ZWJ Investment Counsel Inc. Purchases New Stake in Marathon Petroleum Corporation (MPC)
ZWJ Investment Counsel Inc. purchased a new stake in Marathon Petroleum Corporation (NYSE:MPC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,462 shares of the oil and gas company’s stock, valued at approximately $338,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in MPC. Guardian Life Insurance Co. of America boosted its position in Marathon Petroleum Corporation by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 2,036 shares of the oil and gas company’s stock valued at $103,000 after buying an additional 14 shares during the last quarter. FTB Advisors Inc. boosted its position in shares of Marathon Petroleum Corporation by 484.9% in the first quarter. FTB Advisors Inc. now owns 2,047 shares of the oil and gas company’s stock valued at $104,000 after buying an additional 1,697 shares in the last quarter. Lee Financial Co boosted its position in shares of Marathon Petroleum Corporation by 2.4% in the second quarter. Lee Financial Co now owns 2,048 shares of the oil and gas company’s stock valued at $107,000 after buying an additional 48 shares in the last quarter. Jacobi Capital Management LLC boosted its position in shares of Marathon Petroleum Corporation by 32.2% in the first quarter. Jacobi Capital Management LLC now owns 2,340 shares of the oil and gas company’s stock valued at $116,000 after buying an additional 570 shares in the last quarter. Finally, Tarbox Group Inc. boosted its position in shares of Marathon Petroleum Corporation by 1.5% in the first quarter. Tarbox Group Inc. now owns 2,423 shares of the oil and gas company’s stock valued at $122,000 after buying an additional 36 shares in the last quarter. 81.36% of the stock is owned by institutional investors.
Marathon Petroleum Corporation (NYSE MPC) opened at 50.11 on Monday. Marathon Petroleum Corporation has a 52-week low of $39.29 and a 52-week high of $56.81. The company has a 50 day moving average price of $54.03 and a 200-day moving average price of $51.70. The firm has a market cap of $25.37 billion, a price-to-earnings ratio of 29.88 and a beta of 1.56.
Marathon Petroleum Corporation (NYSE:MPC) last posted its earnings results on Thursday, July 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by $0.01. Marathon Petroleum Corporation had a net margin of 1.34% and a return on equity of 5.52%. The business had revenue of $18.35 billion during the quarter, compared to analyst estimates of $19.98 billion. During the same period in the previous year, the firm posted $1.07 earnings per share. The firm’s revenue was up 9.3% on a year-over-year basis. Equities research analysts anticipate that Marathon Petroleum Corporation will post $2.75 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Wednesday, August 16th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.19%. This is a boost from Marathon Petroleum Corporation’s previous quarterly dividend of $0.36. The ex-dividend date is Monday, August 14th. Marathon Petroleum Corporation’s payout ratio is presently 90.91%.
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Several research analysts recently weighed in on the company. Zacks Investment Research raised Marathon Petroleum Corporation from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. BidaskClub raised Marathon Petroleum Corporation from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 1st. Jefferies Group LLC reaffirmed a “buy” rating and set a $54.83 target price (down previously from $65.00) on shares of Marathon Petroleum Corporation in a research note on Thursday, July 20th. Cowen and Company raised their target price on Marathon Petroleum Corporation from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, July 27th. Finally, US Capital Advisors reaffirmed a “buy” rating on shares of Marathon Petroleum Corporation in a research note on Monday, May 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $58.62.
In other Marathon Petroleum Corporation news, insider Thomas M. Kelley sold 25,000 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $54.33, for a total value of $1,358,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP C. Michael Palmer sold 4,000 shares of the business’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $53.25, for a total value of $213,000.00. Following the completion of the transaction, the vice president now directly owns 61,757 shares of the company’s stock, valued at $3,288,560.25. The disclosure for this sale can be found here. 1.05% of the stock is currently owned by insiders.
About Marathon Petroleum Corporation
Marathon Petroleum Corporation is engaged in refining, marketing, retail and transportation businesses in the United States and the largest east of the Mississippi. The Company operates through three segments: Refining & Marketing; Speedway; and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at the Company’s seven refineries in the Gulf Coast and Midwest regions of the United States.
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