Bank of Nova Scotia Acquires Shares of 113,403 Marathon Petroleum Corporation $MPC

Key Points

• Bank of Nova Scotia acquired 113,403 Marathon Petroleum shares in the second quarter, valued at approximately $29 million. Institutional investors collectively own 76.77% of MPC’s outstanding stock.
• Analysts maintain a positive outlook, with 12 Buy ratings and six Holds. Marathon Petroleum has a consensus “Moderate Buy” rating and an average price target of $312.50.
• MPC reported quarterly earnings of $17.73 per share, exceeding estimates by $3.46, while revenue rose 53.5% year over year to $51.99 billion. The company also declared a quarterly dividend of $1.00 per share, equivalent to a 1.1% yield.

Bank of Nova Scotia acquired a new position in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 113,403 shares of the oil and gas company's stock, valued at approximately $28,993,000.

Several other hedge funds and other institutional investors also recently modified their holdings of MPC. BlackRock Inc. bought a new stake in Marathon Petroleum in the second quarter valued at about $6,648,958,000. State Street Corp lifted its holdings in Marathon Petroleum by 0.3% during the 4th quarter. State Street Corp now owns 17,934,327 shares of the oil and gas company's stock worth $2,916,660,000 after buying an additional 47,896 shares during the last quarter. Boston Partners grew its position in shares of Marathon Petroleum by 2.3% in the 3rd quarter. Boston Partners now owns 6,305,428 shares of the oil and gas company's stock worth $1,214,522,000 after acquiring an additional 141,691 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Marathon Petroleum in the 2nd quarter worth approximately $1,029,611,000. Finally, Norges Bank bought a new stake in shares of Marathon Petroleum in the 4th quarter valued at approximately $472,312,000. Institutional investors own 76.77% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on MPC shares. Barclays upped their price target on Marathon Petroleum from $289.00 to $321.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. BMO Capital Markets reiterated an "outperform" rating on shares of Marathon Petroleum in a research note on Friday, June 12th. Citigroup increased their target price on shares of Marathon Petroleum from $303.00 to $318.00 and gave the stock a "neutral" rating in a report on Wednesday, August 5th. The Goldman Sachs Group raised their price target on shares of Marathon Petroleum from $291.00 to $376.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Finally, Raymond James Financial boosted their price objective on shares of Marathon Petroleum from $300.00 to $335.00 and gave the company an "outperform" rating in a research report on Monday, July 13th. Twelve investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Marathon Petroleum has a consensus rating of "Moderate Buy" and a consensus target price of $312.50.

Insider Transactions at Marathon Petroleum

In related news, VP Michael A. Henschen II sold 6,336 shares of the business's 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 sale, the vice president directly owned 16,900 shares in the company, valued at $4,543,058. The trade was a 27.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Shawn M. Lyon sold 2,500 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $350.00, for a total transaction of $875,000.00. Following the sale, the senior vice president directly owned 12,619 shares of the company's stock, valued at approximately $4,416,650. This represents a 16.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is currently owned by corporate insiders.

Marathon Petroleum Trading Up 0.4%

NYSE:MPC opened at $362.18 on Monday. The firm has a market capitalization of $105.73 billion, a P/E ratio of 12.45, a P/E/G ratio of 0.23 and a beta of 0.52. The business has a 50 day simple moving average of $297.25 and a 200 day simple moving average of $254.78. 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 $367.60.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 earnings per share for the quarter, topping the consensus estimate of $14.27 by $3.46. The firm had revenue of $51.99 billion for 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 revenue for the quarter was up 53.5% on a year-over-year basis. During the same period last year, the company earned $3.96 earnings per share. Equities research analysts predict that Marathon Petroleum Corporation will post 46.66 EPS for the current year.

Marathon Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be given a $1.00 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $4.00 annualized dividend and a yield of 1.1%. Marathon Petroleum's payout ratio 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source