Top 5 Dividend Stocks to Buy According to Peter S. Stamos’ Stamos Capital

3. Chevron Corporation (NYSE:CVX)

Stamos Capital Partners’ Stake Value: $10,714,000
Dividend Yield as of June 14: 3.36%
Number of Hedge Fund Holders: 53

Chevron Corporation (NYSE:CVX) is an American energy company that specializes in the exploration of oil and natural gas and aims to use clean energy in its operations. On June 13, the company completed its acquisition of Renewable Energy Group in a deal worth over $3.15 billion. With this acquisition, CVX becomes one of the leading US renewable fuel companies.

Chevron Corporation (NYSE:CVX) has been paying consistent dividends to shareholders for the past 35 years, with its 5-year dividend CAGR standing at 5.07%. The company currently gives a quarterly dividend of $1.42 per share, with a dividend yield of 3.36%, as of the close of June 14. Credit Suisse mentioned in its investors’ note that Chevron Corporation (NYSE:CVX) has no refining capacity in Europe and is not influenced by European Union’s ban on Russian oil imports. Given this, the firm lifted its price target on the stock to $202, with an Outperform rating on the shares.

At the end of Q1 2022, Stamos Capital owned 65,800 shares in Chevron Corporation (NYSE:CVX), valued at over $10.7 million. The hedge fund increased its stake in the company by 11% during the quarter. The company constituted 3.57% of Peter S.Stamos’ portfolio.

According to Insider Monkey’s Q1 2022 database, 53 hedge funds were bullish on Chevron Corporation (NYSE:CVX), the same as in the previous quarter. The consolidated value of the stakes held by hedge funds stood at roughly $28 billion. With stakes valued at $26 billion, Warren Buffett’s Berkshire Hathaway held the largest position in the California-based company in Q1.

ClearBridge Investments mentioned Chevron Corporation (NYSE:CVX) in its Q1 2022 investor letter. Here is what the firm has to say:

“The energy sector, which led a strong market in 2021, generated even more dramatic relative performance in the quarter, advancing 39% and leading the benchmark Russell 1000 Value Index. Years of restrained investment in the energy sector, combined with a strong post-pandemic recovery, contributed to the higher commodity prices. The upward pressure escalated with the Russian invasion of Ukraine. Our energy holding Chevron (NYSE:CVX) benefited from higher commodity prices and was among the top contributors to first-quarter performance.”