Cigna Investments Inc. New Lowers Position in Marathon Petroleum Corporation $MPC

Cigna Investments Inc. New cut its stake in Marathon Petroleum Corporation (NYSE:MPC) by 6.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,037 shares of the oil and gas company’s stock after selling 225 shares during the period. Cigna Investments Inc. New’s holdings in Marathon Petroleum were worth $505,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MPC. Vanguard Group Inc. lifted its holdings in 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 period. Boston Partners lifted its holdings in 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 period. Wellington Management Group LLP lifted its holdings in shares of Marathon Petroleum by 18.7% during the first quarter. Wellington Management Group LLP now owns 11,824,177 shares of the oil and gas company’s stock valued at $1,722,664,000 after purchasing an additional 1,862,674 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Marathon Petroleum by 14,969.1% during the first quarter. GAMMA Investing LLC now owns 1,540,963 shares of the oil and gas company’s stock valued at $224,503,000 after purchasing an additional 1,530,737 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Marathon Petroleum during the first quarter valued at approximately $147,122,000. 76.77% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Molly R. Benson sold 10,879 shares of the business’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $163.00, for a total transaction of $1,773,277.00. Following the completion of the sale, the insider owned 28,700 shares of the company’s stock, valued at $4,678,100. The trade was a 27.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kim K.W. Rucker sold 7,392 shares of the business’s stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $175.00, for a total transaction of $1,293,600.00. Following the sale, the director directly owned 18,944 shares of the company’s stock, valued at approximately $3,315,200. The trade was a 28.07% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Marathon Petroleum Trading Up 1.1%

NYSE:MPC opened at $193.05 on Thursday. The company has a current ratio of 1.23, a quick ratio of 0.71 and a debt-to-equity ratio of 1.15. Marathon Petroleum Corporation has a 12 month low of $115.10 and a 12 month high of $194.92. The company has a market cap of $58.69 billion, a PE ratio of 28.64, a price-to-earnings-growth ratio of 3.31 and a beta of 0.97. The company has a 50 day simple moving average of $174.16 and a two-hundred day simple moving average of $159.52.

Marathon Petroleum (NYSE:MPC) last posted its 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. Marathon Petroleum had a net margin of 1.58% and a return on equity of 8.38%. The business had revenue of $34.10 billion during the quarter, compared to the consensus estimate of $31.70 billion. During the same quarter in the previous year, the firm posted $4.12 EPS. The firm’s revenue was down 11.1% on a year-over-year basis. Research analysts forecast that Marathon Petroleum Corporation will post 8.47 earnings per share for the current year.

Marathon Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 20th were given a dividend of $0.91 per share. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 1.9%. Marathon Petroleum’s payout ratio is presently 54.01%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MPC shares. Scotiabank reiterated an “outperform” rating on shares of Marathon Petroleum in a report on Friday, July 11th. Morgan Stanley lifted their target price on shares of Marathon Petroleum from $160.00 to $182.00 and gave the company an “overweight” rating in a report on Wednesday, July 16th. Raymond James Financial lifted their target price on shares of Marathon Petroleum from $195.00 to $199.00 and gave the company an “outperform” rating in a report on Tuesday, September 9th. UBS Group lifted their target price on shares of Marathon Petroleum from $175.00 to $203.00 and gave the company a “buy” rating in a report on Thursday, July 10th. Finally, Wolfe Research lowered shares of Marathon Petroleum from an “outperform” rating to a “peer perform” rating in a report on Monday, July 14th. Eight analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Marathon Petroleum presently has an average rating of “Moderate Buy” and an average target price of $192.50.

Marathon Petroleum 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.