Corigliano Investment Advisers LLC Decreases Stake in Marathon Petroleum Corporation $MPC

Key Points

• Corigliano Investment Advisers LLC has reduced its holdings in Marathon Petroleum Corporation by 22.0%, now owning 45,100 shares valued at approximately $6,571,000, making it the 13th largest position in their portfolio.
• Several other hedge funds have increased their positions in Marathon Petroleum, with Sunpointe LLC and Beverly Hills Private Wealth LLC making notable purchases in the same quarter.
• Marathon Petroleum reported $3.96 earnings per share for the last quarter, exceeding expectations, while also announcing a quarterly dividend of $0.91 to be issued on September 10th.

Corigliano Investment Advisers LLC cut its stake in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 22.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,100 shares of the oil and gas company's stock after selling 12,700 shares during the quarter. Marathon Petroleum makes up approximately 2.9% of Corigliano Investment Advisers LLC's portfolio, making the stock its 13th largest holding. Corigliano Investment Advisers LLC's holdings in Marathon Petroleum were worth $6,571,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Fourth Dimension Wealth LLC acquired a new stake in shares of Marathon Petroleum in the fourth quarter valued at about $26,000. CBIZ Investment Advisory Services LLC increased its holdings in shares of Marathon Petroleum by 1,546.2% in the first quarter. CBIZ Investment Advisory Services LLC now owns 214 shares of the oil and gas company's stock valued at $31,000 after purchasing an additional 201 shares during the last quarter. Hughes Financial Services LLC purchased a new position in Marathon Petroleum during the first quarter worth approximately $32,000. WPG Advisers LLC acquired a new position in Marathon Petroleum during the first quarter worth $32,000. Finally, Decker Retirement Planning Inc. grew its holdings in Marathon Petroleum by 1,621.4% in the 1st quarter. Decker Retirement Planning Inc. now owns 241 shares of the oil and gas company's stock valued at $35,000 after buying an additional 227 shares in the last quarter. 76.77% of the stock is currently owned by hedge funds and other institutional investors.

Marathon Petroleum Trading Up 0.4%

NYSE:MPC traded up $0.70 during trading hours on Monday, reaching $180.98. 2,006,740 shares of the stock were exchanged, compared to its average volume of 2,580,094. Marathon Petroleum Corporation has a twelve month low of $115.10 and a twelve month high of $183.50. The business has a 50-day moving average of $171.74 and a two-hundred day moving average of $156.17. The company has a market capitalization of $55.02 billion, a price-to-earnings ratio of 26.85, a PEG ratio of 3.64 and a beta of 0.97. The company has a quick ratio of 0.71, a current ratio of 1.23 and a debt-to-equity ratio of 1.15.

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

Marathon Petroleum Announces Dividend

The firm 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 $0.91 dividend. The ex-dividend date is Wednesday, August 20th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.0%. Marathon Petroleum's payout ratio is 54.01%.

Analysts Set New Price Targets

Several research firms have recently commented on MPC. Wall Street Zen upgraded Marathon Petroleum from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Wolfe Research lowered shares of Marathon Petroleum from an "outperform" rating to a "peer perform" rating in a report on Monday, July 14th. UBS Group increased their price target on shares of Marathon Petroleum from $175.00 to $203.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. Piper Sandler upped their price objective on Marathon Petroleum from $175.00 to $182.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Finally, Mizuho raised their target price on Marathon Petroleum from $168.00 to $184.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Eight research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $186.57.

Insider Activity at Marathon Petroleum

In other Marathon Petroleum news, insider Molly R. Benson sold 10,879 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 28,700 shares in the company, valued at $4,678,100. This represents a 27.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kim K.W. Rucker sold 7,392 shares of the business's 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 owned 18,944 shares of the company's stock, valued at approximately $3,315,200. This trade represents a 28.07% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

Marathon Petroleum Profile

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.