Chevron (CVX) – Among the 14 Best Blue Chip Dividend Stocks to Buy According to Hedge Funds

With an annual dividend yield of 4.21%, Chevron Corporation (NYSE:CVX) is included among the 14 Best Blue Chip Dividend Stocks to Buy According to Hedge Funds.

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Chevron Corporation (NYSE:CVX) 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.

On July 2, Wolfe Research analyst Doug Leggate upgraded Chevron Corporation (NYSE:CVX) from ‘Peer Perform’ to ‘Outperform’ and assigned the stock a price objective of $210, implying an upside of over 25% from the current levels.

Chevron hit an all-time high at the end of March and has since fallen by almost 20%. According to Wolfe Research, the stock’s sharp rise and subsequent pullback so far this year have “masked several key changes that improve the investment case”. The analyst also highlighted the incremental production options that Chevron has secured since the beginning of the year, which it believes extend the energy giant’s free cash flow growth trajectory well beyond 2030.

According to Wolfe, the recent pullback in CVX provides an attractive entry point for investors looking to increase exposure to the energy sector, with Chevron positioned to outperform its major oil peers.

Meanwhile, earlier on June 29, Morgan Stanley lowered its price target on Chevron Corporation (NYSE:CVX) by $5 but reiterated its ‘Overweight’ rating on the shares (read more details here).

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