Cherokee Insurance Co Purchases Shares of 41,558 Marathon Petroleum Corporation $MPC

Cherokee Insurance Co purchased a new position in Marathon Petroleum Corporation (NYSE:MPC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 41,558 shares of the oil and gas company’s stock, valued at approximately $6,903,000. Marathon Petroleum accounts for about 3.0% of Cherokee Insurance Co’s investment portfolio, making the stock its 7th biggest position.

A number of other institutional investors and hedge funds also recently made changes to their positions in MPC. Activest Wealth Management raised its holdings in shares of Marathon Petroleum by 290.2% in the 2nd quarter. Activest Wealth Management now owns 160 shares of the oil and gas company’s stock valued at $27,000 after acquiring an additional 119 shares in the last quarter. CBIZ Investment Advisory Services LLC increased its position in shares of Marathon Petroleum by 1,546.2% in the first quarter. CBIZ Investment Advisory Services LLC now owns 214 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 201 shares during the last quarter. WPG Advisers LLC purchased a new stake in Marathon Petroleum in the first quarter valued at approximately $32,000. NewSquare Capital LLC lifted its position in Marathon Petroleum by 103.1% during the second quarter. NewSquare Capital LLC now owns 199 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 101 shares during the last quarter. Finally, Stone House Investment Management LLC lifted its position in Marathon Petroleum by 46.1% during the second quarter. Stone House Investment Management LLC now owns 225 shares of the oil and gas company’s stock valued at $37,000 after purchasing an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Trading Down 1.8%

NYSE MPC opened at $196.60 on Thursday. The stock has a 50-day moving average of $188.94 and a 200-day moving average of $173.44. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 1.31. Marathon Petroleum Corporation has a 1-year low of $115.10 and a 1-year high of $202.25. The firm has a market cap of $59.10 billion, a PE ratio of 20.96, a price-to-earnings-growth ratio of 3.88 and a beta of 0.90.

Marathon Petroleum (NYSE:MPC) last announced its quarterly earnings results on Tuesday, November 4th. The oil and gas company reported $3.01 EPS for the quarter, topping analysts’ consensus estimates of $3.00 by $0.01. The business had revenue of $34.81 billion for the quarter, compared to analysts’ expectations of $31.06 billion. Marathon Petroleum had a return on equity of 9.76% and a net margin of 2.13%. As a group, sell-side analysts forecast that Marathon Petroleum Corporation will post 8.47 EPS for the current year.

Marathon Petroleum Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Wednesday, November 19th will be issued a dividend of $1.00 per share. The ex-dividend date is Wednesday, November 19th. This represents a $4.00 dividend on an annualized basis and a yield of 2.0%. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.91. Marathon Petroleum’s dividend payout ratio (DPR) is currently 38.81%.

Analysts Set New Price Targets

MPC has been the topic of several research reports. Piper Sandler raised their price objective on shares of Marathon Petroleum from $184.00 to $222.00 and gave the company a “neutral” rating in a research report on Thursday, September 11th. Scotiabank restated an “outperform” rating on shares of Marathon Petroleum in a research report on Thursday, October 9th. Bank of America lifted their price target on Marathon Petroleum from $184.00 to $192.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 3rd. Raymond James Financial set a $200.00 price objective on Marathon Petroleum in a research report on Tuesday, November 4th. Finally, Wells Fargo & Company dropped their target price on Marathon Petroleum from $214.00 to $213.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Eight research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $200.00.

Insider Transactions at Marathon Petroleum

In other Marathon Petroleum news, insider Molly R. Benson sold 10,879 shares of the firm’s 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 of the company’s stock, valued at $4,678,100. This trade represents a 27.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.21% of the stock is currently owned by company insiders.

Marathon Petroleum Company 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.