13,698 Marathon Petroleum Corporation $MPC Shares Bought by Range Financial Group LLC

Key Points

• Range Financial Group increased its Marathon Petroleum position by 689% in the third quarter, adding 13,698 shares to hold 15,686 shares worth approximately $6.2 million. Institutional investors collectively own 76.77% of MPC.
• Marathon Petroleum reported strong quarterly results, with EPS of $17.73 beating estimates by $3.46 and revenue rising 53.5% year over year to $51.99 billion.
• Analysts maintain a favorable outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $417.88; the company also pays a quarterly dividend of $1.00 per share.

Range Financial Group LLC lifted its position in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 689.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 15,686 shares of the oil and gas company's stock after acquiring an additional 13,698 shares during the period. Marathon Petroleum accounts for 1.7% of Range Financial Group LLC's portfolio, making the stock its 8th biggest holding. Range Financial Group LLC's holdings in Marathon Petroleum were worth $6,202,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of MPC. Solstein Capital LLC bought a new stake in Marathon Petroleum in the 2nd quarter valued at about $26,000. Caitlin John LLC acquired a new position in Marathon Petroleum during the 2nd quarter valued at about $26,000. Bell Investment Advisors Inc acquired a new position in Marathon Petroleum during the 2nd quarter valued at about $27,000. Main Street Group LTD bought a new position in Marathon Petroleum in the 1st quarter worth about $35,000. Finally, Cetera Trust Company N.A bought a new position in Marathon Petroleum in the 2nd quarter worth about $35,000. Institutional investors and hedge funds own 76.77% of the company's stock.

Insider Activity

In related news, 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 transaction, the insider owned 30,334 shares of the company's stock, valued at $10,876,862.38. This trade represents a 36.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Erin M. Brzezinski sold 570 shares of Marathon Petroleum stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $362.79, for a total value of $206,790.30. Following the transaction, the vice president directly owned 1,576 shares in the company, valued at approximately $571,757.04. The trade was a 26.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 21,691 shares of company stock worth $7,780,127 over the last 90 days. 0.17% of the stock is currently owned by company insiders.

Marathon Petroleum Price Performance

Shares of NYSE:MPC opened at $474.78 on Wednesday. The stock has a market cap of $138.61 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 0.14 and a beta of 0.54. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.25 and a quick ratio of 0.89. Marathon Petroleum Corporation has a 12 month low of $161.93 and a 12 month high of $493.98. The stock's 50 day moving average price is $403.53 and its 200 day moving average price is $312.67.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $14.27 by $3.46. The firm had revenue of $51.99 billion during the quarter, compared to analyst estimates of $40.87 billion. Marathon Petroleum had a return on equity of 31.96% and a net margin of 5.48%. The firm's quarterly revenue was up 53.5% on a year-over-year basis. During the same period last year, the company posted $3.96 EPS. Equities research analysts anticipate that Marathon Petroleum Corporation will post 62.78 earnings per share for the current fiscal year.

Marathon Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Wednesday, August 19th. Marathon Petroleum's payout ratio is currently 13.75%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Barclays raised their price target on shares of Marathon Petroleum from $321.00 to $488.00 and gave the company an "overweight" rating in a research note on Monday, October 12th. Raymond James Financial boosted their price objective on Marathon Petroleum from $350.00 to $445.00 and gave the stock an "outperform" rating in a research report on Monday, September 14th. Wells Fargo & Company increased their price objective on Marathon Petroleum from $400.00 to $560.00 and gave the stock an "overweight" rating in a report on Wednesday, October 14th. Piper Sandler raised their target price on Marathon Petroleum from $344.00 to $462.00 and gave the company an "overweight" rating in a research report on Thursday, September 3rd. Finally, Bank of America raised their target price on Marathon Petroleum from $410.00 to $426.00 and gave the company a "neutral" rating in a research report on Friday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Marathon Petroleum currently has an average rating of "Moderate Buy" and an average target price of $417.88.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.