Dividend Increase: CVX

Chevron (CVX) is increasing its quarterly dividend by 11.1%, from $0.90 to $1.00 per share, putting the company on track for its 26th consecutive year of dividend growth (news release). Given that I own 20 shares of CVX, my quarterly dividend increases from $18.00 to $20.00 and my yield on cost becomes 4.22%. The extra $8.00 in annual dividend income raises my forward 12-month dividend total to $2,407. Thus far this year, there have been dividend increases for 16 of the 28 stocks in my portfolio.