Empirical Asset Management LLC Buys Shares of 2,853 Marathon Petroleum Corporation $MPC

Key Points

• Empirical Asset Management initiated a position in Marathon Petroleum by purchasing 2,853 shares valued at approximately $729,000. Institutional investors collectively own 76.77% of MPC.
• Marathon Petroleum reported strong quarterly results, with EPS of $17.73 beating estimates by $3.46 and revenue rising 53.5% year over year to $51.99 billion.
• MPC shares opened at $366.79, near their 12-month high, while the company declared a quarterly dividend of $1.00 per share, representing a 1.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $312.50.

Empirical Asset Management LLC purchased a new position in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,853 shares of the oil and gas company's stock, valued at approximately $729,000.

Other hedge funds have also recently modified their holdings of the company. Bell Investment Advisors Inc purchased a new stake in shares of Marathon Petroleum in the 2nd quarter worth $27,000. Main Street Group LTD purchased a new position in Marathon Petroleum during the first quarter valued at $35,000. Cedar Mountain Advisors LLC bought a new stake in Marathon Petroleum during the first quarter valued at about $40,000. Navalign LLC purchased a new stake in Marathon Petroleum in the fourth quarter worth about $30,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in Marathon Petroleum in the fourth quarter worth about $31,000. Institutional investors own 76.77% of the company's stock.

Insider Buying and Selling at Marathon Petroleum

In other news, VP Michael A. Henschen II sold 6,336 shares of the business's stock in a transaction 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 transaction, the vice president owned 16,900 shares of the company's stock, valued at approximately $4,543,058. The trade was a 27.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction of $875,000.00. Following the transaction, the senior vice president owned 12,619 shares of the company's stock, 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 currently owned by insiders.

Marathon Petroleum Stock Performance

NYSE:MPC opened at $366.79 on Wednesday. The company has a current ratio of 1.25, a quick ratio of 0.89 and a debt-to-equity ratio of 1.19. Marathon Petroleum Corporation has a 12-month low of $161.80 and a 12-month high of $367.24. The stock has a 50-day moving average price of $291.36 and a 200 day moving average price of $250.88. The stock has a market capitalization of $107.08 billion, a P/E ratio of 12.61, a P/E/G ratio of 0.23 and a beta of 0.52.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $14.27 by $3.46. Marathon Petroleum had a return on equity of 31.96% and a net margin of 5.48%.The company had revenue of $51.99 billion for the quarter, compared to the consensus estimate of $40.87 billion. During the same quarter last year, the company earned $3.96 EPS. The firm's quarterly revenue was up 53.5% on a year-over-year basis. Equities research analysts forecast that Marathon Petroleum Corporation will post 46.66 EPS for the current fiscal year.

Marathon Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders 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 dividend yield of 1.1%. Marathon Petroleum's dividend payout ratio (DPR) is presently 13.75%.

Analyst Upgrades and Downgrades

MPC has been the topic of a number of analyst reports. Wall Street Zen raised Marathon Petroleum from a "buy" rating to a "strong-buy" rating in a research report on Sunday, May 10th. Zacks Research lowered shares of Marathon Petroleum from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 17th. Morgan Stanley lifted their price target on shares of Marathon Petroleum from $233.00 to $265.00 and gave the company an "overweight" rating in a report on Friday, June 12th. Wells Fargo & Company upped their price target on shares of Marathon Petroleum from $344.00 to $359.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. Finally, Raymond James Financial increased their price objective on shares of Marathon Petroleum from $300.00 to $335.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average 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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