5 Best NYSE Stocks to Buy for Dividends

1. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 103

Dividend Yield as of June 28: 4.16%

Topping our list of the Best Dividend Stocks on NYSE is Chevron Corporation (NYSE:CVX). The company manufactures and sells a range of high-quality refined products, including gasoline, diesel, marine and aviation fuels, premium base oil, finished lubricants, and fuel oil additives.

Chevron Corporation (NYSE:CVX)’s low-cost and long-lived global assets, strong track record of dividend growth, and high yield make it an attractive option for any dividend portfolio. The oil and gas major has grown its payouts for 39 consecutive years, granting it the coveted title of a Dividend Aristocrat.

Chevron has been able to maintain its strong commitment to shareholders even through multiple commodity downturns, since its business has been designed to comfortably cover its dividend even at crude prices of below $50 per barrel. The company intends to lower its breakeven point even further and remains on track to deliver its $3 to $4 billion structural cost reduction target by the end of 2026.

Chevron’s access to the vast and low-cost assets in Guyana through its recent acquisition of Hess, and its dominant position as the largest foreign oil producer in Venezuela, further add to its appeal. Moreover, the energy giant has also now jumped on the data center bandwagon after it recently signed a long-term deal with Microsoft to provide natural-gas-fired power for a proposed data center campus in West Texas.

READ NEXT: 12 Best NASDAQ Stocks to Buy for Dividends and 12 Best S&P 500 Stocks to Buy for Dividends

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.