Lord Abbett & CO. LLC Sells 65,825 Shares of Marathon Petroleum Corporation (NYSE:MPC)

Lord Abbett & CO. LLC cut its holdings in shares of Marathon Petroleum Corporation (NYSE:MPC — Free Report) by 42.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 91,007 shares of the oil and gas company’s stock after selling 65,825 shares during the period. Lord Abbett & CO. LLC’s holdings in Marathon Petroleum were worth $13,259,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MPC. Brighton Jones LLC boosted its stake in shares of Marathon Petroleum by 30.9% during the fourth quarter. Brighton Jones LLC now owns 4,988 shares of the oil and gas company’s stock valued at $696,000 after purchasing an additional 1,178 shares in the last quarter. GHE LLC lifted its position in Marathon Petroleum by 1.8% during the fourth quarter. GHE LLC now owns 38,572 shares of the oil and gas company’s stock valued at $5,381,000 after acquiring an additional 665 shares during the last quarter. Jump Financial LLC lifted its position in Marathon Petroleum by 195.5% during the fourth quarter. Jump Financial LLC now owns 3,800 shares of the oil and gas company’s stock valued at $530,000 after acquiring an additional 2,514 shares during the last quarter. Alpha DNA Investment Management LLC lifted its position in Marathon Petroleum by 5.8% during the fourth quarter. Alpha DNA Investment Management LLC now owns 3,010 shares of the oil and gas company’s stock valued at $420,000 after acquiring an additional 164 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Marathon Petroleum by 11.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,399,977 shares of the oil and gas company’s stock valued at $613,624,000 after acquiring an additional 452,043 shares during the last quarter. 76.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MPC has been the subject of a number of analyst reports. TD Cowen decreased their target price on shares of Marathon Petroleum from $190.00 to $182.00 and set a “buy” rating for the company in a research report on Wednesday, August 6th. Scotiabank reissued an “outperform” rating on shares of Marathon Petroleum in a research report on Friday, July 11th. Barclays increased their target price on shares of Marathon Petroleum from $159.00 to $189.00 and gave the company an “overweight” rating in a research report on Friday, July 11th. Piper Sandler raised their price target on shares of Marathon Petroleum from $175.00 to $182.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Finally, Dbs Bank raised shares of Marathon Petroleum to a “moderate buy” rating in a report on Monday, July 28th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Marathon Petroleum currently has a consensus rating of “Hold” and a consensus target price of $185.29.

Get Our Latest Stock Report on MPC

Marathon Petroleum Trading Up 0.1%

Shares of Marathon Petroleum stock opened at $162.41 on Friday. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.23 and a quick ratio of 0.71. The firm has a fifty day moving average price of $169.42 and a 200 day moving average price of $154.02. Marathon Petroleum Corporation has a 1 year low of $115.10 and a 1 year high of $183.10. The stock has a market cap of $49.38 billion, a PE ratio of 24.10, a price-to-earnings-growth ratio of 2.95 and a beta of 0.90.

Marathon Petroleum (NYSE:MPC — Get Free Report) last issued its earnings results on Tuesday, August 5th. The oil and gas company reported $3.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.22 by $0.74. Marathon Petroleum had a net margin of 1.58% and a return on equity of 8.38%. The firm had revenue of $34.10 billion during the quarter, compared to analysts’ expectations of $31.70 billion. During the same quarter last year, the company posted $4.12 earnings per share. The firm’s revenue was down 11.1% compared to the same quarter last year. Equities research analysts predict 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 given a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 2.2%. The ex-dividend date is Wednesday, August 20th. Marathon Petroleum’s dividend payout ratio (DPR) is currently 54.01%.

Insider Buying and Selling

In related news, Director Kim K.W. Rucker sold 7,392 shares of the firm’s stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $175.00, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.21% of the company’s stock.

Marathon Petroleum Company Profile

(Free Report)

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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