Chevron resumes buybacks

Article Excerpt

CHEVRON CORP. $99 remains a buy. The leading integrated oil and gas producer (New York symbol CVX; Cyclical-Growth Dividend Payer Portfolio, Resources sector; Shares outstanding: 1.9 billion; Market cap: $188.1 billion; Dividend yield: 5.4%; Dividend Sustainability Rating: Above Average; www.chevron.com) last raised its quarterly dividend by 3.9% with the June 2021 payment. Investors now receive $1.34 a share instead of $1.29. The new annual rate of $5.36 yields a high 5.4%. Oil prices and demand have recovered from last year’s COVID-19 shutdowns, so the company is resuming share buybacks in the third quarter. It aims to repurchase $2 billion to $3 billion of its shares annually. That benefits investors by increasing earnings-per-share calculations. Chevron is a buy. buy…