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Higher Prices and Margins Propel Chevron’s Q2 Earnings (CVX)

Integrated oil giant Chevron Corporation ( CVX

) on Friday said its second quarter profit tripled from last year, boosted by higher energy prices and improving margins in its refinement business.

The San Ramon, CA-based company reported second quarter net income of $5.4 billion, or $2.70 per share, compared with $1.7 billion, or 87 cents per share, in the year-ago period. Revenue surged 32% from last year, to $53 billion.

On average, Wall Street analysts expected a smaller profit of $2.44 per share, on lower revenue of $52.5 billion.

Chevron shares fell 72 cents, or -1%, in premarket trading Friday.

The Bottom Line

We have been recommending shares of CVX since Oct.8, 2009, when the stock was trading at $70.51. The company has a 3.79% dividend yield, based on last night's closing stock price of $76.02.

Chevron Corporation ( CVX ) is a "recommended" dividend stock, 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 .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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