Korea Investment CORP purchased a new position in shares of Marathon Petroleum Corporation (NYSE:MPC – Free Report) during the second quarter, Holdings Channel.com reports. The fund purchased 216,010 shares of the oil and gas company’s stock, valued at approximately $55,227,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its position in shares of Marathon Petroleum by 30.9% during 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 period. Woodline Partners LP boosted its position in Marathon Petroleum by 38.3% during the first quarter. Woodline Partners LP now owns 26,697 shares of the oil and gas company’s stock worth $3,889,000 after purchasing an additional 7,396 shares in the last quarter. Sivia Capital Partners LLC boosted its position in Marathon Petroleum by 26.6% during the second quarter. Sivia Capital Partners LLC now owns 2,221 shares of the oil and gas company’s stock worth $369,000 after purchasing an additional 466 shares in the last quarter. Marshall Wace LLP acquired a new stake in Marathon Petroleum in the second quarter valued at approximately $8,505,000. Finally, AXA S.A. grew its holdings in Marathon Petroleum by 46.7% in the second quarter. AXA S.A. now owns 39,675 shares of the oil and gas company’s stock valued at $6,590,000 after purchasing an additional 12,639 shares during the period. Institutional investors and hedge funds own 76.77% of the company’s stock.
Insider Activity
In related news, SVP Shawn M. Lyon sold 2,500 shares of the business’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $350.00, for a total transaction of $875,000.00. Following the transaction, the senior vice president directly owned 12,619 shares in the company, valued at approximately $4,416,650. The trade was a 16.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $1,703,243.52. Following 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. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.17% of the company’s stock.
Marathon Petroleum Stock Performance
Marathon Petroleum (NYSE:MPC – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 EPS for the quarter, topping the consensus estimate of $14.27 by $3.46. Marathon Petroleum had a return on equity of 31.96% and a net margin of 5.48%.The firm had revenue of $51.99 billion during the quarter, compared to analysts’ expectations of $40.87 billion. During the same period in the previous year, the business earned $3.96 earnings per share. The firm’s revenue for the quarter was up 53.5% on a year-over-year basis. As a group, equities research analysts anticipate that Marathon Petroleum Corporation will post 46.66 EPS for the current fiscal year.
Marathon Petroleum Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Wednesday, August 19th. Marathon Petroleum’s dividend payout ratio is 13.75%.
Wall Street Analyst Weigh In
MPC has been the subject of several research analyst reports. Mizuho upped their target price on Marathon Petroleum from $284.00 to $304.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 11th. Citigroup lifted their price target on shares of Marathon Petroleum from $303.00 to $318.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. Wells Fargo & Company upped their price objective on shares of Marathon Petroleum from $344.00 to $359.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. The Goldman Sachs Group increased their price objective on shares of Marathon Petroleum from $291.00 to $376.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Finally, TD Cowen lifted their target price on shares of Marathon Petroleum from $357.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Twelve analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, Marathon Petroleum currently has a consensus rating of “Moderate Buy” and an average price target of $312.50.
Check Out Our Latest Research Report on MPC
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.
Featured Articles
- Five stocks we like better than Marathon Petroleum
- 2 Biotech Stocks Shaping Up for Major Breakouts
- 3 Stocks Came Roaring Back—Now They’re Flashing Warning Signs
- 3 Beaten-Down Stocks That Haven’t Gotten the Message About the S&P 500’s Record Run
- Darden Restaurants Just Hit a 52-Week High–Is the Olive Garden Comeback Story Legit?
Want to see what other hedge funds are holding MPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marathon Petroleum Corporation (NYSE:MPC – Free Report).
Receive News & Ratings for Marathon Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marathon Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.
