DAVENPORT 13F: Cuts Chevron (CVX) Stake by $25M

Inside Davenport's Chevron Trade

Davenport reduced its investment in Chevron Corporation (NYSE: CVX) during the period, according to a Form 13F filing with the SEC on October 14, 2026. The firm trimmed its position by 121,618 shares, marking a 15.36% decrease from the previous quarter. That left Davenport holding 670,395 shares with a reported value of $136,917,407. Because 13F filings look backward, this report reflects holdings as of the end of the quarter and may not represent the investor's current position today.

Other Institutional Activity in Chevron Corporation

Other large institutional investors also adjusted their positions in the energy company recently. Blackrock Inc. grew its holdings by 10,101,663 shares, ending with 154,824,622 shares worth about $34.8 billion. State Street Corporation trimmed its stake by 4,685,886 shares to finish with 148,447,634 shares valued at roughly $33.4 billion. Vanguard Capital Management LLC boosted its holdings by 416,444 shares, bringing its total to 122,899,830 shares worth about $27.7 billion. Berkshire Hathaway, Inc kept its position steady with 84,375,856 shares valued at roughly $19.0 billion. Geode Capital Management, LLC lifted its stake by 860,406 shares, holding 44,535,812 shares worth about $10.0 billion.

Chevron Corporation Stock Up 1.1%

Chevron Corporation shares recently traded around $224.44, sitting above the 50-day moving average of $206.42 and well above the 200-day moving average of $189.50. The stock trades near its 52-week high of $223.46. The company carries a market capitalization of roughly $430.2 billion and a price-to-earnings ratio of 20.69.

Recent Earnings

Chevron Corporation posted trailing-twelve-month revenue of $209.38 billion and earnings of $10.60 per share. The company reported a net margin of 9.8% and a return on equity of 12.2%. Its next quarterly earnings report is scheduled for October 30, 2026.

Dividend

The company offers a dividend yield of 3.25% with a payout ratio of 67.2%.

Insider Buying and Selling at Chevron Corporation

Company insiders completed multiple stock sales in August 2026. Officer Jeff B. Gustavson sold 14,044 shares on August 11 at an average price of $194.95 for a total of $2,737,867. Chief Executive Officer Michael K Wirth sold 317,100 shares on August 14 valued at $63,566,861. Officer Andrew Benjamin Walz disposed of 16,800 shares on August 17 at $201.06 per share, totaling $3,377,833. Finally, Officer Robert Hewitt Pate sold 2,470 shares on August 18 at $205.11 per share for a total value of $506,619. None of these transactions were reported as planned under a Rule 10b5-1 arrangement.

Analysts Set New Price Targets

Wall Street firms updated their views on the stock across September and October 2026. BMO Capital maintained an Outperform rating on September 3 with a price target of $235.00. HSBC kept a Buy rating on September 25 with a target of $250.00. TD Cowen maintained a Hold rating on September 28 with a target of $215.00, then followed up on October 12 by maintaining a Hold rating while lifting its target to $225.00. UBS kept a Buy rating on October 8 with a target of $235.00. Overall, the stock holds a consensus buy rating from 24 analysts with a mean price target of $227.92.

About Chevron Corporation

Chevron Corporation operates as an integrated energy and chemical producer with global operations spanning upstream exploration and production and downstream refining and marketing. As one of the world's largest energy companies, its financial performance tracks closely with global oil and gas prices.

Bottom Line

Davenport's reduced stake is just one piece of institutional movement around Chevron as the company approaches its next earnings announcement on October 30, 2026. Investors should monitor upcoming SEC disclosures and earnings updates to see how institutional appetite shifts further. Keep in mind that 13F filings are backward-looking: they show holdings as of the end of the reporting quarter and may not represent the fund's current position.