Ascentis Independent Advisors Buys New Shares in Marathon Petroleum Corporation $MPC

Key Points

• Ascentis Independent Advisors bought a new stake in Marathon Petroleum during the first quarter, acquiring 4,054 shares valued at about $990,000.
• Marathon Petroleum reported better-than-expected quarterly results, earning $1.65 per share versus the $0.74 estimate, with revenue of $34.2 billion and year-over-year revenue growth of 8.5%.
• The company also paid a $1.00 quarterly dividend and has received generally positive Wall Street coverage, with a consensus rating of Moderate Buy and an average price target of $272.62.

Ascentis Independent Advisors purchased a new stake in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 4,054 shares of the oil and gas company's stock, valued at approximately $990,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of MPC. Hunter Associates Investment Management LLC raised its position in Marathon Petroleum by 1.6% during the 1st quarter. Hunter Associates Investment Management LLC now owns 3,220 shares of the oil and gas company's stock worth $786,000 after buying an additional 50 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its position in Marathon Petroleum by 2.6% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 2,050 shares of the oil and gas company's stock valued at $333,000 after purchasing an additional 51 shares during the period. IFG Advisory LLC boosted its holdings in Marathon Petroleum by 1.5% in the fourth quarter. IFG Advisory LLC now owns 3,429 shares of the oil and gas company's stock valued at $558,000 after purchasing an additional 51 shares during the last quarter. Eagle Bluffs Wealth Management LLC grew its position in Marathon Petroleum by 1.2% during the 4th quarter. Eagle Bluffs Wealth Management LLC now owns 4,357 shares of the oil and gas company's stock worth $709,000 after purchasing an additional 52 shares during the period. Finally, Auxano Advisors LLC raised its stake in shares of Marathon Petroleum by 2.1% during the 4th quarter. Auxano Advisors LLC now owns 2,630 shares of the oil and gas company's stock valued at $428,000 after buying an additional 55 shares during the last quarter. Institutional investors and hedge funds own 76.77% of the company's stock.

Insider Activity 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 stock was sold at an average price of $268.82, for a total value of $1,703,243.52. Following the completion of the sale, the vice president owned 16,900 shares of the company's stock, valued at approximately $4,543,058. This trade represents a 27.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.17% of the company's stock.

Marathon Petroleum Trading Down 1.0%

Shares of MPC opened at $266.29 on Wednesday. The firm's fifty day moving average is $253.90 and its two-hundred day moving average is $220.46. The stock has a market cap of $77.74 billion, a PE ratio of 17.38, a price-to-earnings-growth ratio of 0.39 and a beta of 0.52. The company has a quick ratio of 0.73, a current ratio of 1.18 and a debt-to-equity ratio of 1.31. 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 posted its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $1.65 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.91. Marathon Petroleum had a net margin of 3.36% and a return on equity of 16.22%. The firm had revenue of $34.20 billion for the quarter, compared to the consensus estimate of $33.42 billion. During the same period last year, the firm posted ($0.24) earnings per share. The company's revenue for the quarter was up 8.5% on a year-over-year basis. Research analysts forecast that Marathon Petroleum Corporation will post 32.96 earnings per share for the current fiscal year.

Marathon Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Wednesday, May 20th. Marathon Petroleum's payout ratio is currently 26.11%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MPC. Zacks Research downgraded Marathon Petroleum from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 17th. Citigroup boosted their price target on Marathon Petroleum from $243.00 to $257.00 and gave the company a "neutral" rating in a report on Wednesday, May 6th. Barclays upped their price objective on Marathon Petroleum from $230.00 to $270.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Scotiabank lifted their target price on shares of Marathon Petroleum from $174.00 to $210.00 and gave the company a "sector outperform" rating in a report on Wednesday, April 22nd. Finally, Piper Sandler increased their price target on shares of Marathon Petroleum from $197.00 to $228.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. Ten equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $272.62.

About Marathon Petroleum

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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