The stock of energy giant (NYSE: CVX) popped Friday morning after the company reported its fourth-quarter and full-year 2023 results. Chevron shares jumped as much as 3.3%. As of 11:35 a.m. ET, shares were still higher by 3%.

The company's shares have lost more than 12% over the last year, but investors are having a positive reaction to an earnings beat and dividend increase today.

Chevron reported earnings of $2.3 billion for the fourth quarter. Its adjusted earnings of $3.45 per share beat expectations for $3.19 per share. That's a drop in earnings sequentially from the third quarter and compared to last year's fourth quarter. What many investors are likely happiest about, though, was the company's announcement that it would be raising its annual dividend by a healthy 8%.

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Source Fool.com