5 Best Undervalued Dividend Stocks to Buy Now

3. Chevron Corporation (NYSE:CVX)

P/E Ratio: 11.53

Chevron Corporation (NYSE:CVX), one of the best dividend stocks to buy now, has been raising its dividends consistently for the past 35 years. The energy company pays a quarterly dividend of $1.42 per share with a dividend yield of 3.28%, as of October 24.

Piper Sandler appreciated the strategic priorities of Chevron Corporation (NYSE:CVX) and gave a bullish outlook on oil companies. In view of this, the firm raised its price target on the stock to $190 in September with an Overweight rating on the shares.

At the end of the June quarter, the number of hedge funds tracked by Insider Monkey owning stakes in Chevron Corporation (NYSE:CVX) grew to 59, from 53 in the previous quarter. The collective value of these stakes is over $26 billion. Warren Buffett’s Berkshire Hathaway was the company’s leading stakeholder 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.”