Published on June 23rd, 2025 by Bob Ciura
On June 22nd, 2025, the U.S. launched strikes on Iran. The targets were three Iranian nuclear facilities, in an attempt to prevent Iran from developing the capabilities of building a nuclear weapon.
In the immediate aftermath of the strikes, oil prices spiked, with WTI crude briefly trading above $74 per barrel.
Oil prices rose on the prospect of supply constraints, as well as the potential for more widespread military conflict in the Middle East.
In times of heightened geopolitical turmoil, income investors should turn to the relative stability of dividend stocks.
To that end, we have compiled a list of blue-chip stocks which have raised their dividends for at least 10 years in a row.
You can download our free list of over 500 blue-chip stocks by clicking on the link below:
Geopolitical risks could bring a broader war in the Middle East, with the potential for rising oil prices.
As a result, oil and defense stocks could see their profits rise, making them more attractive for dividend growth investors.
The following 10 dividend stocks are attractive for dividend growth investors after the Iran strikes.
Table of Contents
The table of contents below allows for easy navigation. The list is sorted by dividend yield, from lowest to highest.
Defense Stock: Northrop Grumman (NOC)
Northrop Grumman Corporation is one of the five largest U.S. aerospace and defense contractors based on revenue.
The company reports four business segments: Aeronautics Systems (aircraft and UAVs), Mission Systems (radars, sensors and systems for surveillance and targeting), Defense Systems (sustainment and modernization, directed energy, tactical weapons), and Space Systems (missile defense, space systems, hypersonics and space launchers).
The company had revenue of over $41.0B in 2024.
Northrop Grumman reported results for Q1 FY 2025 on April 22nd, 2025. Company-wide revenue declined 7% to $9.468 billion and diluted earnings per share fell 47% to $3.32 on a year-over-year basis on a loss provision for the B-21, lower volumes, and higher interest rates.
Revenue for Aeronautics Systems fell 8% to $2.814 billion due to lower volumes in B-21, F-35, and restricted programs. Revenue for Defense Systems grew 4% due to higher sales in the Sentinel and ammunition programs, offset by the SiAW program.
The total backlog is a record ~$92.8B at the end of the quarter of which $39.9B is funded. The firm won $10.8B in contract awards in the quarter including large ones for restricted programs and the F-35.
The company updated guidance to $42.0B to $42.5B in sales and $24.95 to $25.35 earnings per share in 2025.
Click here to download our most recent Sure Analysis report on NOC (preview of page 1 of 3 shown below):
Defense Stock: Raytheon Technologies (RTX)
Raytheon Technologies (RTX) was created on April 3rd, 2020, after the completion of the merger between Raytheon and United Technologies, following United Technologies’ spin-offs of its Carrier (CARR) and Otis (OTIS) businesses.
The combined business is one the largest aerospace and defense companies in the world with ~$84 billion in annual sales and a global team of 186,000 employees, including 60,000 engineers and scientists.
The company now has three segments: Collins Aerospace Systems, Pratt & Whitney, and Raytheon, which is composed of the former Raytheon Intelligence & Space and Raytheon Missiles & Defense businesses.
On April 22nd, 2025, Raytheon Technologies reported first quarter results. For the quarter, revenue grew 5.2% to $20.3 billion, which beat estimates by $500 million. Adjusted earnings-per-share of $1.47 compared to $1.34 in the prior year and was $0.10 above expectations.
Raytheon Technologies reaffirmed prior guidance for 2025 as well. The company continues to expect revenue to grow 4% to 6% while adjusted earnings-per-share are projected to be in a range of $6.00 to $6.15 for the year.
Click here to download our most recent Sure Analysis report on RTX (preview of page 1 of 3 shown below):
Defense Stock: L3Harris Technologies (LHX)
L3Harris Technologies is the result of a merger between L3 Technologies and Harris Corporation completed on June 29, 2019, forming the sixth largest defense contractor. The firm acquired Aerojet Rocketdyne in 2023.
The company now reports four business segments: Communication Systems (~23% of revenue), Integrated Mission Systems (~42%), Space and Airborne Systems (~35%), and Aerojet Rocketdyne.
The majority of L3Harris’ sales are to the U.S. Government or to other defense contractors.
Source: Investor Presentation
L3Harris reported Q1 2025 results on April 25th, 2025. Revenue fell 2% to $5,132M from $5,211M on the divestment of the Commercial Aviation Solution (CAS) business and weakness in two segments.
Diluted non-GAAP EPS increased 7% to $2.41 from $2.25 on year-over-year basis on better margins, offset by lower revenue in two segments.
