5 Best Dividend Stocks to Buy According to Warren Buffett

3. Chevron Corporation (NYSE:CVX)

Berkshire Hathaway’s Stake Value: $23,373,304,000
Dividend Yield as of October 17: 3.49%

Chevron Corporation (NYSE:CVX) ranks third on our list of the best dividend stocks. It is a California-based multinational energy company that provides related services to its customers. During Q2 2022, Berkshire Hathaway increased its position in the company by 2%, which took its total CVX stake to over $23.3 billion. The company represented 7.78% of the firm’s 13F portfolio.

On July 27, Chevron Corporation (NYSE:CVX) declared a quarterly dividend of $1.42 per share, in line with its previous dividend. The company has a 35-year run of raising its dividends consistently. As of October 17, the stock’s dividend yield came in at 3.49%.

Piper Sandler raised its price target on Chevron Corporation (NYSE:CVX) this September to $190 and kept an Overweight rating on the shares, presenting a constructive stance on the integrated oils. The firm also appreciated the company’s strategic priorities.

The number of hedge funds tracked by Insider Monkey owning stakes in Chevron Corporation (NYSE:CVX) grew to 59 in Q2 2022, from 53 in the previous quarter. The collective value of these stakes is over $26 billion. Fisher Asset Management is one of the company’s leading stakeholders in Q2.

Diamond Hill Capital mentioned Chevron Corporation (NYSE:CVX) in its Q1 2022 investor letter. Here is what the firm had to say:

“Other top contributors in Q1 included multinational energy company Chevron Corp. (NYSE:CVX). The company benefited from increased energy demand as COVID-related economic restrictions eased in tandem with concerns regarding supply interruptions related to Russia’s invasion of Ukraine.”