend of $5.36 per share. 

Chevron Corporation (NYSE:CVX) stock rose 2.12% the previous day after the oil giant announced a $10 billion clean-energy investment on September 14. The company intends to reduce carbon emissions through 2028 by funding carbon capture, greenhouse gas reductions, renewable fuels, and hydrogen energy projects. On September 15, Citi analyst Alastair Syme maintained a Neutral rating on Chevron Corporation (NYSE:CVX) with a price target of $105 per share. 

The company has a market cap of $239 billion. In the second quarter of 2021, Chevron Corporation (NYSE:CVX) reported an EPS of $1.71, beating estimates by $0.11. The company’s revenue in the second quarter came in at $37.6 billion, an increase of 179% year over year, and beat revenue estimates by $1.15 billion. The stock has gained 24.5% in the past twelve months and returned 13.9%, year to date.

At the end of the second quarter of 2021, 50 hedge funds in the database of Insider Monkey held stakes worth $4.27 billion in Chevron Corporation (NYSE:CVX), up from 41 in the previous quarter worth $4.86 billion.