BlackRock Inc. Invests $6.65 Billion in Marathon Petroleum Corporation $MPC

Key Points

• BlackRock acquired 26.0 million Marathon Petroleum shares worth approximately $6.65 billion, giving it an 8.91% stake. Institutional investors and hedge funds collectively own 76.77% of MPC.
• Analysts maintain a generally positive outlook, with 12 Buy ratings and six Holds. MPC has a consensus “Moderate Buy” rating and an average price target of $312.50.
• Marathon Petroleum reported strong quarterly results, including $17.73 in EPS versus the $14.27 consensus estimate and 53.5% year-over-year revenue growth. The company also declared a $1.00 quarterly dividend, equivalent to a 1.1% yield.

BlackRock Inc. bought a new stake in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 26,006,017 shares of the oil and gas company's stock, valued at approximately $6,648,958,000. BlackRock Inc. owned about 8.91% of Marathon Petroleum at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Occidental Asset Management LLC acquired a new stake in Marathon Petroleum during the second quarter worth about $4,294,000. Succession Financial Inc. acquired a new position in Marathon Petroleum in the second quarter valued at approximately $767,000. Pallas Capital Advisors LLC acquired a new position in Marathon Petroleum in the second quarter valued at approximately $569,000. Deutsche Bank AG bought a new position in shares of Marathon Petroleum during the second quarter valued at approximately $280,761,000. Finally, Perigon Wealth Management LLC acquired a new stake in shares of Marathon Petroleum during the 2nd quarter worth approximately $766,000. 76.77% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Marathon Petroleum

In related news, VP Michael A. Henschen II sold 6,336 shares of the company's stock in a transaction 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 completion of the sale, the vice president directly owned 16,900 shares in the company, valued at approximately $4,543,058. This represents a 27.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 in the company, valued at approximately $4,416,650. This represents a 16.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.17% of the company's stock.

Analysts Set New Price Targets

MPC has been the subject of several analyst reports. Citigroup boosted their price target on shares of Marathon Petroleum from $303.00 to $318.00 and gave the company a "neutral" rating in a report on Wednesday, August 5th. Mizuho lifted their price objective on shares of Marathon Petroleum from $284.00 to $304.00 and gave the company a "neutral" rating in a research report on Tuesday, August 11th. Jefferies Financial Group set a $335.00 target price on shares of Marathon Petroleum and gave the company a "buy" rating in a research note on Sunday, July 12th. Raymond James Financial raised their price target on shares of Marathon Petroleum from $300.00 to $335.00 and gave the company an "outperform" rating in a research note on Monday, July 13th. Finally, Zacks Research cut Marathon Petroleum from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 17th. Twelve investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $312.50.

Marathon Petroleum Price Performance

NYSE MPC opened at $359.78 on Tuesday. Marathon Petroleum Corporation has a 1 year low of $160.87 and a 1 year high of $363.34. The business's fifty day moving average is $289.19 and its two-hundred day moving average is $249.51. The stock has a market capitalization of $105.03 billion, a P/E ratio of 12.37, a P/E/G ratio of 0.23 and a beta of 0.52. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.89 and a current ratio of 1.25.

Marathon Petroleum (NYSE:MPC - Get Free Report) last announced its earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 EPS for the quarter, topping 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 company had revenue of $51.99 billion during the quarter, compared to analysts' expectations of $40.87 billion. During the same period last year, the company posted $3.96 earnings per share. The business's revenue for the quarter was up 53.5% on a year-over-year basis. On average, research analysts forecast that Marathon Petroleum Corporation will post 46.66 earnings per share for the current fiscal year.

Marathon Petroleum Dividend Announcement

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

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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