Friday, February 2nd the Board of Directors of Chevron Corporation (CVX) announced a quarterly dividend increase of from $1.51 to $1.63 per share that’s payable March 11, 2024 to holders of record February 16, 2024. This represents a 7.95% increase over the last quarterly dividend.
With current price $152.35 (yesterday's close), this raise brings their dividend yield to 4.28%.
CVX is a Dividend Champions with a 37 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 6.3, 5.2, 6.2 and 4.5 (Dividend Champions.xls)
Since I own 60 shares of Chevron, this will increase my portfolio's projected annual net dividend income by $21.46.
The increase now announced was slightly higher than my expectations and I will be pleased to accept it.
This is the 9th 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 $1.63 or 63.0%
This increase raises my YOC to 5.81%.
Summary of 2024 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long CVX
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