Alta Capital Management Llc/ 13F: Cuts Chevron (CVX) Stake by $2M
Key Points
- This reduction represents a 33.2% decrease in Alta Capital's Chevron holdings from the previous quarter.
- Alta Capital Management Llc/ held 19,570 $CVX shares at quarter end, down 33.19% from the prior quarter.
- Chevron shares recently traded around $232, which is about equal to the closing price on the filing date.
- Alta Capital's Chevron position now accounts for 0.38% of its total reported value of approximately $1.06 billion.
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On October 26, 2026, Alta Capital Management Llc cut its position in Chevron Corporation (CVX) by 9,720 shares, leaving it with 19,570 shares valued at about $4.00 million. This information comes from the fund's latest Form 13F filing with the SEC.
In the filing, Alta Capital's stake in Chevron decreased by 33.2%, down from 29,290 shares previously. The fund's reported value for its Chevron holdings is now approximately $4.00 million, which is a small portion of its overall portfolio valued at about $1.06 billion.
CVX
Chevron Corporation
Where Chevron Fits in Alta Capital's Portfolio
Chevron accounts for 0.38% of Alta Capital's reported portfolio, ranking 44th among its 215 holdings.
Chevron's shares recently traded around $231.99, which is about equal to the closing price of $232.01 on October 26, 2026. The stock has been trading above its 50-day moving average by 9.9% and above its 200-day moving average by 20.8%. However, it is currently below its 52-week high of $234.08.
Recent Earnings
Chevron reported trailing twelve-month revenue of approximately $209.4 billion and an EPS of $10.39. The company is set to announce its next earnings on October 30, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
5 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 46.5%. Revenue missed estimates by 9.6%.
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Profit surprise
EBITDA beat by 3 percent. Operating income missed by 7 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
5 target raises.
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Earnings quality
Gross margin down 19.4 points. Operating margin down 2.5 points. Positive free cash flow.
Earnings Call Summary
The quarter delivered $1.41 per share in adjusted earnings, beating consensus, but revenue of $47.6 billion fell short of the $52.6 billion street expected. The shortfall was mainly a revenue recognition timing issue from a sharp rise in commodity prices in March, which created about $3 billion in unfavorable mark-to-market effects on derivatives. Core operations remain strong, with Guyana and TCO running at full rates, Asian refineries running hard on Chevron crude, and the company capturing real value from integrating Hess assets. Management stayed disciplined, saying it is too early to change strategy after eight weeks of Middle East conflict.
Guidance Chevron held its full-year capital spending at $18 billion to $19 billion and reaffirmed production growth of 7 percent to 10 percent. The company raised affiliate distribution expectations to over $2 billion above first quarter because TCO, CPChem, and Angola LNG are running strong. At $70 per barrel Brent, cash flow will be solid, and higher prices would boost results further.
Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.
Dividend
Chevron has an annual dividend rate of $7.12, giving it a yield of 3.07%. The company's payout ratio is 67.2%.
Insider Buying and Selling at Chevron Corporation
Several insiders have sold shares recently. Robert Hewitt Pate, an officer, sold 43,100 shares on October 20, 2026, and another 2,470 shares on August 18, 2026. R. Hewitt Pate, the Chief Legal Officer, also sold shares on October 19 and 20, 2026, totaling 66,100 shares.
Analysts Set New Price Targets
On September 25, 2026, HSBC maintained a Buy rating on Chevron with a price target of $250.00, up from a prior target of $218.00. UBS also maintained a Buy rating on October 8, 2026, with a target of $235.00, increased from $220.00. The consensus recommendation on Chevron remains a Buy with a mean target price of $232.50 based on 24 analyst opinions.
About Chevron Corporation
Chevron Corporation is an energy company based in Houston, Texas. It operates in both the upstream and downstream segments of the oil and gas industry, engaging in exploration, production, refining, and distribution of energy products.
Bottom Line
Investors should watch Chevron's upcoming earnings report on October 30, 2026, and any further changes in institutional holdings following this filing. Alta Capital's position in Chevron reflects a significant adjustment in its portfolio strategy.
Related Filing Alerts
Source: Alta Capital Management Llc/'s 13F filing on $CVX (Oct 26, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts