5 Best Undervalued Dividend Stocks to Buy Now

3. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 57
P/E Ratio (TTM) as of April 17: 9.35

Chevron Corporation (NYSE:CVX) is a California-based energy and petroleum refineries company. In April, Scotiabank upgraded the stock to Buy and also lifted its price target on the stock to $200, highlighting the company’s overall performance.

Chevron Corporation (NYSE:CVX) currently offers a quarterly dividend of $1.51 per share for a dividend yield of 3.53%, as of April 17. The company is one of the best dividend stocks on our list as it has been raising its dividends for the past 36 years.

The number of hedge funds tracked by Insider Monkey owning stakes in Chevron Corporation (NYSE:CVX) stood at 57 in Q4 2022. These stakes have a collective value of over $32.2 billion.

Carillon Tower Advisers mentioned Chevron Corporation (NYSE:CVX) in its Q4 2022 investor letter. Here is what the firm has to say:

“Energy performed well during the fourth quarter, with the sector up about 23%. Investors returned to the sector after the Organization of the Petroleum Exporting Countries (OPEC) signaled it would reduce production. Chevron Corporation (NYSE:CVX) reported strong quarterly results while buying back stock, paying a healthy dividend, and maintaining a strong balance sheet.”