Lord Abbett & CO. LLC Raises Position in Marathon Petroleum Corporation $MPC

Lord Abbett & CO. LLC raised its holdings in Marathon Petroleum Corporation (NYSE:MPC) by 61.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 564,670 shares of the oil and gas company’s stock after acquiring an additional 214,224 shares during the period. Lord Abbett & CO. LLC’s holdings in Marathon Petroleum were worth $91,832,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of MPC. Brighton Jones LLC raised its holdings in Marathon Petroleum by 30.9% in the 4th quarter. Brighton Jones LLC now owns 4,988 shares of the oil and gas company’s stock valued at $696,000 after acquiring an additional 1,178 shares during the last quarter. Woodline Partners LP raised its holdings in Marathon Petroleum by 38.3% in the 1st quarter. Woodline Partners LP now owns 26,697 shares of the oil and gas company’s stock valued at $3,889,000 after acquiring an additional 7,396 shares during the last quarter. Sivia Capital Partners LLC raised its holdings in Marathon Petroleum by 26.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 2,221 shares of the oil and gas company’s stock valued at $369,000 after acquiring an additional 466 shares during the last quarter. Marshall Wace LLP acquired a new stake in Marathon Petroleum in the 2nd quarter valued at about $8,505,000. Finally, AXA S.A. raised its holdings in Marathon Petroleum by 46.7% in the 2nd quarter. AXA S.A. now owns 39,675 shares of the oil and gas company’s stock valued at $6,590,000 after acquiring an additional 12,639 shares during the last quarter. Institutional investors and hedge funds own 76.77% of the company’s stock.

Insider Activity

In other news, VP Michael A. Henschen II sold 6,336 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president owned 16,900 shares in the company, valued at $4,543,058. This trade represents a 27.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is owned by corporate insiders.

Marathon Petroleum Stock Up 0.9%

Shares of NYSE MPC opened at $263.10 on Friday. The company has a 50 day simple moving average of $244.57 and a 200-day simple moving average of $212.40. The company has a market capitalization of $76.81 billion, a P/E ratio of 17.17, a P/E/G ratio of 0.40 and a beta of 0.52. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.18 and a quick ratio of 0.73. Marathon Petroleum Corporation has a 1 year low of $158.00 and a 1 year high of $272.46.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.91. The business had revenue of $34.20 billion during the quarter, compared to the consensus estimate of $33.42 billion. Marathon Petroleum had a net margin of 3.36% and a return on equity of 16.22%. The business’s revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.24) EPS. On average, equities research analysts predict that Marathon Petroleum Corporation will post 31.05 earnings per share for the current year.

Marathon Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were issued a dividend of $1.00 per share. The ex-dividend date was Wednesday, May 20th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.5%. Marathon Petroleum’s dividend payout ratio (DPR) is currently 26.11%.

Key Stories Impacting Marathon Petroleum

Here are the key news stories impacting Marathon Petroleum this week:

• Positive Sentiment: Marathon Petroleum was added to the Dow Jones Best-in-Class Indices after earning a top-quartile ESG score in the S&P Global Corporate Sustainability Assessment, which can support demand from sustainability-focused investors. Marathon Petroleum Named to Dow Jones Best-in-Class Indices
• Positive Sentiment: Wells Fargo raised its price target on MPC to $344 from $335, signaling continued analyst confidence and implying meaningful upside from current levels. Wells Fargo adjusts Marathon Petroleum price target
• Positive Sentiment: Zacks added MPC to its Rank #1 (Strong Buy) growth stocks list, reinforcing the view that the company remains attractive for growth and momentum investors. Best Growth Stocks to Buy for June 12th
• Positive Sentiment: Another Zacks note highlighted MPC as a strong momentum stock, which may be helping traders bid the shares higher in the near term. What Makes Marathon Petroleum (MPC) a Strong Momentum Stock: Buy Now?
• Neutral Sentiment: Investor commentary across several articles argued that MPC screens as a potentially attractive buy based on valuation and refining fundamentals, but these pieces were opinion-driven rather than new company-specific announcements. Is Marathon Petroleum Corporation (MPC) A Good Stock To Buy Now?

Analyst Ratings Changes

A number of analysts have commented on MPC shares. Jefferies Financial Group increased their price objective on shares of Marathon Petroleum from $279.00 to $296.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. TD Cowen increased their price objective on shares of Marathon Petroleum to $320.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. UBS Group set a $285.00 price objective on shares of Marathon Petroleum in a report on Wednesday, May 6th. Bank of America increased their price objective on shares of Marathon Petroleum from $224.00 to $260.00 in a report on Tuesday, May 26th. Finally, Wall Street Zen upgraded shares of Marathon Petroleum from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 10th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $272.94.

Marathon Petroleum Profile

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.