Sepio Capital 13F: Cuts Chevron (CVX) Stake by $1.6M
Key Points
- Sepio Capital cut its Chevron Corporation stake by 7,637 shares to finish the quarter with 23,498 shares valued at roughly $4.8 million.
- Chevron Corporation recently traded around $226.68, sitting near its 52-week high of $228.48 with a trailing twelve-month EPS of $10.39.
- The energy giant offers an annual dividend of $7.12 per share, yielding 3.14%, alongside a consensus buy rating from Wall Street analysts.
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Sepio Capital reduced its holdings in Chevron Corporation CVX by 7,637 shares during the third quarter, according to a Form 13F filing on October 22, 2026. The adjustment left the firm with 23,498 shares of the energy company, carrying a reported value of about $4.8 million.
CVX
Chevron Corporation
What Changed in Sepio Capital's Chevron Corporation Position
Prior to this filing, Sepio Capital held 31,135 shares of Chevron Corporation. The reduction of 24.5% trimmed the overall position down to the final count of 23,498 shares.
Other Institutional Activity in Chevron Corporation
Other major investment managers also adjusted their positions in Chevron Corporation around the same reporting period. Symphony Financial grew its holdings by 5,908 shares, ending with 25,043 shares worth about $5.1 million. On the other hand, Y-Intercept exited its stake entirely by selling all 134,525 shares it previously owned. Berkshire Hathaway, Inc held steady with 84,375,856 shares valued at roughly $19.1 billion.
Chevron Corporation Stock Up 0.4%
Chevron Corporation shares recently traded around $226.68 as of October 23, 2026, matching its close of $226.68 on the filing date. The stock trades near its 52-week high of $228.48 and sits well above its 200-day moving average of $190.89.
Recent Earnings
Chevron Corporation reported trailing twelve-month revenue of $209.38 billion and a trailing EPS of $10.39, with a net profit margin of 9.8%. Its next earnings report is scheduled for 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 Corporation pays an annual dividend of $7.12 per share, yielding 3.14% with a payout ratio of 67.2%.
Insider Buying and Selling at Chevron Corporation
Company insiders completed several stock transactions ahead of the filing. Chief Legal Officer R. Hewitt Pate sold 40,700 shares on October 20, 2026, at an average price of $226.65 under a planned trading schedule, following earlier sales by corporate officers.
Analysts Set New Price Targets
Wall Street firms updated their views on the stock prior to the filing. HSBC maintained a buy rating with a $250.00 price target on September 25, 2026, while Morgan Stanley maintained an overweight rating with a $226.00 target on October 15, 2026. The stock currently holds a consensus buy recommendation across 24 analyst opinions.
About Chevron Corporation
Chevron Corporation operates as an integrated energy and chemical producer through its upstream and downstream business segments, exploring for oil and natural gas while refining petroleum products globally.
Bottom Line
Investors will look toward Chevron Corporation's upcoming earnings release on October 30, 2026, for further updates on financial performance. Institutional filings continue to offer a window into how major capital allocators position their portfolios in the energy sector.
Related Filing Alerts
Source: Sepio Capital's 13F filing on $CVX (Oct 22, 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