Retirement Stock Portfolio: 5 Safe Dividend Stocks to Consider

3. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 66     

Dividend Yield as of November 28: 3.09%     

Chevron Corporation (NYSE:CVX) engages in integrated energy and chemical operations worldwide. It is one of the premier dividend stocks for a retirement stock portfolio. On October 5, the Biden administration was preparing to scale down the sanctions on Venezuela to allow Chevron to resume pumping oil in the country, marking a milestone in the reopening of the US and European markets to oil exports in Venezuela.

On October 31, Cowen analyst Charles Ryhee maintained an Outperform rating on Chevron Corporation (NYSE:CVX) stock and raised the price target to $185 from $160, noting that the company reiterated a disciplined approach to M&A and buyback despite an ever-improving balance sheet.

At the end of the third quarter of 2022, 66 hedge funds in the database of Insider Monkey held stakes worth $27 billion in Chevron Corporation (NYSE:CVX), compared to 59 in the preceding quarter worth $26 billion.

In its Q1 2022 investor letter, Diamond Hill, an asset management firm, highlighted a few stocks and Chevron Corporation (NYSE:CVX) was one of them. Here is what the fund said:

“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.”