Energy
Exxon Mobil Joins Dividend Hikes... Upside In High Oil Prices (XOM, CVX)
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The dividend hike just announced by Exxon Mobil is a hike of 21% from $0.47 per share to $0.57 per share per quarter. The prior dividend yield rate of 2.2% will now go up to 2.63% based upon the $86.65 price of the stock.
Exxon’s rival Chevron Corporation (NYSE: CVX) is only about half of its size but is a DJIA component and it has a dividend yield of close to 3.2% for income-oriented investors. Today’s hike from Exxon Mobil does not exactly close the entire gap between the two dividends, but it will likely be two more quarters or so before Chevron moves its dividend higher.
Today’s move moves Exxon Mobil more into the middle of the pack of the 30 DJIA components rather than closer to the bottom-third of the 30 components. More dividend hikes will be coming down the road from Exxon Mobil. More share buybacks are likely coming down the pipe too.
JON C. OGG
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