Warren Buffett’s Top 5 Dividend Stock Picks

2. Chevron Corporation (NYSE:CVX)

Berkshire Hathaway’s Stake Value: $23,757,173,000
Dividend Yield as of November 18: 3.15%

Chevron Corporation (NYSE:CVX) is an American multinational energy company. During Q3 2022, Berkshire Hathaway increased its position in the company by 3%, which takes the firm’s total stake in the company to over $23.7 billion. The company represented 8.02% of Warren Buffett’s portfolio.

Chevron Corporation (NYSE:CVX) is one of the top dividend stocks on our list as it has a 25-year run of raising its dividends. The company pays a quarterly dividend of $1.42 per share for a dividend yield of 3.15%, as of November 18.

In November, Piper Sandler gave a positive outlook on integrated oil companies due to high demand. In view of this, the firm raised its price target on the stock to $206 with an Overweight rating on the shares.

The number of hedge funds tracked by Insider Monkey owning stakes in Chevron Corporation (NYSE:CVX) jumped to 66 in Q3 2022, from 59 in the previous quarter. These stakes have a total value of over $27 billion.

Diamond Hill Capital mentioned Chevron Corporation (NYSE:CVX) in its Q1 2022 investor letter. Here is what the firm had to say:

“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.”