Scopia Capital Management LP Cuts Stock Position in Marathon Petroleum Co. (NYSE:MPC)

Scopia Capital Management LP lessened its holdings in Marathon Petroleum Co. (NYSE:MPC) by 80.9% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 302,152 shares of the oil and gas company’s stock after selling 1,282,728 shares during the period. Marathon Petroleum accounts for approximately 2.0% of Scopia Capital Management LP’s holdings, making the stock its 14th biggest position. Scopia Capital Management LP’s holdings in Marathon Petroleum were worth $16,162,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. NorthCoast Asset Management LLC purchased a new stake in Marathon Petroleum in the 1st quarter worth $3,405,000. Voloridge Investment Management LLC purchased a new stake in Marathon Petroleum in the 1st quarter worth $24,997,000. Eaton Vance Management increased its stake in Marathon Petroleum by 0.3% in the 1st quarter. Eaton Vance Management now owns 270,235 shares of the oil and gas company’s stock worth $14,455,000 after buying an additional 893 shares in the last quarter. Amundi Asset Management US Inc. increased its stake in Marathon Petroleum by 12.3% in the 1st quarter. Amundi Asset Management US Inc. now owns 4,852,187 shares of the oil and gas company’s stock worth $259,543,000 after buying an additional 532,683 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new stake in Marathon Petroleum in the 1st quarter worth $2,140,000. Institutional investors and hedge funds own 76.20% of the company’s stock.

MPC traded down $0.59 on Thursday, hitting $53.49. The company had a trading volume of 130,321 shares, compared to its average volume of 5,606,975. The firm has a market cap of $34.91 billion, a P/E ratio of -32.27, a PEG ratio of 5.71 and a beta of 2.17. Marathon Petroleum Co. has a 12-month low of $26.56 and a 12-month high of $64.84. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.36 and a current ratio of 1.89. The company’s fifty day moving average is $60.14.

Marathon Petroleum (NYSE:MPC) last released its quarterly earnings results on Tuesday, May 4th. The oil and gas company reported ($0.20) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.72) by $0.52. The company had revenue of $22.88 billion during the quarter, compared to analyst estimates of $19.80 billion. Marathon Petroleum had a negative return on equity of 7.64% and a negative net margin of 1.43%. The firm’s revenue was down 5.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.16) earnings per share. On average, sell-side analysts anticipate that Marathon Petroleum Co. will post 1.14 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 10th. Shareholders of record on Wednesday, May 19th were paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 4.34%. The ex-dividend date of this dividend was Tuesday, May 18th. Marathon Petroleum’s payout ratio is currently -67.44%.

MPC has been the subject of a number of analyst reports. Wells Fargo & Company increased their price target on Marathon Petroleum from $66.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, June 24th. Bank of America restated a “buy” rating and set a $83.00 price objective on shares of Marathon Petroleum in a research report on Wednesday, June 16th. Credit Suisse Group started coverage on Marathon Petroleum in a research report on Monday, May 17th. They set an “outperform” rating for the company. raised their price objective on Marathon Petroleum from $58.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, June 9th. Finally, Piper Sandler raised their price objective on Marathon Petroleum from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, April 1st. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $64.50.

Marathon Petroleum Profile

Marathon Petroleum Corporation, together with its subsidiaries, engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates in two segments: Refining & Marketing, and Midstream. 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.

Read More: Trading Options- What is a Strangle?

Want to see what other hedge funds are holding MPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marathon Petroleum Co. (NYSE:MPC).

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

Receive News & Ratings for Marathon Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marathon Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.