The calendar is doing the work for you here.

Two refiners report inside the same late-October window with crude firming into the print, an activist campaign is pushing one of them toward a strategic update, and a shipbuilder is sitting on the next Navy contract announcement.

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Aerospace

RTX Locked In Up to $20.7 Billion of Missile Production

RTX Corporation (NYSE: RTX) has secured a multiyear contract worth up to $20.7 billion for Raytheon to produce AMRAAM missiles for the U.S. military and international customers.

The agreement runs for five years with two additional option years and supports production of at least 1,900 missiles annually.

Raytheon nearly doubled AMRAAM production in 2025 as demand climbed, and the new contract gives RTX a much longer runway to keep factories and suppliers operating at higher volumes.

Long-Term Demand Changes the Production Picture

Large defense contracts become especially valuable when they stretch across several years. RTX can plan hiring, suppliers, factory investment, and production capacity with far greater visibility than it would under a series of smaller annual orders.

Missiles may sit far outside your everyday spending, but long production commitments give RTX something every industrial business wants: customers already lined up before the product leaves the factory.

Higher Volumes Can Support the Whole Network

Producing at least 1,900 missiles a year requires more than final assembly. Suppliers across electronics, propulsion, guidance systems, and other components also need enough capacity to support the program.

If RTX keeps converting global defense demand into multiyear agreements, you can measure the benefit through higher production volumes and a larger base of contracted revenue extending well beyond a single budget cycle.

RTX currently trades at $187 and pays a dividend of $2.92 per share, a yield of 1.56%.

Energy

Shell Is Doubling the Size of One of Canada's Biggest LNG Export Projects

Shell plc (NYSE: SHEL) and its partners have approved the second phase of LNG Canada. This major expansion will roughly double the Kitimat facility's export capacity to about 28 million tonnes of liquefied natural gas annually.

The project gives Shell more room to move Canadian natural gas into overseas markets, particularly Asia, while building on existing infrastructure rather than starting another export project from scratch.

Shell Is Building Around an Existing Platform

Expanding an operating facility can be easier than developing an entirely new export terminal because much of the site, shipping access, and supporting infrastructure is already in place.

Even if you rarely think about Kitimat, the project matters because Shell can grow export volumes without creating an entirely separate LNG network elsewhere.

Asia Remains the Bigger Long-Term Market

Shell has consistently treated LNG as a major part of its global gas strategy, with Asian markets remaining important as countries seek flexible fuel supplies for power generation and industry.

Beyond the project's size, the bigger point is that Shell is adding capacity in a region positioned to serve some of the world's largest LNG-importing markets for years to come.

SHEL currently trades at $95 and pays a dividend of $3.02 per share, a yield of 3.19%.

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Semiconductors

Nvidia Is Putting Another $150 Billion Behind Its Own Stock

NVIDIA Corporation (NASDAQ: NVDA) has increased its share-repurchase authorization by another $150 billion, taking the remaining program to $235 billion through fiscal 2028.

The move gives the company enormous room to buy back stock while it continues spending heavily on new chips, computing platforms, and the infrastructure supporting AI growth.

The bigger story is not the mechanics of the buyback. Nvidia is showing that its AI business generates enough cash to fund expansion and still return a huge amount of capital to shareholders.

AI Growth Is Creating More Financial Flexibility

Nvidia still needs billions for research, product development, partnerships, and the next generation of computing systems. Yet the company now has enough financial capacity to pursue those plans alongside a much larger repurchase program.

If you think Nvidia’s AI boom is only about selling more chips, the buyback adds another dimension. Strong cash generation is giving the company choices that were far harder to imagine before the current AI spending wave.

The Buyback Changes the Capital Story

A repurchase this large can easily grab your attention because of the headline number, but the more important point is what Nvidia can do without giving up.

Management is not choosing between growth and returning capital. It is trying to do both.

That gives Nvidia more flexibility to support its stock while continuing to chase new opportunities across AI computing, software, and data-center infrastructure.

NVDA currently trades at $230 and pays a dividend of $1.00 per share, a yield of 0.43%.

Dividend Stocks Worth Watching

Valero Energy (VLO)

Crude has firmed again on Middle East supply concerns, and that is the setup refiners want. Refining margins expand when crude firms and stays firm, and Valero is one of the cleanest ways to play that dynamic without single-refinery risk.

The company reports Q3 earnings in late October, and estimate revisions have been drifting higher into the print. You get a yield around 1.2% while you wait.

If crude holds this level into the report, the beat is largely telegraphed. Entry is on any pullback tied to a temporary de-escalation headline.

Huntington Ingalls Industries (HII)

The Pentagon just handed Raytheon a $20.7 billion AMRAAM contract, which tells you what you need to know about where defense spending is heading.

Huntington Ingalls is the largest military shipbuilder in the country and the primary supplier of Navy aircraft carriers and nuclear submarines. That is not a business the Pentagon lets get squeezed.

The catalyst here is FY27 defense budget positioning and any Navy shipbuilding contract award in Q4. Yield sits around 2.1%, with dividend growth in the low single digits.

If defense sector rotation continues on Middle East headlines, this is one worth having on the list before the next contract announcement.

Phillips 66 (PSX)

Elliott Management's activist campaign to unlock value at Phillips 66 is still live, and management has been pushed into midstream monetization talks. That is the catalyst.

The refiner-plus-midstream mix has been trading at a conglomerate discount for years, and any partial spinoff or asset sale would force the market to close that gap.

You get paid roughly 2% to wait, and crude strength is a secondary tailwind on the refining side. Watch for Q3 results in late October and any strategic update alongside.

This is the value-plus-activist setup with a real yield attached.

Dividend Increases

BancFirst (BANF) lifted its quarterly dividend 6.1% to $0.52 per share from $0.49 on September 21, a 1.9% yield.

W. P. Carey (WPC) raised its quarterly dividend to $0.95 per share from $0.94 on September 18, a 5.8% yield.

Fifth Third (FITB) raised its quarterly dividend 5% to $0.42 per share from $0.40 on September 17, a 3.3% yield.

Dividend Decreases

Conagra Brands (CAG) confirmed its halved $0.175 quarterly dividend on September 24, down from $0.35 before July's 50% cut.

Campbell's (CPB) goes ex-dividend Thursday, October 1 at its reduced $0.25 rate, down 36% from $0.39.

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Upcoming Dividend Payers

Steel Dynamics (STLD) goes ex-dividend Wednesday, September 30, paying $0.53 per share on October 9.

Monolithic Power Systems (MPWR) goes ex-dividend Wednesday, September 30, paying $2.00 per share on October 15.

Lincoln Electric (LECO) goes ex-dividend Wednesday, September 30, paying $0.79 per share on October 15.

Comcast (CMCSA) goes ex-dividend Wednesday, October 7, paying $0.33 per share on October 28.

Everything Else

That’s all for today’s edition of the Dividend Brief.

Thanks for reading, and if you have any feedback or dividend stocks you want me to take a look at, just reply to this email!

—Noah Zelvis
DividendBrief.com