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Chevron Stock Hits Record After Surprise Boost to Dividend

  • Oil giant to give 40% of cash flow to investors: Jefferies
  • ConocoPhillips shares also rose to a record high on Thursday
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Chevron Corp. surged to a record Thursday morning after the oil titan announced a larger-than-expected dividend increase amid the highest crude prices since 2014. 

The shares rose as much as 3.3% to $137 in New York trading, extending the 12-month advance to about 55%. Chevron increased its quarterly payout by 6% to $1.42 a share after the close of regular trading on Wednesday, exceeding the Bloomberg Dividend Forecast by a penny.