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Chevron raises its quarterly dividend to $1.51 for every share, offering the power giant a 3.4% yield. Rival Exxon now provides a dividend produce of 3.2%.
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Chevron
raised its dividend, and announced a new round of buybacks valued at up to $75 billion late on Wednesday, sending shares 2.6% greater in following-hrs buying and selling.
The electricity big boosted the quarterly dividend by 6% to $1.51 for each share. At Wednesday’s closing rate of $179.08, that would give Chevron (ticker: CVX) inventory a 3.4% dividend produce, besting
Exxon
Mobil’s (XOM) 3.2% produce.
The share-repurchase strategy will kick in after the initially quarter, when Chevron expects to entire the $25 billion buyback program it had introduced in 2019. It has no conclusion date. At recent rates, $75 billion quantities to 22% of the company’s $346 billion sector benefit.
Chevron is established to report fourth-quarter earnings Friday, capping off a document year bolstered by soaring commodity price ranges.
Produce to Avi Salzman at avi.salzman@barrons.com
