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CCM Investment Group LLC Takes $4.75 Million Position in Marathon Petroleum Corporation (NYSE:MPC)

Marathon Petroleum logo with Energy background

Key Points

  • CCM Investment Group LLC has acquired a new stake in Marathon Petroleum Corporation, purchasing 32,971 shares valued at approximately $4.75 million.
  • Recent research reports show increased target prices for Marathon Petroleum, with UBS Group raising its target from $175 to $203, while the stock currently has a consensus rating of "Hold" and a price target of $185.29.
  • Marathon Petroleum announced a quarterly dividend of $0.91 per share, which will be paid on September 10th, indicating a 2.3% yield and a payout ratio of 54.01%.
  • Looking to Export and Analyze Marathon Petroleum Data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

CCM Investment Group LLC acquired a new stake in Marathon Petroleum Corporation (NYSE:MPC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 32,971 shares of the oil and gas company's stock, valued at approximately $4,751,000.

Other hedge funds have also made changes to their positions in the company. Nuveen LLC acquired a new stake in shares of Marathon Petroleum in the 1st quarter valued at about $147,122,000. Scissortail Wealth Management LLC boosted its position in shares of Marathon Petroleum by 0.6% in the 1st quarter. Scissortail Wealth Management LLC now owns 30,502 shares of the oil and gas company's stock valued at $4,444,000 after purchasing an additional 189 shares during the period. American Alpha Advisors LLC acquired a new stake in shares of Marathon Petroleum in the 1st quarter valued at about $453,000. Virtu Financial LLC acquired a new stake in shares of Marathon Petroleum in the 1st quarter valued at about $518,000. Finally, Mizuho Markets Americas LLC acquired a new stake in shares of Marathon Petroleum in the 1st quarter valued at about $3,711,000. Hedge funds and other institutional investors own 76.77% of the company's stock.

Wall Street Analyst Weigh In

MPC has been the subject of a number of research analyst reports. Mizuho upped their target price on Marathon Petroleum from $168.00 to $184.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. Morgan Stanley upped their target price on Marathon Petroleum from $160.00 to $182.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. UBS Group upped their target price on Marathon Petroleum from $175.00 to $203.00 and gave the company a "buy" rating in a research report on Thursday, July 10th. Citigroup increased their price objective on Marathon Petroleum from $144.00 to $182.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Finally, Wolfe Research cut Marathon Petroleum from an "outperform" rating to a "peer perform" rating in a research report on Monday, July 14th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $185.29.

Check Out Our Latest Analysis on MPC

Insider Transactions at Marathon Petroleum

In related news, Director Kim K.W. Rucker sold 7,392 shares of Marathon Petroleum stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $175.00, for a total transaction of $1,293,600.00. Following the completion of the transaction, the director directly owned 18,944 shares of the company's stock, valued at approximately $3,315,200. The trade was a 28.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.21% of the company's stock.

Marathon Petroleum Stock Performance

Shares of MPC stock opened at $160.95 on Friday. The company has a market cap of $48.93 billion, a price-to-earnings ratio of 23.88, a price-to-earnings-growth ratio of 2.80 and a beta of 0.90. The stock has a 50 day simple moving average of $169.25 and a 200-day simple moving average of $153.74. Marathon Petroleum Corporation has a 12-month low of $115.10 and a 12-month high of $183.10. The company has a current ratio of 1.23, a quick ratio of 0.73 and a debt-to-equity ratio of 1.15.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its earnings results on Tuesday, August 5th. The oil and gas company reported $3.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.22 by $0.74. The business had revenue of $34.10 billion during the quarter, compared to the consensus estimate of $31.70 billion. Marathon Petroleum had a return on equity of 8.38% and a net margin of 1.58%. The company's revenue for the quarter was down 11.1% on a year-over-year basis. During the same period in the prior year, the business posted $4.12 EPS. On average, equities analysts forecast that Marathon Petroleum Corporation will post 8.47 EPS for the current year.

Marathon Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Wednesday, August 20th will be issued a dividend of $0.91 per share. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $3.64 annualized dividend and a yield of 2.3%. Marathon Petroleum's payout ratio is currently 54.01%.

About Marathon Petroleum

(Free Report)

Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. The company operates through Refining & Marketing, and Midstream segments. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States; and purchases refined products and ethanol for resale and distributes refined products, including renewable diesel, through transportation, storage, distribution, and marketing services.

Further Reading

Want to see what other hedge funds are holding MPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marathon Petroleum Corporation (NYSE:MPC - Free Report).

Institutional Ownership by Quarter for Marathon Petroleum (NYSE:MPC)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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