Everstar Asset Management LLC Invests $3.44 Million in 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 bought a new stake in Marathon Petroleum Corporation (NYSE:MPC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 23,632 shares of the oil and gas company's stock, valued at approximately $3,443,000. Marathon Petroleum makes up about 0.6% of Everstar Asset Management LLC's investment portfolio, making the stock its 27th biggest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of MPC. Vanguard Group Inc. grew its holdings in shares of Marathon Petroleum by 12.3% in the first 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 purchasing an additional 3,834,501 shares in the last quarter. Boston Partners boosted its stake in Marathon Petroleum by 58.5% during the first 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. Wellington Management Group LLP boosted its stake in Marathon Petroleum by 18.7% during the first 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. GAMMA Investing LLC boosted its stake in Marathon Petroleum by 14,969.1% during the first quarter. GAMMA Investing LLC now owns 1,540,963 shares of the oil and gas company's stock worth $224,503,000 after buying an additional 1,530,737 shares during the period. Finally, Nuveen LLC purchased a new position in Marathon Petroleum during the first quarter worth $147,122,000. 76.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Marathon Petroleum news, insider Molly R. Benson sold 10,879 shares of Marathon Petroleum stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $163.00, for a total value of $1,773,277.00. Following the transaction, the insider owned 28,700 shares in the company, valued at $4,678,100. The trade was a 27.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kim K.W. Rucker sold 7,392 shares of Marathon Petroleum stock in a transaction dated Thursday, July 3rd. The shares were 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 owned 18,944 shares in the company, valued at $3,315,200. This trade represents a 28.07% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on MPC shares. Piper Sandler lifted their price objective on shares of Marathon Petroleum from $184.00 to $222.00 and gave the stock a "neutral" rating in a research note on Thursday. TD Cowen dropped their price objective on shares of Marathon Petroleum from $190.00 to $182.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Evercore ISI initiated coverage on Marathon Petroleum in a research report on Wednesday, June 18th. They set an "in-line" rating and a $170.00 target price for the company. Morgan Stanley lifted their target price on Marathon Petroleum from $160.00 to $182.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Finally, Barclays lifted their target price on Marathon Petroleum from $159.00 to $189.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Eight analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, Marathon Petroleum presently has a consensus rating of "Moderate Buy" and an average price target of $189.36.

Marathon Petroleum Stock Down 1.2%

Shares of MPC stock traded down $2.13 on Friday, hitting $180.18. The stock had a trading volume of 1,500,292 shares, compared to its average volume of 1,733,300. The company has a quick ratio of 0.71, a current ratio of 1.23 and a debt-to-equity ratio of 1.15. The business has a 50 day moving average price of $172.81 and a 200 day moving average price of $157.21. The company has a market cap of $54.78 billion, a PE ratio of 26.73, a P/E/G ratio of 3.68 and a beta of 0.97. Marathon Petroleum Corporation has a one year low of $115.10 and a one year high of $186.28.

Marathon Petroleum (NYSE:MPC - Get Free Report) last released 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 during the quarter, compared to the consensus estimate of $31.70 billion. Marathon Petroleum had a return on equity of 8.38% and a net margin of 1.58%.The firm's quarterly revenue was down 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $4.12 earnings per share. Research analysts anticipate that Marathon Petroleum Corporation will post 8.47 earnings per share for the current fiscal year.

Marathon Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Wednesday, August 20th were issued a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Wednesday, August 20th. Marathon Petroleum's payout ratio is presently 54.01%.

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.