Jenny Harrington, CEO at Gilman Hill Asset Management, is selling shares of Chevron and snapping up shares of Pioneer Natural Resources as part of her strategy focusing on dividend yields. Harrington said on CNBC's " Halftime Report " that although Chevron has been improving its performance, its dividend yield has declined below her portfolio's dividend income yield target of 5% or greater. The energy stock is paying a 3.6% dividend yield, while Pioneer has a yield of 11.
She is in the process of replacing those positions with Pioneer. "This is not, to me, a statement on the energy market overall," Harrington said. "It's a statement on maintaining the dividend yield of the portfolio. So, I've swapped a 3% yield for an 11% yield." Harrington added that despite Pioneer having a variable yield, with current oil prices and how the company has been paying out its dividends, she is comfortable with her trade.
GilmanHill Long-term investor so taking CVX and XOM dividends and buying DVN and PXD… Always listen closely to the Dividend Queen. 😉💰