Exchange Traded Concepts LLC Acquires 2,366 Shares of Marathon Petroleum Corporation $MPC

Key Points

• Exchange Traded Concepts LLC increased its holdings in Marathon Petroleum by 53.0%, acquiring an additional 2,366 shares in the second quarter, bringing their total ownership to 6,833 shares worth approximately $1.135 million.
• Marathon Petroleum's stock target prices have been updated by various analysts, with Bank of America raising its target from $184.00 to $192.00 and Morgan Stanley increasing theirs from $160.00 to $182.00, indicating overall optimistic sentiment among analysts.
• The company recently declared a quarterly dividend of $0.91 per share, resulting in a 1.9% yield, with a dividend payout ratio currently at 54.01%.

Exchange Traded Concepts LLC raised its holdings in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 53.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,833 shares of the oil and gas company's stock after buying an additional 2,366 shares during the period. Exchange Traded Concepts LLC's holdings in Marathon Petroleum were worth $1,135,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. CBIZ Investment Advisory Services LLC raised its stake in 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 buying an additional 201 shares during the period. Hughes Financial Services LLC acquired a new position in shares of Marathon Petroleum in the first quarter valued at approximately $32,000. WPG Advisers LLC acquired a new position in shares of Marathon Petroleum in the first quarter valued at approximately $32,000. Decker Retirement Planning Inc. grew its position in shares of Marathon Petroleum by 1,621.4% in the first quarter. Decker Retirement Planning Inc. now owns 241 shares of the oil and gas company's stock valued at $35,000 after purchasing an additional 227 shares during the last quarter. Finally, Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Marathon Petroleum in the first quarter valued at approximately $35,000. Institutional investors own 76.77% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MPC shares. Bank of America upped their target price on Marathon Petroleum from $184.00 to $192.00 and gave the company a "neutral" rating in a research report on Wednesday, September 3rd. Mizuho upped their target price on Marathon Petroleum from $184.00 to $188.00 and gave the company a "neutral" rating in a research report on Monday, September 15th. Scotiabank reaffirmed an "outperform" rating on shares of Marathon Petroleum in a research report on Friday, July 11th. Morgan Stanley upped their target price on Marathon Petroleum from $160.00 to $182.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Finally, Piper Sandler upped their target price on Marathon Petroleum from $184.00 to $222.00 and gave the company a "neutral" rating in a research report on Thursday, September 11th. Eight research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Marathon Petroleum has an average rating of "Moderate Buy" and an average price target of $192.50.

Marathon Petroleum Stock Up 1.0%

Shares of MPC opened at $187.29 on Tuesday. Marathon Petroleum Corporation has a 52 week low of $115.10 and a 52 week high of $188.70. The stock has a market capitalization of $56.94 billion, a price-to-earnings ratio of 27.79, a PEG ratio of 3.43 and a beta of 0.97. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.71 and a current ratio of 1.23. The stock has a fifty day moving average of $173.45 and a 200-day moving average of $159.06.

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

Marathon Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Wednesday, August 20th were given a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Wednesday, August 20th. Marathon Petroleum's dividend payout ratio (DPR) is currently 54.01%.

Insider Buying and Selling at Marathon Petroleum

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

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.

Want to see what other hedge funds are holding MPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marathon Petroleum Corporation (NYSE:MPC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.