Cardinal Point Capital Management ULC Trims Holdings in Marathon Petroleum Corporation $MPC

Key Points

• Cardinal Point Capital Management ULC sharply cut its Marathon Petroleum stake by 80.8% in Q1, selling 4,207 shares and leaving it with 1,000 shares worth about $244,000.
• Marathon Petroleum reported better-than-expected Q1 results, posting earnings of $1.65 per share versus estimates of $0.74 and revenue of $34.2 billion, up 8.5% year over year.
• The company also paid a quarterly dividend of $1.00 per share and has drawn generally positive analyst sentiment, with an average rating of Moderate Buy and a consensus target price of $272.94.

Cardinal Point Capital Management ULC reduced its position in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 80.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,000 shares of the oil and gas company's stock after selling 4,207 shares during the period. Cardinal Point Capital Management ULC's holdings in Marathon Petroleum were worth $244,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp raised its holdings in Marathon Petroleum by 0.3% in the 4th quarter. State Street Corp now owns 17,934,327 shares of the oil and gas company's stock valued at $2,916,660,000 after acquiring an additional 47,896 shares during the last quarter. Boston Partners boosted its holdings in shares of Marathon Petroleum by 2.3% during the third quarter. Boston Partners now owns 6,305,428 shares of the oil and gas company's stock worth $1,214,522,000 after purchasing an additional 141,691 shares during the last quarter. Norges Bank acquired a new stake in shares of Marathon Petroleum during the fourth quarter worth $472,312,000. Charles Schwab Investment Management Inc. grew its position in shares of Marathon Petroleum by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,818,361 shares of the oil and gas company's stock valued at $458,350,000 after purchasing an additional 11,693 shares during the period. Finally, Invesco Ltd. grew its position in shares of Marathon Petroleum by 2.7% in the fourth quarter. Invesco Ltd. now owns 2,600,191 shares of the oil and gas company's stock valued at $422,869,000 after purchasing an additional 67,600 shares during the period. 76.77% of the stock is currently owned by hedge funds and other institutional investors.

Marathon Petroleum Stock Performance

Marathon Petroleum stock opened at $252.79 on Friday. The stock's 50-day moving average is $247.18 and its 200-day moving average is $216.09. The company has a market cap of $73.80 billion, a price-to-earnings ratio of 16.50, a price-to-earnings-growth ratio of 0.38 and a beta of 0.52. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.18 and a quick ratio of 0.73. Marathon Petroleum Corporation has a 12 month low of $158.00 and a 12 month high of $272.46.

Marathon Petroleum (NYSE:MPC - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The oil and gas company reported $1.65 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.91. The business had revenue of $34.20 billion for the quarter, compared to analyst estimates of $33.42 billion. Marathon Petroleum had a return on equity of 16.22% and a net margin of 3.36%.The company's revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.24) EPS. Equities analysts anticipate that Marathon Petroleum Corporation will post 31.35 earnings per share for the current year.

Marathon Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Wednesday, May 20th. Marathon Petroleum's payout ratio is 26.11%.

Insider Transactions at Marathon Petroleum

In other Marathon Petroleum 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 transaction of $1,703,243.52. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MPC shares. Piper Sandler increased their target price on Marathon Petroleum from $197.00 to $228.00 and gave the stock a "neutral" rating in a research report on Thursday, April 9th. Citigroup upped their price objective on shares of Marathon Petroleum from $243.00 to $257.00 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. The Goldman Sachs Group increased their price objective on shares of Marathon Petroleum from $264.00 to $291.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Raymond James Financial raised their target price on shares of Marathon Petroleum from $285.00 to $300.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 10th. Finally, Wall Street Zen upgraded shares of Marathon Petroleum from a "buy" rating to a "strong-buy" rating in a report on Sunday, May 10th. Ten investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Marathon Petroleum presently has an average rating of "Moderate Buy" and an average target price of $272.94.

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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