Bank of America Corp DE Takes Position in Marathon Petroleum Corporation $MPC

Key Points

• Bank of America acquired 2.43 million Marathon Petroleum shares worth approximately $621.8 million, representing a 0.83% stake. Institutional investors collectively own 76.77% of MPC.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $349.12, though MPC shares opened at a near-record $411.04.
• Marathon Petroleum reported strong quarterly results, posting $17.73 in earnings per share versus expectations of $14.27 and 53.5% year-over-year revenue growth; it also pays a $1.00 quarterly dividend.

Bank of America Corp DE purchased a new stake in Marathon Petroleum Corporation (NYSE:MPC - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,432,168 shares of the oil and gas company's stock, valued at approximately $621,832,000. Bank of America Corp DE owned 0.83% of Marathon Petroleum as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of MPC. BlackRock Inc. purchased a new stake in shares of Marathon Petroleum in the 2nd quarter valued at approximately $6,648,958,000. Bank of New York Mellon Corp acquired a new stake in Marathon Petroleum during the 2nd quarter valued at $1,029,611,000. Norges Bank purchased a new stake in shares of Marathon Petroleum in the fourth quarter valued at $472,312,000. Amundi boosted its position in shares of Marathon Petroleum by 2.6% in the first quarter. Amundi now owns 1,905,379 shares of the oil and gas company's stock worth $465,255,000 after buying an additional 48,675 shares during the period. Finally, Legal & General Group Plc purchased a new position in shares of Marathon Petroleum during the second quarter valued at $380,745,000. Institutional investors and hedge funds own 76.77% of the company's stock.

Insider Activity at Marathon Petroleum

In other Marathon Petroleum news, SVP Shawn M. Lyon sold 1,000 shares of the business's stock in a transaction on Monday, August 31st. The shares were sold at an average price of $375.75, for a total value of $375,750.00. Following the sale, the senior vice president owned 11,194 shares of the company's stock, valued at $4,206,145.50. The trade was a 8.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Molly R. Benson sold 17,196 shares of the company's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $358.57, for a total value of $6,165,969.72. Following the completion of the sale, the insider owned 30,334 shares in the company, valued at approximately $10,876,862.38. This represents a 36.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 21,691 shares of company stock worth $7,780,127 in the last 90 days. 0.17% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. TD Cowen increased their price objective on Marathon Petroleum from $357.00 to $375.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Marathon Petroleum in a research report on Friday, June 12th. Jefferies Financial Group set a $335.00 target price on shares of Marathon Petroleum and gave the stock a "buy" rating in a research report on Sunday, July 12th. Wells Fargo & Company lifted their target price on shares of Marathon Petroleum from $359.00 to $400.00 and gave the company an "overweight" rating in a research note on Tuesday, September 1st. Finally, The Goldman Sachs Group increased their price objective on Marathon Petroleum from $291.00 to $376.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $349.12.

Marathon Petroleum Trading Up 3.7%

Shares of MPC stock opened at $411.04 on Wednesday. Marathon Petroleum Corporation has a 12 month low of $161.93 and a 12 month high of $413.28. The company has a market cap of $120.00 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 0.15 and a beta of 0.53. The company has a quick ratio of 0.89, a current ratio of 1.25 and a debt-to-equity ratio of 1.19. The business's 50 day moving average is $341.04 and its two-hundred day moving average is $276.88.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The oil and gas company reported $17.73 earnings per share for the quarter, topping analysts' consensus estimates of $14.27 by $3.46. The business had revenue of $51.99 billion during the quarter, compared to analysts' expectations of $40.87 billion. Marathon Petroleum had a net margin of 5.48% and a return on equity of 31.96%. Marathon Petroleum's revenue for the quarter was up 53.5% on a year-over-year basis. During the same period in the previous year, the company earned $3.96 earnings per share. Equities analysts predict that Marathon Petroleum Corporation will post 48.44 EPS for the current year.

Marathon Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Wednesday, August 19th. Marathon Petroleum's payout ratio is currently 13.75%.

More Marathon Petroleum News

Here are the key news stories impacting Marathon Petroleum this week:

• Positive Sentiment: Seeking Alpha highlighted Marathon Petroleum’s sharper strategic focus and upgraded its rating, arguing that the company may benefit from a refining upcycle that could persist through 2027. Marathon Petroleum: The Focus Should Help (Rating Upgrade)
• Positive Sentiment: Morgan Stanley maintained its Buy rating on MPC, reinforcing Wall Street support for the company’s earnings outlook and refining exposure. Morgan Stanley Sticks to Its Buy Rating for Marathon Petroleum
• Positive Sentiment: UBS also initiated or reiterated a Buy recommendation, adding to the positive analyst sentiment surrounding Marathon Petroleum. Marathon Petroleum Receives a Buy from UBS
• Positive Sentiment: Technical momentum remains strong: MPC recently reached an all-time high, has gained more than 120% over the past year and carries Barchart’s 100% “Buy” technical opinion. Marathon Petroleum Stock Just Hit New Highs, But Oil Price Risks Remain
• Neutral Sentiment: Recent comparisons indicate MPC has outperformed other oil-and-energy stocks, including PBF Energy, strengthening its relative-performance profile but also raising expectations after the substantial rally. Is Marathon Petroleum Outperforming Other Oils-Energy Stocks This Year?
• Negative Sentiment: Investors should monitor refining margins and crude prices. A decline in oil prices or weaker product spreads could pressure MPC’s earnings and create downside after the stock’s steep advance. Oil Price Risks

About Marathon Petroleum

Marathon Petroleum Corporation NYSE: MPC is an integrated downstream energy company engaged primarily in refining, marketing and transporting petroleum products. The company converts crude oil and other feedstocks into gasoline, diesel and other transportation fuels, as well as asphalt, propane, petrochemical feedstocks and related products.

Marathon Petroleum operates a network of refineries in the United States and markets refined products through wholesale channels, branded retail locations and commercial customers.

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