Adage Capital Partners GP L.L.C. Decreases Position in Marathon Petroleum Corporation $MPC
Adage Capital Partners GP L.L.C. lessened its holdings in shares of Marathon Petroleum Corporation (NYSE:MPC — Free Report) by 4.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 273,360 shares of the oil and gas company’s stock after selling 11,900 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.09% of Marathon Petroleum worth $39,826,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. Empyrean Capital Partners LP acquired a new stake in Marathon Petroleum during the 1st quarter valued at approximately $75,832,000. Federation des caisses Desjardins du Quebec lifted its holdings in shares of Marathon Petroleum by 2.1% in the 1st quarter. Federation des caisses Desjardins du Quebec now owns 22,306 shares of the oil and gas company’s stock worth $3,250,000 after purchasing an additional 463 shares during the last quarter. First Manhattan CO. LLC. lifted its holdings in shares of Marathon Petroleum by 38.6% in the 1st quarter. First Manhattan CO. LLC. now owns 17,149 shares of the oil and gas company’s stock worth $2,498,000 after purchasing an additional 4,772 shares during the last quarter. Focus Partners Advisor Solutions LLC lifted its holdings in shares of Marathon Petroleum by 76.0% in the 1st quarter. Focus Partners Advisor Solutions LLC now owns 7,211 shares of the oil and gas company’s stock worth $1,051,000 after purchasing an additional 3,113 shares during the last quarter. Finally, Energy Income Partners LLC increased its position in Marathon Petroleum by 87.0% in the 1st quarter. Energy Income Partners LLC now owns 11,506 shares of the oil and gas company’s stock valued at $1,676,000 after acquiring an additional 5,352 shares during the period. Institutional investors and hedge funds own 76.77% of the company’s stock.
Analyst Ratings Changes
Several analysts recently commented on MPC shares. Piper Sandler raised their target price on Marathon Petroleum from $175.00 to $182.00 and gave the company a “neutral” rating in a research report on Tuesday, July 22nd. Wells Fargo & Company lifted their target price on Marathon Petroleum from $182.00 to $205.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. UBS Group lifted their target price on Marathon Petroleum from $175.00 to $203.00 and gave the stock a “buy” rating in a report on Thursday, July 10th. Barclays raised their target price on Marathon Petroleum from $159.00 to $189.00 and gave the stock an “overweight” rating in a research report on Friday, July 11th. Finally, Dbs Bank raised Marathon Petroleum to a “moderate buy” rating in a research report on Monday, July 28th. Eight equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $186.57.
Check Out Our Latest Stock Report on MPC
Insider Activity at Marathon Petroleum
In related news, insider Molly R. Benson sold 10,879 shares of the business’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $163.00, for a total value of $1,773,277.00. Following 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kim K.W. Rucker sold 7,392 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $175.00, for a total value of $1,293,600.00. Following the sale, the director owned 18,944 shares in the company, valued at approximately $3,315,200. This trade represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.
Marathon Petroleum Trading Down 0.7%
Marathon Petroleum stock opened at $178.94 on Thursday. Marathon Petroleum Corporation has a 52 week low of $115.10 and a 52 week high of $183.50. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.71 and a current ratio of 1.23. The firm has a market capitalization of $54.40 billion, a PE ratio of 26.55, a PEG ratio of 3.27 and a beta of 0.97. The business’s 50-day simple moving average is $171.26 and its 200-day simple moving average is $155.89.
Marathon Petroleum (NYSE:MPC — Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The oil and gas company reported $3.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.22 by $0.74. Marathon Petroleum had a return on equity of 8.38% and a net margin of 1.58%.The firm had revenue of $34.10 billion for the quarter, compared to analyst estimates of $31.70 billion. During the same period in the previous year, the company posted $4.12 earnings per share. The company’s quarterly revenue was down 11.1% compared to the same quarter last year. Equities research analysts forecast that Marathon Petroleum Corporation will post 8.47 earnings per share for the current year.
Marathon Petroleum Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Wednesday, August 20th will be paid a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 2.0%. The ex-dividend date is Wednesday, August 20th. Marathon Petroleum’s payout ratio is currently 54.01%.
Marathon Petroleum Company 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.
Further Reading
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