ARS Investment Partners LLC Purchases 65,599 Shares of Marathon Petroleum Corporation $MPC

Key Points

• ARS Investment Partners LLC increased its Marathon Petroleum stake by 65.6% in Q1, buying 65,599 additional shares and bringing its total holding to 165,648 shares valued at about $40.4 million.
• Marathon Petroleum has continued to draw strong institutional interest, with institutions owning 76.77% of the stock, while analyst sentiment remains Moderate Buy with a consensus price target of $272.94.
• The company reported solid quarterly results, posting EPS of $1.65 versus the $0.74 estimate and revenue of $34.2 billion, while also paying a quarterly dividend of $1.00 per share.

ARS Investment Partners LLC lifted its holdings in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 65.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 165,648 shares of the oil and gas company's stock after purchasing an additional 65,599 shares during the period. Marathon Petroleum accounts for approximately 2.1% of ARS Investment Partners LLC's portfolio, making the stock its 18th biggest holding. ARS Investment Partners LLC owned 0.06% of Marathon Petroleum worth $40,448,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Diversified Trust Co. increased its holdings in Marathon Petroleum by 39.3% in the 4th quarter. Diversified Trust Co. now owns 15,675 shares of the oil and gas company's stock valued at $2,549,000 after buying an additional 4,419 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in shares of Marathon Petroleum in the 3rd quarter valued at $1,004,000. North Dakota State Investment Board bought a new position in shares of Marathon Petroleum during the 4th quarter worth about $1,714,000. USA Financial Formulas acquired a new stake in shares of Marathon Petroleum during the 4th quarter valued at about $791,000. Finally, KBC Group NV boosted its position in shares of Marathon Petroleum by 22.4% during the 4th quarter. KBC Group NV now owns 225,837 shares of the oil and gas company's stock valued at $36,728,000 after acquiring an additional 41,259 shares in the last quarter. 76.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Citigroup increased their price target on shares of Marathon Petroleum from $243.00 to $257.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. Scotiabank lifted their price objective on Marathon Petroleum from $174.00 to $210.00 and gave the company a "sector outperform" rating in a report on Wednesday, April 22nd. Jefferies Financial Group upped their price objective on Marathon Petroleum from $279.00 to $296.00 and gave the company a "buy" rating in a research note on Tuesday, May 26th. Wall Street Zen raised Marathon Petroleum from a "buy" rating to a "strong-buy" rating in a report on Sunday, May 10th. Finally, Piper Sandler raised their target price on Marathon Petroleum from $197.00 to $228.00 and gave the stock a "neutral" rating in a research report on Thursday, April 9th. Ten research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $272.94.

Insider Buying and Selling at Marathon Petroleum

In related news, VP Michael A. Henschen II sold 6,336 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $268.82, for a total value of $1,703,243.52. Following the transaction, the vice president directly owned 16,900 shares in the company, valued at $4,543,058. This represents a 27.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.17% of the stock is currently owned by company insiders.

Marathon Petroleum Price Performance

Shares of MPC stock opened at $243.11 on Friday. The stock's fifty day moving average is $245.18 and its 200-day moving average is $214.32. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.73 and a current ratio of 1.18. The stock has a market capitalization of $70.97 billion, a PE ratio of 15.87, a PEG ratio of 0.37 and a beta of 0.52. Marathon Petroleum Corporation has a 52 week low of $158.00 and a 52 week high of $272.46.

Marathon Petroleum (NYSE:MPC - Get Free Report) last announced its earnings results on Tuesday, May 5th. The oil and gas company reported $1.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.74 by $0.91. Marathon Petroleum had a net margin of 3.36% and a return on equity of 16.22%. The company had revenue of $34.20 billion during the quarter, compared to the consensus estimate of $33.42 billion. During the same period in the previous year, the firm posted ($0.24) earnings per share. The company's revenue was up 8.5% on a year-over-year basis. Equities research analysts expect that Marathon Petroleum Corporation will post 31.35 EPS for the current fiscal year.

Marathon Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Wednesday, May 20th. Marathon Petroleum's payout ratio is 26.11%.

Marathon Petroleum Company Profile

Marathon Petroleum Corporation NYSE: MPC is a U.S.-based downstream energy company engaged principally in the refining, marketing, supply and transportation of petroleum products. The company was formed through a spin-off from Marathon Oil in 2011 and operates an integrated system of refining and logistics assets that support the production and distribution of transportation fuels and other refined petroleum products.

Marathon Petroleum's operations include refining crude oil into gasoline, diesel, jet fuel, asphalt and other specialty products, as well as managing the distribution and storage infrastructure needed to move those products to market.

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