Communications Systems revenue increased 4% due to higher volumes. Margins climbed to 25.5%. Aerojet Rocketdyne revenue grew 8% to $629M from $584M on missile and munitions programs offset by space program and the Aerojet Ordnance Tennessee business.
The firm’s backlog is $33.2B with a 0.84 book-to-bill ratio.
Click here to download our most recent Sure Analysis report on LHX (preview of page 1 of 3 shown below):
Defense Stock: General Dynamics (GD)
General Dynamics is a US aerospace & defense company that operates in four business segments: Aerospace (21% of sales), Combat Systems (19%), Marine Systems (26%), and Technologies (33%).
The Aerospace segment is focused on business jets and services while the remainder of the company is defense. The company makes the M1 Abrams tank, Stryker vehicle, Virginia-class submarine, Columbia-class submarine, and Gulfstream business jets.
Based on revenue, General Dynamics is the fourth-largest defense company. General Dynamics had revenue of approximately $47.7B in 2024.
General Dynamics reported excellent Q1 2025 results on April 23rd, 2025, beating estimates on more revenue in all four segments. Company-wide revenue rose 13.9% and diluted earnings per share increased 27.1% to $3.66 on a year-over-year basis.
Aerospace revenue rose 45.2% from the prior year. The total backlog is $19 billion. Gulfstream’s book-to-bill ratio was 0.8X. Revenue for Marine Systems increased 7.7% on the strength of the Columbia and Virginia-class submarine programs.
The company-wide backlog is $88.7B of which ~$73.2B is funded and ~$20.6B is unfunded. The firm won large orders for ground vehicles, the M1 Abrams upgrade, and the Virginia-class submarine.
General Dynamics guided for revenue of ~$50.3B and earnings per share of ~$14.75 to $14.85 in 2025.
Click here to download our most recent Sure Analysis report on GD (preview of page 1 of 3 shown below):
Defense Stock: Huntington Ingalls Industries (HII)
Huntington Ingalls Industries primarily builds nuclear and non-nuclear ships for the U.S. Navy. The company reports three business segments: Newport News Shipbuilding, Ingalls Shipbuilding, and Mission Technologies.
Newport News builds nuclear powered aircraft carriers and submarines. Ingalls builds surface combatant ships, amphibious assault ships, and Coast Guard cutters.
Mission Technologies provides fleet maintenance and modernization, IT support, nuclear management and operations, and unmanned systems. The company had approximately $11.5B in revenue in 2024.
Huntington Ingalls reported Q1 2025 results on May 1st, 2025. Company-wide revenue fell 2.5% and diluted earnings per share declined 2.1% to $3.79 from $3.87 on a year-over-year basis on lower sales in all three segments and offset by better operating margins.
Huntington Ingalls’ total backlog now stands at $48.0B. Huntington Ingalls kept 2025 guidance for ship building revenue of $8.9B – $9.1B and margins of 5.5% to 6.5%.
Click here to download our most recent Sure Analysis report on HII (preview of page 1 of 3 shown below):
Defense Stock: Lockheed Martin (LMT)
Lockheed Martin Corporation is the world’s largest defense company. About 60% of the company’s revenues comes from the US Department of Defense, with other US government agencies (10%) and international clients (30%) making up the remainder.
The company consists of four business segments: Aeronautics (~40% of sales) – which produces military aircraft like the F-35, F-22, F-16 and C-130; Rotary and Mission Systems (~26% sales) – which houses combat ships, naval electronics, and helicopters; Missiles and Fire Control (~16% sales) – which creates missile defense systems; and Space Systems (~17% sales) – which produces satellites.
The company has significant strength and exposure in military aircraft. The firm had total revenue of over $71.2B in 2024.
Lockheed Martin reported results for Q1 2025 on April 22nd, 2025.
Source: Investor Presentation
Net sales increased 4% and diluted GAAP earnings per share rose to $7.28 from $6.39 on a year-over-year basis on higher sales and operating margins.
The firm won $10B in recent missile contracts for PSM, THAAD, JASSM, and the Trident II D5.
Lockheed Martin’s backlog fell to $173B with decreases in two out of the four segments. The company kept guidance at $73.75B – $74.75B in sales and $27.00 – $27.30 in diluted earnings per share in 2025.
Click here to download our most recent Sure Analysis report on LMT (preview of page 1 of 3 shown below):
Oil Stock: EOG Resources (EOG)
EOG Resources is a crude oil and natural gas company headquartered in Houston, Texas. It is principally engaged in the exploration, development, and production of crude oil and natural gas with reserves in the United States, Canada, Trinidad, and China.
