This Dow Jones Stock Is a Genius Buy for Dividend Growth
Chevron (NYSE: CVX) stands out in the oil industry. It's the only oil stock in the Dow Industrial Average. Chevron is also one of only two oil companies that qualify as a Dividend Aristocrat, an S&P 500 member with at least 25 years of consecutive annual dividend increases.
The oil giant should be able to continue growing its payout in the future. Add in its above-average yield -- Chevron's payout is currently at 3.1% while the S&P 500 is at 1.6% -- and it's a smart buy for those seeking a steadily growing passive income stream.
Chevron's integrated oil and gas operations generate lots of cash flow. CFO Pierre Breber stated on the company's third-quarter conference call that "our first financial priority" for this cash flow is "sustaining and growing the dividend."
Source Fool.com
