5 Dividend Stocks Warren Buffett is Backing in 2022

4. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 53

Dividend Yield: 3.3%

Chevron Corporation (NYSE:CVX), an American multinational energy corporation, is among the dividend stocks Warren Buffett is backing in 2022. Buffett recently increased his stake in the company by 34%. The company is based in San Ramon, California, and actively operates in over 180 countries.

Jeanine Wai, an analyst at Barclays, holds an Overweight rating on shares of Chevron Corporation (NYSE:CVX) as of this March.

Chevron Corporation (NYSE:CVX) raised its share buyback guidance this March from $3 to $5 billion per year to $5 to $10 billion per year, based on an advantaged portfolio and balance sheet, according to the company’s CFO, Pierre Breber. The increases in buybacks, alongside the company’s dividend, are expected to increase the cash returned to shareholders by over 50%, compared to last year.

Chevron Corporation (NYSE:CVX) had 53 hedge funds holding stakes in it in the fourth quarter of 2021, compared to 51 hedge funds in the previous quarter. Their total stake values were $6.5 billion and $4.4 billion respectively.