Warren Buffett’s 5 Favorite Dividend Stocks for the Rest of 2022

4. Chevron Corporation (NYSE:CVX)

Berkshire Hathaway’s Stake Value: $23,373,304,000
Dividend Yield as of August 17: 3.59%

Berkshire Hathaway initiated its position in Chevron Corporation (NYSE:CVX) during the third quarter of 2020 and has raised its stake significantly since then. In Q2 2022, the hedge fund owned stakes worth over $23.3 billion in the oil company, marking a big jump from its value of $4.5 billion at the end of 2021. The company is the fund’s fourth-largest holding and accounted for 7.78% of Warren Buffett’s portfolio in Q2.

On July 27, Chevron Corporation (NYSE:CVX) declared a quarterly dividend of $1.42 per share, in line with its previous dividend. The company has raised its dividends for 35 years in a row. As of August 17, the stock’s dividend yield came in at 3.59%.

In August, Credit Suisse assumed its coverage of Chevron Corporation (NYSE:CVX) with an Outperform rating and an unchanged price target of $202.

As shown by Insider Monkey’s data, 53 hedge funds were bullish on Chevron Corporation (NYSE:CVX) in Q1 2022, the same as in the previous quarter. The stakes owned by these hedge funds hold a collective value of nearly $28 billion.

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

“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.”