#2 - Chevron (NYSE:CVX)
Chevron Corp. (NYSE: CVX) and Exxon Mobil are frequently looked at as the 1 and 1A among oil stocks. Investors would be fine owning either or both, but a case could be made to buy CVX stock in a year when it’s down 4%.
One reason for investors to be skeptical is the company’s pending acquisition of Hess Corp. (NYSE: HES). It has not gone as smoothly as Exxon Mobil’s acquisition of Pioneer. In fact, Exxon is part of the holdup, as arbitration is currently underway involving some of Hess’ assets in the Permian Basin. However, the merger has been approved by both companies and while finalization won’t occur until 2025, it still looks like a go (as of this writing).
Like Exxon Mobil, Chevron is also a dividend aristocrat. The company has increased its dividend for 37 consecutive years and has a healthy 4.58% dividend yield as of September 4, 2024. Chevron has also increased its dividend at an annualized rate of over 5% in the last three years.
About Chevron
Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.
Read More - Current Price
- $162.40
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 13 Buy Ratings, 4 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $174.93 (7.7% Upside)
