Rakuten Investment Management Inc. bought a new position in Marathon Petroleum Corporation (NYSE:MPC – Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 47,897 shares of the oil and gas company’s stock, valued at approximately $12,416,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Marathon Petroleum in the 2nd quarter worth approximately $6,648,958,000. Bank of New York Mellon Corp purchased a new stake in shares of Marathon Petroleum during the 2nd quarter worth approximately $1,029,611,000. Norges Bank bought a new position in shares of Marathon Petroleum during the 4th quarter valued at approximately $472,312,000. Bank of America Corp DE bought a new position in shares of Marathon Petroleum during the 2nd quarter valued at approximately $621,832,000. Finally, Capital Wealth Planning LLC grew its holdings in shares of Marathon Petroleum by 49,392.0% in the fourth quarter. Capital Wealth Planning LLC now owns 1,498,124 shares of the oil and gas company’s stock valued at $245,157,000 after purchasing an additional 1,495,097 shares in the last quarter. 76.77% of the stock is owned by institutional investors.
Marathon Petroleum Stock Performance
NYSE:MPC opened at $369.00 on Friday. The stock’s fifty day moving average is $308.87 and its 200 day moving average is $260.20. Marathon Petroleum Corporation has a fifty-two week low of $161.93 and a fifty-two week high of $369.12. The firm has a market capitalization of $107.73 billion, a PE ratio of 12.68, a PEG ratio of 0.24 and a beta of 0.52. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.89 and a current ratio of 1.25.
Marathon Petroleum Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, August 19th. Marathon Petroleum’s dividend payout ratio (DPR) is 13.75%.
Insider Buying and Selling
In related news, VP Michael A. Henschen II sold 6,336 shares of the 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 sale, the vice president directly owned 16,900 shares of the company’s stock, valued at $4,543,058. This represents a 27.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Molly R. Benson sold 17,196 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $358.57, for a total transaction of $6,165,969.72. Following the completion of the sale, the insider directly owned 30,334 shares of the company’s stock, valued at approximately $10,876,862.38. The trade was a 36.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 26,032 shares of company stock valued at $8,744,213. Company insiders own 0.17% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on MPC. Piper Sandler upped their price target on shares of Marathon Petroleum from $343.00 to $344.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. lifted their price objective on shares of Marathon Petroleum from $235.00 to $257.00 in a research note on Wednesday, May 6th. Zacks Research downgraded shares of Marathon Petroleum from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 17th. Evercore set a $330.00 target price on shares of Marathon Petroleum in a research report on Wednesday, August 5th. Finally, TD Cowen increased their price target on shares of Marathon Petroleum from $357.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Twelve 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $312.50.
Read Our Latest Research Report on Marathon Petroleum
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.
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