Corebridge Financial Inc. Sells 3,387 Shares of Marathon Petroleum Corporation $MPC

Key Points

• Corebridge Financial Inc. decreased its stake in Marathon Petroleum Corporation by 4.6% during the first quarter, holding 70,479 shares worth approximately $10.27 million.
• Several hedge funds have adjusted their positions in Marathon Petroleum, with institutional investors owning 76.77% of the company's stock.
• Marathon Petroleum recently reported earnings of $3.96 per share for the quarter, surpassing analysts' estimates, while also announcing a quarterly dividend of $0.91 per share.

Corebridge Financial Inc. reduced its stake in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 4.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 70,479 shares of the oil and gas company's stock after selling 3,387 shares during the period. Corebridge Financial Inc.'s holdings in Marathon Petroleum were worth $10,268,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Marathon Petroleum by 12.3% during the 1st quarter. Vanguard Group Inc. now owns 34,941,391 shares of the oil and gas company's stock valued at $5,090,611,000 after acquiring an additional 3,834,501 shares during the period. Wellington Management Group LLP boosted its holdings in Marathon Petroleum by 18.7% in the 1st quarter. Wellington Management Group LLP now owns 11,824,177 shares of the oil and gas company's stock worth $1,722,664,000 after buying an additional 1,862,674 shares during the period. Raymond James Financial Inc. boosted its holdings in Marathon Petroleum by 6.3% in the 1st quarter. Raymond James Financial Inc. now owns 6,037,532 shares of the oil and gas company's stock worth $879,608,000 after buying an additional 355,215 shares during the period. Boston Partners boosted its holdings in Marathon Petroleum by 58.5% in the 1st quarter. Boston Partners now owns 5,448,514 shares of the oil and gas company's stock worth $791,274,000 after buying an additional 2,011,810 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Marathon Petroleum by 3.7% in the 1st quarter. Bank of New York Mellon Corp now owns 4,982,348 shares of the oil and gas company's stock worth $725,878,000 after buying an additional 178,397 shares during the period. 76.77% of the stock is owned by institutional investors.

Marathon Petroleum Price Performance

Shares of Marathon Petroleum stock traded up $0.49 on Friday, hitting $179.79. 1,753,792 shares of the company traded hands, compared to its average volume of 1,843,214. The firm's 50-day simple moving average is $170.44 and its 200 day simple moving average is $155.34. The company has a current ratio of 1.23, a quick ratio of 0.71 and a debt-to-equity ratio of 1.15. The company has a market cap of $54.66 billion, a P/E ratio of 28.26, a P/E/G ratio of 3.27 and a beta of 0.90. Marathon Petroleum Corporation has a 12-month low of $115.10 and a 12-month high of $183.10.

Marathon Petroleum (NYSE:MPC - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The oil and gas company reported $3.96 earnings per share for the quarter, beating the consensus estimate of $3.22 by $0.74. The firm had revenue of $34.10 billion for the quarter, compared to analysts' expectations of $31.70 billion. Marathon Petroleum had a net margin of 1.58% and a return on equity of 8.38%. The business's quarterly revenue was down 11.1% on a year-over-year basis. During the same quarter last year, the company posted $4.12 EPS. Analysts expect that Marathon Petroleum Corporation will post 8.47 earnings per share for the current fiscal year.

Marathon Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 20th will be given a dividend of $0.91 per share. The ex-dividend date is Wednesday, August 20th. This represents a $3.64 annualized dividend and a dividend yield of 2.0%. Marathon Petroleum's dividend payout ratio (DPR) is 54.01%.

Insider Buying and Selling at Marathon Petroleum

In related news, insider Molly R. Benson sold 10,879 shares of the stock in a transaction on Friday, August 15th. The shares were sold at an average price of $163.00, for a total transaction of $1,773,277.00. Following the transaction, the insider owned 28,700 shares of the company's stock, valued at approximately $4,678,100. This trade represents a 27.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kim K.W. Rucker sold 7,392 shares of the stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $175.00, for a total transaction of $1,293,600.00. Following the transaction, the director directly owned 18,944 shares in the company, valued at approximately $3,315,200. This represents a 28.07% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on MPC shares. Citigroup raised their price objective on shares of Marathon Petroleum from $144.00 to $182.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. UBS Group raised their price objective on shares of Marathon Petroleum from $175.00 to $203.00 and gave the stock a "buy" rating in a report on Thursday, July 10th. Wells Fargo & Company raised their price objective on shares of Marathon Petroleum from $182.00 to $205.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Morgan Stanley increased their target price on shares of Marathon Petroleum from $160.00 to $182.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $200.00 target price (up from $180.00) on shares of Marathon Petroleum in a research note on Tuesday, July 15th. Eight investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Marathon Petroleum presently has an average rating of "Hold" and a consensus price target of $185.29.

About Marathon Petroleum

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.