5 Best Dividend Stocks for Passive Income

3 – Chevron Corp. (NYSE: CVX)

Chevron is one of the world’s leading integrated energy companies. Its main operations focus on “explore for, produce and transport crude oil and natural gas; refine, market and distribute transportation fuels and lubricants; manufacture and sell petrochemicals and additives; and develop and deploy technologies that enhance business value.” Without a doubt lockdowns and slumping demand due to Covid-19 had drastic effects on the company’s sales, but still 43 big hedge funds took bullish positions in this company.

The best time to invest in oil stocks was three weeks ago, before the announcement of vaccine news. However, we aren’t too late. Chevron shares increased about 40%, but there is still room for an additional 20% increase over the next 12 months. While you wait, you will receive quarterly dividend payments of $1.29, corresponding to a 6% annualized dividend yield. Chevron managed to increase its dividends for 33 consecutive years.

If we look closer to top three funds that have strong positions at Chevron, we see Fisher Asset Management at the first spot. Billionaire Ken Fisher is one of the most well-known money managers in the financial world and had round $390 million worth of position in CVX. Kahn Brothers and Diamond Hill Capital also have large positions in the stock.

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