Everstar Asset Management LLC Acquires Shares of 23,632 Marathon Petroleum Corporation $MPC

Key Points

• Everstar Asset Management LLC acquired 23,632 shares of Marathon Petroleum valued at approximately $3.44 million, making it the firm's 27th largest investment.
• Several institutional investors, including Brighton Jones LLC and Ethic Inc., have significantly increased their stakes in Marathon Petroleum during the last quarter, indicating strong investor confidence.
• Marathon Petroleum recently reported earnings of $3.96 per share, exceeding expectations and announcing a quarterly dividend of $0.91 per share, reflecting a 2.0% dividend yield.

Everstar Asset Management LLC acquired a new stake in Marathon Petroleum Corporation (NYSE:MPC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,632 shares of the oil and gas company's stock, valued at approximately $3,443,000. Marathon Petroleum accounts for about 0.6% of Everstar Asset Management LLC's investment portfolio, making the stock its 27th biggest position.

Several other hedge funds and other institutional investors have also modified their holdings of MPC. Brighton Jones LLC increased its stake in shares of Marathon Petroleum by 30.9% during the fourth quarter. Brighton Jones LLC now owns 4,988 shares of the oil and gas company's stock worth $696,000 after purchasing an additional 1,178 shares during the period. GHE LLC grew its holdings in Marathon Petroleum by 1.8% in the 4th quarter. GHE LLC now owns 38,572 shares of the oil and gas company's stock valued at $5,381,000 after buying an additional 665 shares in the last quarter. Ensign Peak Advisors Inc increased its position in Marathon Petroleum by 3.9% during the 4th quarter. Ensign Peak Advisors Inc now owns 248,892 shares of the oil and gas company's stock worth $34,720,000 after buying an additional 9,342 shares during the period. Ethic Inc. lifted its holdings in shares of Marathon Petroleum by 55.4% during the fourth quarter. Ethic Inc. now owns 7,212 shares of the oil and gas company's stock worth $1,006,000 after buying an additional 2,572 shares in the last quarter. Finally, Focus Partners Wealth boosted its position in shares of Marathon Petroleum by 58.3% in the fourth quarter. Focus Partners Wealth now owns 42,748 shares of the oil and gas company's stock valued at $6,026,000 after acquiring an additional 15,743 shares during the period. Institutional investors own 76.77% of the company's stock.

Insider Buying and Selling at Marathon Petroleum

In other news, Director Kim K.W. Rucker sold 7,392 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $175.00, for a total value of $1,293,600.00. Following the completion of 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Molly R. Benson sold 10,879 shares of the firm's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $163.00, for a total value of $1,773,277.00. Following the sale, the insider directly owned 28,700 shares in the company, valued at approximately $4,678,100. This trade represents a 27.49% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

Marathon Petroleum Stock Up 0.7%

Shares of NYSE MPC opened at $180.25 on Monday. The company has a market cap of $54.80 billion, a price-to-earnings ratio of 26.74, a PEG ratio of 3.64 and a beta of 0.97. The company has a current ratio of 1.23, a quick ratio of 0.71 and a debt-to-equity ratio of 1.15. Marathon Petroleum Corporation has a 12 month low of $115.10 and a 12 month high of $183.50. The stock has a 50-day moving average price of $171.74 and a two-hundred day moving average price of $156.17.

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

Marathon Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Wednesday, August 20th will be paid a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Wednesday, August 20th. Marathon Petroleum's payout ratio is presently 54.01%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Mizuho lifted their price objective on shares of Marathon Petroleum from $168.00 to $184.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Dbs Bank raised Marathon Petroleum to a "moderate buy" rating in a research report on Monday, July 28th. Morgan Stanley raised their price objective on Marathon Petroleum from $160.00 to $182.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Wall Street Zen upgraded Marathon Petroleum from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Piper Sandler raised their price target on Marathon Petroleum from $175.00 to $182.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Eight analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Marathon Petroleum currently has a consensus rating of "Hold" and an average target price of $186.57.

Marathon Petroleum Company 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.

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