Concord Wealth Partners Trims Stake in Marathon Petroleum Corporation (NYSE:MPC)

Concord Wealth Partners lowered its position in Marathon Petroleum Corporation (NYSE:MPC) by 16.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 2,482 shares of the oil and gas company’s stock after selling 500 shares during the period. Concord Wealth Partners’ holdings in Marathon Petroleum were worth $362,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Dynasty Wealth Management LLC raised its stake in shares of Marathon Petroleum by 3.7% during the first quarter. Dynasty Wealth Management LLC now owns 8,510 shares of the oil and gas company’s stock valued at $1,240,000 after acquiring an additional 304 shares in the last quarter. SKY Mountain Capital Management Inc. acquired a new position in shares of Marathon Petroleum in the first quarter worth about $202,000. Parcion Private Wealth LLC raised its position in shares of Marathon Petroleum by 8.6% during the 1st quarter. Parcion Private Wealth LLC now owns 33,614 shares of the oil and gas company’s stock worth $4,897,000 after purchasing an additional 2,661 shares during the last quarter. Sage Mountain Advisors LLC raised its position in shares of Marathon Petroleum by 6.7% during the 1st quarter. Sage Mountain Advisors LLC now owns 1,818 shares of the oil and gas company’s stock worth $265,000 after purchasing an additional 114 shares during the last quarter. Finally, Wealthfront Advisers LLC raised its position in shares of Marathon Petroleum by 1.5% during the 1st quarter. Wealthfront Advisers LLC now owns 94,152 shares of the oil and gas company’s stock worth $13,717,000 after purchasing an additional 1,384 shares during the last quarter. Institutional investors own 76.77% of the company’s stock.

Insider Activity

In related news, Director Kim K.W. Rucker sold 7,392 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $175.00, for a total value of $1,293,600.00. Following the completion of the sale, the director directly owned 18,944 shares of the company’s stock, valued at approximately $3,315,200. This represents a 28.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.21% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MPC. Wolfe Research downgraded shares of Marathon Petroleum from an “outperform” rating to a “peer perform” rating in a report on Monday. Barclays increased their price target on shares of Marathon Petroleum from $159.00 to $189.00 and gave the company an “overweight” rating in a research note on Friday, July 11th. Morgan Stanley increased their price objective on shares of Marathon Petroleum from $160.00 to $182.00 and gave the stock an “overweight” rating in a research report on Wednesday. TD Cowen raised their price target on shares of Marathon Petroleum from $152.00 to $163.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Finally, Wall Street Zen upgraded shares of Marathon Petroleum from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $184.53.

Marathon Petroleum Stock Performance

Shares of NYSE:MPC opened at $174.39 on Friday. The firm’s 50 day simple moving average is $166.05 and its 200 day simple moving average is $150.97. Marathon Petroleum Corporation has a fifty-two week low of $115.10 and a fifty-two week high of $183.31. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.19 and a quick ratio of 0.73. The company has a market capitalization of $53.57 billion, a price-to-earnings ratio of 24.53, a P/E/G ratio of 3.34 and a beta of 0.88.

Marathon Petroleum (NYSE:MPC) last released its quarterly earnings data on Tuesday, May 6th. The oil and gas company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.16. The firm had revenue of $31.85 billion during the quarter, compared to analysts’ expectations of $28.91 billion. Marathon Petroleum had a net margin of 1.75% and a return on equity of 8.89%. The company’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period in the previous year, the business posted $2.58 earnings per share. As a group, sell-side analysts forecast that Marathon Petroleum Corporation will post 8.47 earnings per share for the current year.

Marathon Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Wednesday, May 21st were issued a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 2.09%. The ex-dividend date was Wednesday, May 21st. Marathon Petroleum’s payout ratio is presently 51.20%.

Marathon Petroleum Profile

Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. The company operates through Refining & Marketing, and Midstream segments. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States; and purchases refined products and ethanol for resale and distributes refined products, including renewable diesel, through transportation, storage, distribution, and marketing services.