Lazard Asset Management LLC reduced its position in shares of Marathon Petroleum Corporation (NYSE:MPC) by 20.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 241,374 shares of the oil and gas company’s stock after selling 60,298 shares during the period. Lazard Asset Management LLC’s holdings in Marathon Petroleum Corporation were worth $12,631,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of MPC. Blue Chip Partners Inc. acquired a new position in shares of Marathon Petroleum Corporation during the second quarter worth about $100,000. Guardian Life Insurance Co. of America boosted its position in shares of Marathon Petroleum Corporation by 0.7% during the first quarter. Guardian Life Insurance Co. of America now owns 2,036 shares of the oil and gas company’s stock worth $103,000 after buying an additional 14 shares during the period. Lee Financial Co boosted its position in shares of Marathon Petroleum Corporation by 2.4% during the second quarter. Lee Financial Co now owns 2,048 shares of the oil and gas company’s stock worth $107,000 after buying an additional 48 shares during the period. Jacobi Capital Management LLC boosted its position in shares of Marathon Petroleum Corporation by 32.2% during the first quarter. Jacobi Capital Management LLC now owns 2,340 shares of the oil and gas company’s stock worth $116,000 after buying an additional 570 shares during the period. Finally, First Interstate Bank boosted its position in shares of Marathon Petroleum Corporation by 81.1% during the second quarter. First Interstate Bank now owns 2,376 shares of the oil and gas company’s stock worth $124,000 after buying an additional 1,064 shares during the period. 78.25% of the stock is owned by institutional investors.

MPC has been the subject of several recent research reports. BidaskClub cut Marathon Petroleum Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th. Scotiabank reaffirmed a “hold” rating and set a $55.00 price objective on shares of Marathon Petroleum Corporation in a research report on Friday, September 1st. Cowen and Company upped their price objective on Marathon Petroleum Corporation from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. Zacks Investment Research cut Marathon Petroleum Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Bank of America Corporation cut Marathon Petroleum Corporation from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 5th. Six investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $59.67.

Shares of Marathon Petroleum Corporation (MPC) opened at 54.73 on Friday. Marathon Petroleum Corporation has a 1-year low of $39.29 and a 1-year high of $56.81. The company has a market cap of $27.71 billion, a price-to-earnings ratio of 32.64 and a beta of 1.56. The firm has a 50-day moving average price of $52.72 and a 200 day moving average price of $52.13.

Marathon Petroleum Corporation (NYSE:MPC) last announced its earnings results on Thursday, July 27th. The oil and gas company reported $1.03 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.01). Marathon Petroleum Corporation had a return on equity of 5.52% and a net margin of 1.34%. The business had revenue of $18.35 billion during the quarter, compared to analysts’ expectations of $19.98 billion. During the same quarter in the previous year, the firm earned $1.07 EPS. Marathon Petroleum Corporation’s quarterly revenue was up 9.3% on a year-over-year basis. On average, analysts predict that Marathon Petroleum Corporation will post $2.95 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Wednesday, August 16th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date of this dividend was Monday, August 14th. This is an increase from Marathon Petroleum Corporation’s previous quarterly dividend of $0.36. Marathon Petroleum Corporation’s payout ratio is presently 90.91%.

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In other news, VP C. Michael Palmer sold 11,450 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $53.02, for a total value of $607,079.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.05% of the stock is 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.

Institutional Ownership by Quarter for Marathon Petroleum Corporation (NYSE:MPC)

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