Chevron Hikes Dividend by 6%; Street Says Buy

Energy company Chevron Corporation (NYSE: CVX) has announced a quarterly dividend of $1.42 per share, an increase of about 6% from the previous dividend of $1.34.

The dividend will be paid on March 10, 2022, to shareholders of record as of February 16, 2022.

The company’s annual dividend of $5.68 per share now reflects a dividend yield of 4.3% based on Wednesday’s closing price.

Notably, the company has been raising its quarterly dividend consistently over the past three years, making it an attractive choice for investors.

Price Target

Recently, Morgan Stanley analyst Devin McDermott reiterated a Buy rating on the stock with a price target of $166, which implies upside potential of 25.1% from current levels.

Consensus among analysts is a Strong Buy based on 13 Buys and 3 Holds. The average Chevron price target of $141.21 implies upside potential of 6.4% from current levels. Shares have gained 50.4% over the past year.

News Sentiment

News Sentiment for CVX is Positive based on 79 articles over the past seven days. 83% of the articles have Bullish sentiment, compared to a sector average of 66%.

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