Sagespring Wealth Partners LLC boosted its position in shares of Marathon Petroleum Corporation (NYSE:MPC – Free Report) by 3.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,666 shares of the oil and gas company’s stock after purchasing an additional 781 shares during the period. Sagespring Wealth Partners LLC’s holdings in Marathon Petroleum were worth $3,599,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Marathon Petroleum by 12.3% in the first quarter. Vanguard Group Inc. now owns 34,941,391 shares of the oil and gas company’s stock worth $5,090,611,000 after buying an additional 3,834,501 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Marathon Petroleum by 18.7% in the first quarter. Wellington Management Group LLP now owns 11,824,177 shares of the oil and gas company’s stock worth $1,722,664,000 after buying an additional 1,862,674 shares during the last quarter. Raymond James Financial Inc. lifted its position in shares of Marathon Petroleum by 6.3% in the first quarter. Raymond James Financial Inc. now owns 6,037,532 shares of the oil and gas company’s stock worth $879,608,000 after buying an additional 355,215 shares during the last quarter. Boston Partners lifted its position in shares of Marathon Petroleum by 58.5% in the first quarter. Boston Partners now owns 5,448,514 shares of the oil and gas company’s stock worth $791,274,000 after buying an additional 2,011,810 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Marathon Petroleum by 3.7% in the first quarter. Bank of New York Mellon Corp now owns 4,982,348 shares of the oil and gas company’s stock worth $725,878,000 after buying an additional 178,397 shares during the last quarter. Institutional investors and hedge funds own 76.77% of the company’s stock.
Insider Transactions at Marathon Petroleum
In other Marathon Petroleum news, insider Molly R. Benson sold 10,879 shares of the company’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $163.00, for a total transaction of $1,773,277.00. Following the transaction, the insider owned 28,700 shares of the company’s stock, valued at approximately $4,678,100. This represents a 27.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.25% of the company’s stock.
Marathon Petroleum Trading Up 1.4%
Marathon Petroleum (NYSE:MPC – Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The oil and gas company reported $3.96 EPS for the quarter, topping analysts’ consensus estimates of $3.22 by $0.74. The business had revenue of $34.10 billion for the quarter, compared to analyst estimates of $31.70 billion. Marathon Petroleum had a return on equity of 8.38% and a net margin of 1.58%.Marathon Petroleum’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same period in the prior year, the company earned $4.12 EPS. Equities analysts anticipate that Marathon Petroleum Corporation will post 8.47 earnings per share for the current fiscal year.
Marathon Petroleum Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Wednesday, August 20th were given a dividend of $0.91 per share. The ex-dividend date was Wednesday, August 20th. This represents a $3.64 dividend on an annualized basis and a yield of 2.0%. Marathon Petroleum’s dividend payout ratio is 54.01%.
Analyst Upgrades and Downgrades
MPC has been the subject of a number of analyst reports. TD Cowen reduced their price target on Marathon Petroleum from $190.00 to $182.00 and set a “buy” rating for the company in a research report on Wednesday, August 6th. Bank of America lifted their price objective on Marathon Petroleum from $184.00 to $192.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 3rd. Citigroup lifted their price objective on Marathon Petroleum from $144.00 to $182.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 16th. BMO Capital Markets boosted their price target on Marathon Petroleum from $195.00 to $208.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. Finally, Wells Fargo & Company boosted their price target on Marathon Petroleum from $182.00 to $205.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Eight research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $199.31.
View Our Latest Analysis on MPC
Marathon Petroleum Company Profile
Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. The company operates through Refining & Marketing, and Midstream segments. 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 and distributes refined products, including renewable diesel, through transportation, storage, distribution, and marketing services.
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