Tuesday, January 31, 2023

Dividend Increase - Chevron Corporation (CVX)


Wednesday, January 25th the Board of Directors of Chevron Corporation (CVX) announced a quarterly dividend increase of from $ 1.42 to $ 1.51 per share that’s payable March 10, 2023 to holders of record February 16, 2023. This represents a 6.34% increase over the last quarterly dividend.

The Board also authorized the repurchase of the company’s shares of common stock in an aggregate amount of $75 billion. The $75 billion authorization takes effect on April 1, 2023, and does not have a fixed expiration date. It replaces the Board’s previous repurchase authorization of $25 billion from January 2019, which will terminate on March 31, 2023, after the completion of the company’s repurchases in the first quarter 2023.

With current price $ 174.20 (yesterday's close), this raise brings their dividend yield to 3.47%.

CVX is a Dividend Champions with a 36 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 7.0, 6.1, 5.6 and 4.9 (Dividend Champions.xls)

Since I own 60 shares of Chevron, this will increase my portfolio's projected annual net dividend income by $ 16.09.

The increase was in line with my expectations.

This is the 8th dividend increase I've received from Chevron Corporation since initiating a position in January 2014. During this period, the dividend has grown moderately from $1.00 to $1.51 or 51.0%

This increase raises my YOC to 5.38%.

Summary of 2021 Dividend Increases / Cuts

Click here to see my portfolio holdings.

You can follow the development of my dividends here.

Full Disclosure: Long CVX

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