Convergence Financial LLC cut its position in Marathon Petroleum Corporation (NYSE:MPC – Free Report) by 51.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,879 shares of the oil and gas company’s stock after selling 6,122 shares during the period. Convergence Financial LLC’s holdings in Marathon Petroleum were worth $2,325,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently made changes to their positions in the company. Victory Financial Group LLC grew its holdings in shares of Marathon Petroleum by 5.9% during the third quarter. Victory Financial Group LLC now owns 5,475 shares of the oil and gas company’s stock worth $2,165,000 after buying an additional 304 shares in the last quarter. Great Lakes Retirement Inc. raised its position in shares of Marathon Petroleum by 15.2% in the third quarter. Great Lakes Retirement Inc. now owns 1,753 shares of the oil and gas company’s stock valued at $693,000 after buying an additional 231 shares during the last quarter. Jacobsen Capital Management acquired a new stake in shares of Marathon Petroleum in the third quarter valued at about $210,000. Asset Management One Co. Ltd. lifted its stake in shares of Marathon Petroleum by 0.5% in the third quarter. Asset Management One Co. Ltd. now owns 124,729 shares of the oil and gas company’s stock worth $49,320,000 after buying an additional 655 shares in the last quarter. Finally, Balance Wealth Partners LLC purchased a new position in shares of Marathon Petroleum in the third quarter worth about $57,000. 76.77% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on MPC shares. Piper Sandler boosted their price target on shares of Marathon Petroleum from $344.00 to $462.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Weiss Ratings upgraded shares of Marathon Petroleum from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Raymond James Financial raised their target price on shares of Marathon Petroleum from $350.00 to $445.00 and gave the stock an “outperform” rating in a research note on Monday, September 14th. TD Cowen raised their target price on shares of Marathon Petroleum from $450.00 to $478.00 and gave the stock a “buy” rating in a research note on Thursday, October 22nd. Finally, Wells Fargo & Company boosted their target price on Marathon Petroleum from $400.00 to $560.00 and gave the stock an “overweight” rating in a report on Wednesday, October 14th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Marathon Petroleum presently has an average rating of “Moderate Buy” and an average price target of $424.31.
Read Our Latest Research Report on MPC
Marathon Petroleum Stock Up 1.0%
Shares of MPC opened at $440.25 on Thursday. Marathon Petroleum Corporation has a 52-week low of $161.93 and a 52-week high of $493.98. The company has a quick ratio of 0.89, a current ratio of 1.25 and a debt-to-equity ratio of 1.19. The stock has a fifty day simple moving average of $414.63 and a two-hundred day simple moving average of $287.14. The company has a market capitalization of $128.52 billion, a PE ratio of 15.13, a price-to-earnings-growth ratio of 0.12 and a beta of 0.54.
Marathon Petroleum (NYSE:MPC – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 earnings per share for the quarter, beating the consensus estimate of $14.27 by $3.46. Marathon Petroleum had a net margin of 5.48% and a return on equity of 31.96%. The firm had revenue of $51.99 billion for the quarter, compared to analysts’ expectations of $40.87 billion. During the same quarter in the previous year, the company posted $3.96 EPS. The company’s revenue was up 53.5% compared to the same quarter last year. As a group, equities analysts forecast that Marathon Petroleum Corporation will post 64.12 EPS for the current year.
Marathon Petroleum News Roundup
Here are the key news stories impacting Marathon Petroleum this week:
- Positive Sentiment: MPC’s board approved a 10% increase in its quarterly dividend to $1.10 per share from $1.00. The dividend will be paid Dec. 10 to shareholders of record Nov. 18, supporting the investment case through stronger shareholder returns. Marathon Petroleum Corp. Increases Quarterly Dividend
- Positive Sentiment: Analyst coverage remains constructive, citing strong refining margins, robust fuel demand, rising earnings estimates and MPC’s exceptional recent profitability. Zacks also identifies MPC as a top refining and marketing pick. Zacks Industry Outlook Highlights Marathon Petroleum
- Positive Sentiment: MPC is being highlighted as a momentum stock after its strong annual performance and recent pullback, while a reported increase in consensus price targets adds to the bullish narrative. Momentum Anomaly Stocks
Insider Buying and Selling
In other Marathon Petroleum news, insider Molly R. Benson sold 17,196 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $358.57, for a total value of $6,165,969.72. Following the transaction, the insider directly owned 30,334 shares in the company, valued at $10,876,862.38. The trade was a 36.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Shawn M. Lyon sold 1,000 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $375.75, for a total transaction of $375,750.00. Following the completion of the sale, the senior vice president directly owned 11,194 shares of the company’s stock, valued at approximately $4,206,145.50. This trade represents a 8.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 21,691 shares of company stock worth $7,780,127. Insiders own 0.17% of the company’s stock.
About Marathon Petroleum
Marathon Petroleum Corporation (NYSE:MPC) is an American downstream energy company engaged in refining, marketing, and transporting petroleum products. Its operations include converting crude oil into gasoline, diesel, jet fuel, asphalt, propane, and other refined products used by transportation, industrial, and commercial customers.
The company markets fuel under the Marathon brand and supplies products to independent marketers, commercial businesses, and other wholesale customers. Marathon Petroleum also owns a general-partner interest and significant limited-partner interest in MPLX Inc, a midstream company that operates pipelines, storage facilities, terminals, and gathering and processing assets supporting the movement of crude oil and natural gas liquids.
Marathon Petroleum’s refining and midstream activities are concentrated in the United States, with assets serving regions across the Midwest, Gulf Coast, and West Coast.
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