DAVENPORT & Co LLC Sells 345 Shares of Marathon Petroleum Corporation $MPC

DAVENPORT & Co LLC reduced its stake in Marathon Petroleum Corporation (NYSE:MPC) by 1.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,336 shares of the oil and gas company’s stock after selling 345 shares during the period. DAVENPORT & Co LLC’s holdings in Marathon Petroleum were worth $5,544,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Baker Tilly Wealth Management LLC grew its stake in Marathon Petroleum by 2.8% in the 2nd quarter. Baker Tilly Wealth Management LLC now owns 2,226 shares of the oil and gas company’s stock worth $370,000 after acquiring an additional 60 shares in the last quarter. CHICAGO TRUST Co NA lifted its position in shares of Marathon Petroleum by 3.9% in the 2nd quarter. CHICAGO TRUST Co NA now owns 1,684 shares of the oil and gas company’s stock worth $280,000 after purchasing an additional 63 shares during the period. Sunpointe LLC lifted its position in shares of Marathon Petroleum by 4.1% in the 2nd quarter. Sunpointe LLC now owns 1,750 shares of the oil and gas company’s stock worth $291,000 after purchasing an additional 69 shares during the period. Beverly Hills Private Wealth LLC lifted its position in shares of Marathon Petroleum by 1.3% in the 1st quarter. Beverly Hills Private Wealth LLC now owns 6,739 shares of the oil and gas company’s stock worth $982,000 after purchasing an additional 84 shares during the period. Finally, Valmark Advisers Inc. lifted its position in shares of Marathon Petroleum by 2.3% in the 1st quarter. Valmark Advisers Inc. now owns 3,801 shares of the oil and gas company’s stock worth $554,000 after purchasing an additional 86 shares during the period. 76.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MPC shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Marathon Petroleum in a research report on Saturday, September 27th. Scotiabank reissued an “outperform” rating on shares of Marathon Petroleum in a research report on Friday, July 11th. TD Cowen decreased their target price on shares of Marathon Petroleum from $190.00 to $182.00 and set a “buy” rating for the company in a research report on Wednesday, August 6th. Evercore ISI increased their target price on shares of Marathon Petroleum from $170.00 to $210.00 and gave the company an “in-line” rating in a research report on Friday, September 19th. Finally, Wolfe Research cut shares of Marathon Petroleum from an “outperform” rating to a “peer perform” rating in a research report on Monday, July 14th. Eight research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $196.29.

Insider Buying and Selling at Marathon Petroleum

In other news, insider Molly R. Benson sold 10,879 shares of the stock in a transaction on Friday, August 15th. The shares were sold at an average price of $163.00, for a total value of $1,773,277.00. Following the sale, the insider owned 28,700 shares in the company, valued at $4,678,100. This represents a 27.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is owned by insiders.

Marathon Petroleum Trading Down 1.1%

NYSE MPC opened at $191.37 on Wednesday. The company has a fifty day simple moving average of $177.71 and a two-hundred day simple moving average of $162.83. The stock has a market cap of $58.18 billion, a P/E ratio of 28.39, a P/E/G ratio of 3.25 and a beta of 0.90. Marathon Petroleum Corporation has a 12-month low of $115.10 and a 12-month high of $201.61. The company has a current ratio of 1.23, a quick ratio of 0.71 and a debt-to-equity ratio of 1.15.

Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings results on Tuesday, August 5th. The oil and gas company reported $3.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.22 by $0.74. The business had revenue of $34.10 billion during the quarter, compared to analysts’ expectations of $31.70 billion. Marathon Petroleum had a net margin of 1.58% and a return on equity of 8.38%. The business’s quarterly revenue was down 11.1% on a year-over-year basis. During the same quarter last year, the company posted $4.12 earnings per share. On average, analysts forecast that Marathon Petroleum Corporation will post 8.47 earnings per share for the current year.

Marathon Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 20th were paid a $0.91 dividend. The ex-dividend date was Wednesday, August 20th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 1.9%. Marathon Petroleum’s dividend payout ratio is presently 54.01%.

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.