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HomeMarketChevron's Higher Dividend Yield Now Tops Exxon's

Chevron’s Higher Dividend Yield Now Tops Exxon’s

Chevron raises its quarterly dividend to $1.51 per share, giving the energy giant a 3.4% yield. Rival Exxon now offers a dividend yield 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% higher in after-hours trading.

The energy giant boosted the quarterly dividend by 6% to $1.51 per share. At Wednesday’s closing price of $179.08, that would give Chevron (ticker: CVX) stock a 3.4% dividend yield, besting
Exxon
Mobil’s (XOM) 3.2% yield.

The share-repurchase plan will kick in after the first quarter, when Chevron expects to complete the $25 billion buyback plan it had announced in 2019. It has no end date. At current prices, $75 billion amounts to 22% of the company’s $346 billion market value.

Chevron is set to report fourth-quarter earnings Friday, capping off a record year bolstered by soaring commodity prices.

Write to Avi Salzman at avi.salzman@barrons.com

Credit: marketwatch.com

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