The Dividend Daily

Integrated oil giant Chevron Corporation (CVX) on Friday posted sharply lower third quarter profits, hurt by much lower oil prices and demand amid the economic recession.

The San Ramon, California-based company reported third quarter net income of $3.83 billion, or $1.92 per share, compared with $7.89 billion, or $3.85 per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.72 per share.

Revenue plunged 41% from last year, to $46.6 billion.

On average, Wall Street analysts expected a lower profit of $1.47 per share, albeit on slightly higher revenue of $47 billion.

The company said it bolstered its revenue by upping oil production by 11% in the period.

Chevron shares fell 91 cents, or -1.2%, in morning trading Friday.

The Bottom Line
We started recommending shares of CVX back on Oct.8, when the stock was trading at $70.51. The company has a 3.49% dividend yield, based on last night’s closing stock price of $77.95.

Chevron Corporation (CVX) is a “Recommended” stock at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.