EOG has three operating segments split by geographical areas: Crude oil, Natural Gas, and Natural Gas Liquids (NGL). The Crude Oil segment is the largest, accounting for 79% of revenue.
Source: Investor Presentation
On May 1st, 2025, EOG Resources reported Q1 2025 results. Revenue for the quarter was $5.67 billion, slightly up from $5.59 billion in Q4 2024, but down year-over-year. Net income for the quarter came in at $1.46 billion, equating to earnings per share of $2.65, up from $2.23
The company delivered free cash flow of $1.33 billion and operating cash flow of $2.29 billion. Capital expenditure totaled $1.48 billion. EOG ended the quarter with $6.6 billion in cash and cash equivalents.
The company maintained a solid balance sheet with a debt-to-total capitalization ratio of 13.8%, and per-unit cash operating costs edged up slightly to $10.31 per barrel of oil equivalents.
Click here to download our most recent Sure Analysis report on EOG (preview of page 1 of 3 shown below):
Oil Stock: ConocoPhillips (COP)
ConocoPhillips is the world’s largest independent oil and gas producer, with a production of 2.2 million barrels per day, and operations in 13 countries. The company was founded in 2002 and is headquartered in Houston, Texas.
The company has become the second-largest producer in the Permian, behind only Exxon Mobil.
On November 22nd, 2024, ConocoPhillips acquired Marathon Oil (MRO) in an all-stock deal for an enterprise value of $22.5 billion (incl. $5.4 billion of net debt). The deal has added more than 2 billion barrels of oil in adjacent areas of production and thus it is expected to create annual synergies above $500 million from the first year.
Source: Investor Presentation
In early May, ConocoPhillips reported (5/8/25) results for Q1-2025. It grew its output 26% thanks to the acquisition of Marathon Oil but its average realized oil price fell -6%. Earnings-per-share grew 3%, from $2.03 to $2.09.
The company reiterated its strong guidance for production in 2025, expecting growth from 1.99 to 2.34-2.38 million barrels per day. It also posted a rock-solid reserve replacement ratio of 123% in 2024.
Click here to download our most recent Sure Analysis report on COP (preview of page 1 of 3 shown below):
Oil Stock: Exxon Mobil Corporation (XOM)
Exxon Mobil is a diversified energy giant with a market capitalization of more than $400 billion. In 2024, the upstream segment generated 79% of the total earnings of Exxon while the downstream and chemical segments generated 13% and 8% of the total earnings, respectively.
On May 3rd, 2024, Exxon acquired Pioneer Natural Resources (PXD) for $60 billion in an all-stock deal. As Pioneer is the largest oil producer in Permian, Exxon expects to more than double its Permian output, to 2.0 million barrels per day in 2027.
In early May, Exxon reported (5/2/25) financial results for the first quarter of fiscal 2025. Production decreased -1% sequentially but the company benefited from higher gas prices. As a result, earnings-per-share grew 5% sequentially, from $1.67 to $1.76.
The recent acquisition of Pioneer will be a major growth driver of Exxon. Guyana, one of the most exciting growth projects in the energy sector, is the other major growth project of Exxon. Exxon has more than tripled its estimated reserves in the area, from 3.2 billion barrels in early 2018 to about 11.0 billion barrels now.
Management has stated that 90% of new reserves have a production cost of $35 per barrel and thus it views the dividend as viable at Brent prices above $45.
Click here to download our most recent Sure Analysis report on XOM (preview of page 1 of 3 shown below):
Oil Stock: Chevron Corporation (CVX)
Chevron is one of the largest oil majors in the world. The company sees the bulk of its earnings from its upstream segment and has a higher crude oil and natural gas production ratio than most of its peers.
Chevron has increased its dividend for 38 consecutive years, placing it on the Dividend Aristocrats list.
Source: Investor Presentation
In early May, Chevron reported (5/2/25) results for the first quarter of 2025. Production remained essentially flat from the prior year’s first quarter, as asset sales offset record Permian output after the acquisition of PDC Energy.
In addition, the price of oil decreased and refining margins plunged to normal levels after two years of elevated levels.
As a result, earnings-per-share fell -26%, from $2.93 to $2.18. Moreover, the price of oil has plunged lately, as OPEC has begun to restore its output.
Chevron grew its output by 7% in 2024 thanks to sustained growth in the Permian Basin and acquisitions. The company has more than doubled the value of its assets in the Permian in the last six years thanks to new discoveries and technological advances.
Click here to download our most recent Sure Analysis report on Chevron Corporation (CVX) (preview of page 1 of 3 shown below):
Additional Reading
If you are interested in finding other high-yield securities, the following Sure Dividend resources may be useful:
High-Yield Individual Security Research
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