Cibc World Market Inc. Buys New Stake in Marathon Petroleum Corporation $MPC

Key Points

• CIBC World Markets acquired 183,341 shares of Marathon Petroleum in the second quarter, valued at approximately $46.9 million. Institutional investors and hedge funds collectively own 76.77% of MPC.
• Marathon Petroleum reported strong quarterly results, with EPS of $17.73 versus the $14.27 consensus and revenue of $51.99 billion, up 53.5% year over year.
• MPC shares opened at $362.18, near their 52-week high of $367.60. Analysts maintain a “Moderate Buy” consensus with a $312.50 average price target, while the company declared a $1.00 quarterly dividend, yielding 1.1% annually.

Cibc World Market Inc. purchased a new position in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 183,341 shares of the oil and gas company's stock, valued at approximately $46,875,000. Cibc World Market Inc. owned 0.06% of Marathon Petroleum as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in MPC. MassMutual Private Wealth & Trust FSB grew its stake in shares of Marathon Petroleum by 3.2% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,288 shares of the oil and gas company's stock valued at $329,000 after purchasing an additional 40 shares during the period. Equitable Trust Co. lifted its position in shares of Marathon Petroleum by 1.6% during the 1st quarter. Equitable Trust Co. now owns 2,637 shares of the oil and gas company's stock worth $644,000 after buying an additional 42 shares during the period. Bartlett & CO. Wealth Management LLC lifted its position in shares of Marathon Petroleum by 0.4% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 9,548 shares of the oil and gas company's stock worth $2,411,000 after buying an additional 42 shares during the period. Wellington Grp LLC boosted its stake in Marathon Petroleum by 9.6% in the 1st quarter. Wellington Grp LLC now owns 516 shares of the oil and gas company's stock valued at $126,000 after buying an additional 45 shares in the last quarter. Finally, Avior Wealth Management LLC boosted its stake in Marathon Petroleum by 2.2% in the 2nd quarter. Avior Wealth Management LLC now owns 2,108 shares of the oil and gas company's stock valued at $539,000 after buying an additional 46 shares in the last quarter. 76.77% of the stock is owned by institutional investors and hedge funds.

Marathon Petroleum Trading Up 0.4%

MPC stock opened at $362.18 on Monday. The business has a fifty day moving average price of $297.25 and a 200 day moving average price 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 fifty-two week low of $161.93 and a fifty-two week high of $367.60. The stock has a market capitalization of $105.73 billion, a price-to-earnings ratio of 12.45, a P/E/G ratio of 0.23 and a beta of 0.52.

Marathon Petroleum (NYSE:MPC - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The oil and gas company reported $17.73 EPS for the quarter, topping analysts' consensus estimates of $14.27 by $3.46. The company 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 business's revenue was up 53.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.96 earnings per share. Analysts expect that Marathon Petroleum Corporation will post 46.66 EPS for the current fiscal year.

Marathon Petroleum Dividend Announcement

The business also recently declared 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 is Wednesday, August 19th. This represents a $4.00 annualized dividend and a yield of 1.1%. Marathon Petroleum's dividend payout ratio is 13.75%.

Insider Activity

In related news, VP Michael A. Henschen II sold 6,336 shares of the firm'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 completion of the sale, the vice president owned 16,900 shares of the company's stock, valued at $4,543,058. This trade represents a 27.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Shawn M. Lyon sold 2,500 shares of the company's stock in a transaction on Thursday, August 13th. The stock was 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. The SEC filing for this sale provides additional information. 0.17% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MPC shares. Zacks Research lowered Marathon Petroleum from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 17th. Citigroup boosted their target price on shares of Marathon Petroleum from $303.00 to $318.00 and gave the company a "neutral" rating in a research note on Wednesday, August 5th. Evercore set a $330.00 target price on shares of Marathon Petroleum in a report on Wednesday, August 5th. Wall Street Zen upgraded shares of Marathon Petroleum from a "buy" rating to a "strong-buy" rating in a research report on Sunday, May 10th. Finally, Wells Fargo & Company lifted their price target on shares of Marathon Petroleum from $344.00 to $359.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Twelve research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Marathon Petroleum currently has an average rating of "Moderate Buy" and a consensus target price of $312.50.

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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