Marathon Petroleum Corporation $MPC Shares Sold by NewEdge Advisors LLC

NewEdge Advisors LLC cut its stake in shares of Marathon Petroleum Corporation (NYSE:MPC) by 31.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,998 shares of the oil and gas company’s stock after selling 28,230 shares during the quarter. NewEdge Advisors LLC’s holdings in Marathon Petroleum were worth $14,894,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Bank of America Corp DE lifted its holdings in shares of Marathon Petroleum by 1.6% during the first quarter. Bank of America Corp DE now owns 2,595,084 shares of the oil and gas company’s stock valued at $633,668,000 after purchasing an additional 40,124 shares during the last quarter. Kentucky Retirement Systems increased its stake in Marathon Petroleum by 28.8% in the 1st quarter. Kentucky Retirement Systems now owns 24,853 shares of the oil and gas company’s stock worth $6,069,000 after purchasing an additional 5,559 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Marathon Petroleum by 76.7% during the 1st quarter. Janus Henderson Group PLC now owns 33,092 shares of the oil and gas company’s stock worth $8,083,000 after buying an additional 14,363 shares during the period. Centaurus Financial Inc. lifted its stake in Marathon Petroleum by 19.6% during the first quarter. Centaurus Financial Inc. now owns 1,225 shares of the oil and gas company’s stock valued at $299,000 after buying an additional 201 shares in the last quarter. Finally, Strategic Investment Advisors MI purchased a new stake in Marathon Petroleum during the first quarter valued at about $189,000. 76.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MPC has been the subject of a number of recent analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $343.00 price objective on shares of Marathon Petroleum in a research note on Thursday, July 23rd. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $344.00 target price on shares of Marathon Petroleum in a research report on Monday, June 15th. TD Cowen lifted their price target on Marathon Petroleum from $315.00 to $357.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Raymond James Financial lifted their target price on Marathon Petroleum from $300.00 to $335.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Finally, Jefferies Financial Group set a $335.00 target price on Marathon Petroleum and gave the company a “buy” rating in a report on Sunday, July 12th. Eleven investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Marathon Petroleum has a consensus rating of “Moderate Buy” and a consensus price target of $298.69.

Marathon Petroleum Trading Up 1.0%

Shares of NYSE:MPC opened at $309.09 on Thursday. Marathon Petroleum Corporation has a 1 year low of $158.00 and a 1 year high of $326.92. The firm has a fifty day moving average price of $271.59 and a 200 day moving average price of $235.89. The company has a current ratio of 1.18, a quick ratio of 0.73 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $90.24 billion, a PE ratio of 20.18, a P/E/G ratio of 0.19 and a beta of 0.52.

Marathon Petroleum (NYSE:MPC) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.91. The company had revenue of $34.20 billion during the quarter, compared to analysts’ expectations of $33.42 billion. Marathon Petroleum had a return on equity of 16.22% and a net margin of 3.36%.The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.24) earnings per share. Analysts expect that Marathon Petroleum Corporation will post 43.19 EPS for the current fiscal year.

Marathon Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a dividend of $1.00 per share. The ex-dividend date is Wednesday, August 19th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.3%. Marathon Petroleum’s payout ratio is 26.11%.

Insider Buying and Selling at Marathon Petroleum

In related news, VP Michael A. Henschen II sold 6,336 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $268.82, for a total transaction of $1,703,243.52. Following the completion of the transaction, the vice president directly owned 16,900 shares in the company, valued at $4,543,058. This represents a 27.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.17% of the company’s stock.

About Marathon Petroleum

Marathon Petroleum Corporation (NYSE: MPC) is a U.S.-based downstream energy company engaged principally in the refining, marketing, supply and transportation of petroleum products. The company was formed through a spin-off from Marathon Oil in 2011 and operates an integrated system of refining and logistics assets that support the production and distribution of transportation fuels and other refined petroleum products.

Marathon Petroleum’s operations include refining crude oil into gasoline, diesel, jet fuel, asphalt and other specialty products, as well as managing the distribution and storage infrastructure needed to move those products to market.