Marathon Petroleum Corporation $MPC Holdings Cut by NewEdge Advisors LLC

NewEdge Advisors LLC reduced its stake in Marathon Petroleum Corporation (NYSE:MPC) by 9.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 81,088 shares of the oil and gas company’s stock after selling 8,140 shares during the period. NewEdge Advisors LLC’s holdings in Marathon Petroleum were worth $19,800,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in MPC. Pictet Asset Management Holding SA increased its holdings in shares of Marathon Petroleum by 31.0% in the 1st quarter. Pictet Asset Management Holding SA now owns 213,545 shares of the oil and gas company’s stock worth $52,146,000 after acquiring an additional 50,521 shares during the period. Teachers Retirement System of The State of Kentucky boosted its stake in Marathon Petroleum by 570.7% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 168,644 shares of the oil and gas company’s stock valued at $41,180,000 after purchasing an additional 143,500 shares during the period. North Dakota State Investment Board bought a new position in Marathon Petroleum in the 4th quarter worth about $1,714,000. KBC Group NV increased its stake in shares of Marathon Petroleum by 22.4% in the fourth quarter. KBC Group NV now owns 225,837 shares of the oil and gas company’s stock valued at $36,728,000 after purchasing an additional 41,259 shares during the period. Finally, ABC Arbitrage SA bought a new stake in shares of Marathon Petroleum during the fourth quarter valued at approximately $4,977,000. 76.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MPC. Wells Fargo & Company increased their price objective on Marathon Petroleum from $344.00 to $359.00 and gave the stock an “overweight” rating in a report on Wednesday. Raymond James Financial lifted their target price on Marathon Petroleum from $300.00 to $335.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Evercore set a $330.00 price target on Marathon Petroleum in a research report on Wednesday. Zacks Research cut Marathon Petroleum from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 17th. Finally, Piper Sandler raised their price target on Marathon Petroleum from $343.00 to $344.00 and gave the company an “overweight” rating in a report on Thursday. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $311.25.

Insiders Place Their Bets

In other Marathon Petroleum news, VP Michael A. Henschen II sold 6,336 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $268.82, for a total value of $1,703,243.52. Following the completion of the sale, the vice president directly owned 16,900 shares of the company’s stock, valued at approximately $4,543,058. This represents a 27.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.17% of the company’s stock.

Marathon Petroleum Price Performance

Shares of NYSE:MPC opened at $297.49 on Friday. The stock has a market cap of $86.85 billion, a price-to-earnings ratio of 10.23, a PEG ratio of 0.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.25 and a quick ratio of 0.73. Marathon Petroleum Corporation has a 12 month low of $158.00 and a 12 month high of $326.92. The stock’s 50 day moving average price is $279.39 and its 200 day moving average price is $241.82.

Marathon Petroleum (NYSE:MPC) last issued its quarterly earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $14.27 by $3.46. The firm had revenue of $51.99 billion during the quarter, compared to analyst estimates of $40.87 billion. Marathon Petroleum had a return on equity of 31.96% and a net margin of 5.48%.The firm’s quarterly revenue was up 53.5% on a year-over-year basis. During the same period last year, the company posted $3.96 EPS. Equities research analysts anticipate that Marathon Petroleum Corporation will post 44.54 earnings per share for the current fiscal year.

Marathon Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be given a $1.00 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $4.00 annualized dividend and a yield of 1.3%. Marathon Petroleum’s payout ratio is 13.75%.

Marathon Petroleum Company 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.