Bank of New York Mellon Corp Invests $1.03 Billion in Marathon Petroleum Corporation $MPC

Key Points

• Bank of New York Mellon initiated a $1.03 billion stake in Marathon Petroleum during the second quarter, acquiring 4.03 million shares, or 1.38% of the company. Institutional investors and hedge funds collectively own 76.77% of MPC.
• Analysts maintain a generally positive outlook, with 12 Buy ratings and six Holds producing a consensus “Moderate Buy” rating and an average price target of $312.50.
• Marathon Petroleum reported strong quarterly results, earning $17.73 per share versus the $14.27 estimate and posting 53.5% year-over-year revenue growth. The company also declared a quarterly dividend of $1.00 per share, equal to a 1.1% annual yield.

Bank of New York Mellon Corp bought a new stake in Marathon Petroleum Corporation (NYSE:MPC - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,027,107 shares of the oil and gas company's stock, valued at approximately $1,029,611,000. Bank of New York Mellon Corp owned 1.38% of Marathon Petroleum at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MPC. Main Street Group LTD bought a new position in Marathon Petroleum during the 1st quarter worth approximately $35,000. Cedar Mountain Advisors LLC bought a new position in shares of Marathon Petroleum during the first quarter worth $40,000. Navalign LLC acquired a new position in shares of Marathon Petroleum in the 4th quarter valued at $30,000. Kohmann Bosshard Financial Services LLC acquired a new stake in Marathon Petroleum during the 4th quarter worth $31,000. Finally, Berbice Capital Management LLC increased its holdings in shares of Marathon Petroleum by 100.0% in the fourth quarter. Berbice Capital Management LLC now owns 200 shares of the oil and gas company's stock worth $33,000 after acquiring an additional 100 shares in the last quarter. 76.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MPC has been the subject of several research analyst reports. Zacks Research cut shares of Marathon Petroleum from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 17th. Citigroup upped their price objective on Marathon Petroleum from $303.00 to $318.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 5th. JPMorgan Chase & Co. lifted their target price on Marathon Petroleum from $235.00 to $257.00 in a research report on Wednesday, May 6th. Wall Street Zen raised shares of Marathon Petroleum from a "buy" rating to a "strong-buy" rating in a research note on Sunday, May 10th. Finally, UBS Group reissued a "buy" rating and issued a $321.00 price objective on shares of Marathon Petroleum in a research report on Friday, July 10th. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Marathon Petroleum currently has a consensus rating of "Moderate Buy" and an average target price of $312.50.

Insider Transactions at Marathon Petroleum

In other news, SVP Shawn M. Lyon sold 2,500 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $350.00, for a total value of $875,000.00. Following the transaction, the senior vice president directly owned 12,619 shares of the company's stock, valued at $4,416,650. This represents a 16.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael A. Henschen II sold 6,336 shares of Marathon Petroleum stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $268.82, for a total transaction of $1,703,243.52. Following the sale, the vice president directly owned 16,900 shares of the company's stock, valued at $4,543,058. The trade was a 27.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.17% of the company's stock.

Marathon Petroleum Stock Down 0.6%

NYSE:MPC opened at $358.71 on Friday. Marathon Petroleum Corporation has a twelve month low of $161.93 and a twelve month high of $367.60. The firm has a market capitalization of $104.72 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 0.23 and a beta of 0.52. 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 stock's 50 day moving average price is $295.27 and its two-hundred day moving average price is $253.47.

Marathon Petroleum (NYSE:MPC - Get Free Report) last released its earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 earnings per share for the quarter, beating the consensus estimate of $14.27 by $3.46. Marathon Petroleum had a net margin of 5.48% and a return on equity of 31.96%. The business had revenue of $51.99 billion during the quarter, compared to analysts' expectations of $40.87 billion. During the same period last year, the business earned $3.96 earnings per share. The firm's revenue was up 53.5% on a year-over-year basis. Equities research analysts expect that Marathon Petroleum Corporation will post 46.66 earnings per share for the current fiscal year.

Marathon Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.1%. The ex-dividend date is Wednesday, August 19th. Marathon Petroleum's dividend payout ratio (DPR) is 13.75%.

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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