Where Does Chevron’s Dividend Yield Stand?


Dec. 4 2020, Updated 10:53 a.m. ET

Chevron pre-earnings

In this series, we reviewed the estimates for Chevron’s (CVX) fourth-quarter earnings. We discussed the company’s segmental outlook and stock performance before its earnings are released. We calculated the stock range for Chevron for 18 days until its earnings. The earnings are expected to be published on February 1. In the previous part, we reviewed analysts’ ratings for the stock. Now, we’ll discuss Chevron’s dividend payment.

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Chevron’s dividend payment and yield

Chevron’s dividend payments have been increasing steadily over the past several years. In the fourth quarter, Chevron paid a dividend of $1.12 per share, which represents 3.7% growth from the fourth quarter of 2016. The dividend was declared on October 31 and paid on December 10. In the first nine months, Chevron’s cash outflows for dividends stood at $6.4 billion.

Chevron’s current dividend yield stands at 4.0%. The recent slump in Chevron stock caused its dividend yield to increase, which could change after the company’s first-quarter dividend payment. In 2018, Chevron raised its dividend payment in the first quarter.

Chevron has also delivered shareholder returns in the form share repurchases. The company’s share repurchase program aims to buy back ~$3 billion shares every year. Stronger cash flows backed by record upstream volumes supported the share buyback program. In the third quarter, Chevron bought back $750 million worth of shares.

Peers’ dividend yield

Chevron’s peers with higher dividend yields include Royal Dutch Shell (RDS.A), BP (BP), Total (TOT), Eni (E), and ExxonMobil (XOM). Shell and BP’s yields are 6.2% and 6.1%, respectively. Total, Eni, and ExxonMobil’s yields are 5.4%, 5.8%, and 4.6%, respectively.

Next, we’ll discuss the changes in Chevron’s short interest.


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