White Pine Investment CO reduced its holdings in Marathon Petroleum Corporation (NYSE:MPC – Free Report) by 4.3% during the 1st quarter, Holdings Channel reports. The fund owned 47,033 shares of the oil and gas company’s stock after selling 2,128 shares during the period. Marathon Petroleum makes up about 2.7% of White Pine Investment CO’s holdings, making the stock its 8th largest holding. White Pine Investment CO’s holdings in Marathon Petroleum were worth $11,485,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Diversified Trust Co. raised its stake in shares of Marathon Petroleum by 39.3% during the 4th quarter. Diversified Trust Co. now owns 15,675 shares of the oil and gas company’s stock valued at $2,549,000 after buying an additional 4,419 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Marathon Petroleum in the third quarter worth about $1,004,000. North Dakota State Investment Board purchased a new stake in shares of Marathon Petroleum in the fourth quarter worth about $1,714,000. USA Financial Formulas acquired a new stake in Marathon Petroleum during the fourth quarter worth about $791,000. Finally, KBC Group NV raised its position in Marathon Petroleum by 22.4% during 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 acquiring an additional 41,259 shares in the last quarter. Institutional investors and hedge funds own 76.77% of the company’s stock.
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 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 transaction, the vice president directly owned 16,900 shares in the company, valued at approximately $4,543,058. This represents a 27.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company’s stock.
Marathon Petroleum Stock Performance
Marathon Petroleum (NYSE:MPC – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas company reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.91. The business had revenue of $34.20 billion during the quarter, compared to analysts’ expectations of $33.42 billion. Marathon Petroleum had a return on equity of 16.22% and a net margin of 3.36%.The business’s revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.24) earnings per share. Analysts expect that Marathon Petroleum Corporation will post 31.35 EPS for the current fiscal year.
Marathon Petroleum Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Wednesday, May 20th. Marathon Petroleum’s payout ratio is presently 26.11%.
Analyst Ratings Changes
MPC has been the subject of a number of analyst reports. Piper Sandler boosted their price target on Marathon Petroleum from $197.00 to $228.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. JPMorgan Chase & Co. raised their price objective on shares of Marathon Petroleum from $235.00 to $257.00 in a research note on Wednesday, May 6th. Jefferies Financial Group boosted their target price on shares of Marathon Petroleum from $279.00 to $296.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Barclays increased their price target on shares of Marathon Petroleum from $230.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Finally, Wall Street Zen upgraded shares of Marathon Petroleum from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 10th. Ten investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Marathon Petroleum presently has a consensus rating of “Moderate Buy” and a consensus target price of $272.94.
Check Out Our Latest Stock Analysis on Marathon Petroleum
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.
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