Elevation Point Wealth Partners LLC Has $2.18 Million Stock Position in Marathon Petroleum Corporation $MPC

Key Points

• Elevation Point Wealth Partners boosted its Marathon Petroleum stake by 218% in the first quarter, ending with 8,930 shares valued at about $2.18 million.
• Wall Street sentiment is broadly positive: analysts currently rate MPC a “Moderate Buy,” with a consensus price target of $272.62 after several firms raised targets.
• Marathon Petroleum reported strong quarterly results, posting $1.65 EPS versus $0.74 expected and revenue of $34.2 billion, while also paying a $1.00 quarterly dividend that annualizes to a 1.5% yield.

Elevation Point Wealth Partners LLC increased its position in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 218.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,930 shares of the oil and gas company's stock after acquiring an additional 6,122 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in Marathon Petroleum were worth $2,180,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in MPC. Platform Technology Partners grew its position in Marathon Petroleum by 15.9% during the 1st quarter. Platform Technology Partners now owns 1,610 shares of the oil and gas company's stock worth $393,000 after purchasing an additional 221 shares in the last quarter. Peregrine Asset Advisers Inc. lifted its holdings in shares of Marathon Petroleum by 7.1% in the first quarter. Peregrine Asset Advisers Inc. now owns 2,267 shares of the oil and gas company's stock valued at $554,000 after purchasing an additional 150 shares in the last quarter. Keybank National Association OH boosted its position in shares of Marathon Petroleum by 1.8% in the first quarter. Keybank National Association OH now owns 29,957 shares of the oil and gas company's stock worth $7,315,000 after buying an additional 527 shares during the period. Root Financial Partners LLC boosted its position in shares of Marathon Petroleum by 7.8% in the first quarter. Root Financial Partners LLC now owns 976 shares of the oil and gas company's stock worth $238,000 after buying an additional 71 shares during the period. Finally, Stock Yards Bank & Trust Co. grew its holdings in shares of Marathon Petroleum by 0.9% during the first quarter. Stock Yards Bank & Trust Co. now owns 9,656 shares of the oil and gas company's stock valued at $2,358,000 after buying an additional 89 shares in the last quarter. Hedge funds and other institutional investors own 76.77% of the company's stock.

Analyst Upgrades and Downgrades

MPC has been the topic of several recent analyst reports. Jefferies Financial Group upped their price target on Marathon Petroleum from $279.00 to $296.00 and gave the company a "buy" rating in a research report on Tuesday, May 26th. Barclays increased their target price on shares of Marathon Petroleum from $230.00 to $270.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Citigroup boosted their price objective on shares of Marathon Petroleum from $243.00 to $257.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Wall Street Zen raised Marathon Petroleum from a "buy" rating to a "strong-buy" rating in a research report on Sunday, May 10th. Finally, Weiss Ratings cut shares of Marathon Petroleum from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 6th. Ten equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, Marathon Petroleum has a consensus rating of "Moderate Buy" and a consensus target price of $272.62.

Marathon Petroleum Stock Performance

NYSE:MPC opened at $266.50 on Friday. The firm has a 50 day moving average of $252.10 and a 200-day moving average of $218.93. The company has a current ratio of 1.18, a quick ratio of 0.73 and a debt-to-equity ratio of 1.31. Marathon Petroleum Corporation has a 1 year low of $158.00 and a 1 year high of $272.46. The stock has a market capitalization of $77.80 billion, a P/E ratio of 17.40, a price-to-earnings-growth ratio of 0.39 and a beta of 0.52.

Marathon Petroleum (NYSE:MPC - Get Free Report) last announced its earnings results on Tuesday, May 5th. The oil and gas company reported $1.65 EPS for the quarter, topping the consensus estimate of $0.74 by $0.91. The company had revenue of $34.20 billion for the quarter, compared to analysts' expectations of $33.42 billion. Marathon Petroleum had a return on equity of 16.22% and a net margin of 3.36%.The business's revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.24) earnings per share. As a group, sell-side analysts anticipate that Marathon Petroleum Corporation will post 32.96 EPS for the current fiscal year.

Marathon Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Wednesday, May 20th. Marathon Petroleum's dividend payout ratio (DPR) is presently 26.11%.

Insider Buying and Selling

In related news, VP Michael A. Henschen II sold 6,336 shares of Marathon Petroleum stock in a transaction dated Thursday, June 4th. The stock was 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 directly owned 16,900 shares in the company, 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 Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is currently owned by insiders.

Marathon Petroleum 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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