14 High Yield Dividend Stocks with Sustainable Payouts

9. Chevron Corporation (NYSE:CVX)

Dividend Yield as of January 29: 3.94%

On January 27, BofA lifted its price target on Chevron Corporation (NYSE:CVX) to $188 from $180. It also kept a Buy rating on the stock. The firm said the change reflects updated views across its coverage of Integrated, Refining, and Midstream companies. Analysts pointed to higher front-month crude prices, helped by the removal of Maduro in Venezuela and ongoing unrest in Iran. BofA sees a mix of geopolitical factors and company-specific drivers shaping the outlook.

A Reuters report on January 28 said Chevron is preparing to ramp up shipments of Venezuelan crude to the US. Exports are expected to climb to about 300,000 barrels per day in March. That would mark a sharp rebound from late last year, when shipments slowed, and oil backed up in storage after US restrictions disrupted normal flows. To move that crude, Chevron has secured several tankers and is speeding up loadings.

Chevron’s joint ventures with PDVSA are currently producing about 240,000 to 250,000 barrels per day of heavy crude, a grade favored by Gulf Coast refiners. Those operations were not impacted by recent PDVSA production cuts. Chevron had been the only company authorized to ship Venezuelan oil to the US, but that advantage has narrowed. Vitol and Trafigura have since received US licenses, adding new competition.

Company executives have said Chevron could quickly double crude loadings and lift production over the next two years. The plan centers on repairing and upgrading existing facilities rather than building new ones, part of a broader, US-backed effort to help rebuild Venezuela’s oil industry.

Chevron Corporation (NYSE:CVX) is an integrated energy company. It produces crude oil and natural gas, manufactures transportation fuels, lubricants, petrochemicals, and additives, and develops technologies that support its operations and the wider energy industry.