Bornite Capital Management LP Makes New $34.88 Million Investment in Marathon Petroleum Co. (NYSE:MPC)
Bornite Capital Management LP purchased a new stake in Marathon Petroleum Co. (NYSE:MPC — Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 250,000 shares of the oil and gas company’s stock, valued at approximately $34,875,000. Marathon Petroleum accounts for 4.7% of Bornite Capital Management LP’s holdings, making the stock its 7th largest position. Bornite Capital Management LP owned about 0.08% of Marathon Petroleum as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Annis Gardner Whiting Capital Advisors LLC lifted its position in Marathon Petroleum by 30.3% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 1,037 shares of the oil and gas company’s stock valued at $145,000 after purchasing an additional 241 shares during the last quarter. Uniting Wealth Partners LLC bought a new stake in shares of Marathon Petroleum during the fourth quarter valued at approximately $302,000. Selway Asset Management boosted its position in shares of Marathon Petroleum by 1.6% during the fourth quarter. Selway Asset Management now owns 19,616 shares of the oil and gas company’s stock worth $2,736,000 after buying an additional 300 shares during the period. Arete Wealth Advisors LLC grew its holdings in Marathon Petroleum by 37.3% in the 4th quarter. Arete Wealth Advisors LLC now owns 5,396 shares of the oil and gas company’s stock worth $752,000 after buying an additional 1,467 shares in the last quarter. Finally, OneAscent Financial Services LLC raised its stake in Marathon Petroleum by 28.8% during the 4th quarter. OneAscent Financial Services LLC now owns 2,637 shares of the oil and gas company’s stock valued at $368,000 after acquiring an additional 590 shares in the last quarter. Institutional investors and hedge funds own 76.77% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on MPC shares. Tudor Pickering upgraded shares of Marathon Petroleum from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 4th. Wells Fargo & Company boosted their price objective on Marathon Petroleum from $183.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. TD Cowen reaffirmed a “buy” rating and set a $170.00 target price on shares of Marathon Petroleum in a research note on Tuesday, December 10th. Barclays boosted their price target on shares of Marathon Petroleum from $159.00 to $161.00 and gave the stock an “overweight” rating in a research report on Friday, March 14th. Finally, Mizuho reduced their price objective on shares of Marathon Petroleum from $175.00 to $174.00 and set a “neutral” rating for the company in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $180.29.
Check Out Our Latest Stock Report on MPC
Marathon Petroleum Trading Down 13.0 %
NYSE:MPC opened at $128.64 on Friday. The business’s 50-day simple moving average is $148.02 and its 200-day simple moving average is $151.05. Marathon Petroleum Co. has a fifty-two week low of $127.69 and a fifty-two week high of $221.11. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.23 and a quick ratio of 0.76. The stock has a market capitalization of $40.08 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 3.11 and a beta of 1.39.
Marathon Petroleum (NYSE:MPC — Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The oil and gas company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.71. Marathon Petroleum had a return on equity of 12.07% and a net margin of 2.45%. The company had revenue of $33.47 billion during the quarter, compared to analysts’ expectations of $31.94 billion. During the same period in the prior year, the firm earned $3.98 earnings per share. Marathon Petroleum’s revenue for the quarter was down 9.1% compared to the same quarter last year. Sell-side analysts expect that Marathon Petroleum Co. will post 8.47 earnings per share for the current fiscal year.
Marathon Petroleum Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Wednesday, February 19th were paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend was Wednesday, February 19th. Marathon Petroleum’s dividend payout ratio is currently 36.66%.
Insider Activity
In other news, Director Evan Bayh purchased 1,000 shares of Marathon Petroleum stock in a transaction that occurred on Wednesday, March 5th. The stock was acquired at an average cost of $133.70 per share, for a total transaction of $133,700.00. Following the purchase, the director now directly owns 69,305 shares of the company’s stock, valued at $9,266,078.50. This trade represents a 1.46 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ricky D. Hessling purchased 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was acquired at an average price of $134.72 per share, for a total transaction of $269,440.00. Following the completion of the purchase, the insider now directly owns 12,162 shares of the company’s stock, valued at $1,638,464.64. This represents a 19.68 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.21% of the company’s stock.
About Marathon Petroleum
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.
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