Summit Street Capital Management LLC Acquires Shares of 97,758 Marathon Petroleum Corporation $MPC

Summit Street Capital Management LLC bought a new position in Marathon Petroleum Corporation (NYSE:MPC) during the second quarter, HoldingsChannel.com reports. The fund bought 97,758 shares of the oil and gas company’s stock, valued at approximately $24,994,000. Marathon Petroleum accounts for 3.5% of Summit Street Capital Management LLC’s portfolio, making the stock its 13th biggest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Magnolia Capital Advisors LLC bought a new position in shares of Marathon Petroleum in the second quarter worth about $1,315,000. Freestone Grove Partners LP bought a new stake in Marathon Petroleum during the 2nd quarter valued at about $1,307,000. Man Group plc bought a new stake in Marathon Petroleum during the 2nd quarter valued at about $75,128,000. Invst LLC purchased a new stake in Marathon Petroleum in the 2nd quarter valued at about $989,000. Finally, First Bancorp Inc ME purchased a new stake in Marathon Petroleum in the 2nd quarter valued at about $68,000. 76.77% of the stock is currently owned by institutional investors.

Marathon Petroleum Trading Up 2.2%

MPC opened at $362.70 on Thursday. The company has a current ratio of 1.25, a quick ratio of 0.89 and a debt-to-equity ratio of 1.19. The firm has a market cap of $105.89 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 0.23 and a beta of 0.52. Marathon Petroleum Corporation has a 12 month low of $161.93 and a 12 month high of $367.60. The stock has a fifty day moving average price of $303.95 and a 200-day moving average price of $258.31.

Marathon Petroleum (NYSE:MPC) last announced its earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 EPS for the quarter, topping analysts’ consensus estimates of $14.27 by $3.46. The business had revenue of $51.99 billion during the quarter, compared to the consensus estimate of $40.87 billion. Marathon Petroleum had a net margin of 5.48% and a return on equity of 31.96%. The firm’s revenue was up 53.5% on a year-over-year basis. During the same period in the previous year, the company posted $3.96 earnings per share. As a group, equities research analysts anticipate that Marathon Petroleum Corporation will post 46.66 earnings per share for the current fiscal year.

Marathon Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.1%. The ex-dividend date is Wednesday, August 19th. Marathon Petroleum’s dividend payout ratio (DPR) is 13.75%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. raised their target price on shares of Marathon Petroleum from $235.00 to $257.00 in a research report on Wednesday, May 6th. UBS Group reiterated a “buy” rating and issued a $321.00 price target on shares of Marathon Petroleum in a report on Friday, July 10th. Zacks Research cut Marathon Petroleum from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 17th. Jefferies Financial Group set a $335.00 price objective on Marathon Petroleum and gave the stock a “buy” rating in a report on Sunday, July 12th. Finally, Wells Fargo & Company lifted their target price on Marathon Petroleum from $344.00 to $359.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Marathon Petroleum presently has an average rating of “Moderate Buy” and a consensus price target of $312.50.

Insider Buying and Selling at Marathon Petroleum

In other news, SVP Shawn M. Lyon sold 2,500 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $350.00, for a total transaction of $875,000.00. Following the completion of the sale, the senior vice president owned 12,619 shares in the company, valued at approximately $4,416,650. This represents a 16.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Molly R. Benson sold 17,196 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $358.57, for a total value of $6,165,969.72. Following the completion of the sale, the insider directly owned 30,334 shares of the company’s stock, valued at $10,876,862.38. The trade was a 36.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 26,032 shares of company stock worth $8,744,213 over the last three months. 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.