Freestone Grove Partners LP Buys Shares of 5,113 Marathon Petroleum Corporation $MPC

Key Points

• Freestone Grove Partners initiated a Marathon Petroleum stake of 5,113 shares valued at approximately $1.3 million. Institutional investors collectively own 76.77% of MPC’s outstanding stock.
• Analysts maintain a generally positive view, with 12 Buy ratings and six Holds, producing a “Moderate Buy” consensus and an average price target of $312.50. MPC shares opened at $369, near their 52-week high.
• Marathon Petroleum reported quarterly EPS of $17.73, beating estimates by $3.46, while revenue rose 53.5% year over year to $51.99 billion. The company also declared a quarterly dividend of $1.00 per share, equivalent to a 1.1% yield.

Freestone Grove Partners LP bought a new stake in Marathon Petroleum Corporation (NYSE:MPC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 5,113 shares of the oil and gas company's stock, valued at approximately $1,307,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Marathon Petroleum during the second quarter valued at approximately $6,648,958,000. State Street Corp boosted its holdings in shares of Marathon Petroleum by 0.3% in the 4th quarter. State Street Corp now owns 17,934,327 shares of the oil and gas company's stock valued at $2,916,660,000 after purchasing an additional 47,896 shares in the last quarter. Boston Partners increased its stake in shares of Marathon Petroleum by 2.3% in the 3rd quarter. Boston Partners now owns 6,305,428 shares of the oil and gas company's stock valued at $1,214,522,000 after purchasing an additional 141,691 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Marathon Petroleum in the 2nd quarter valued at $1,029,611,000. Finally, Norges Bank acquired a new position in shares of Marathon Petroleum during the 4th quarter worth $472,312,000. Institutional investors own 76.77% of the company's stock.

Analyst Ratings Changes

MPC has been the topic of several research analyst reports. Barclays raised their price objective on Marathon Petroleum from $289.00 to $321.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. UBS Group reissued a "buy" rating and set a $321.00 target price on shares of Marathon Petroleum in a research note on Friday, July 10th. Piper Sandler increased their target price on shares of Marathon Petroleum from $343.00 to $344.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Bank of America raised their price target on shares of Marathon Petroleum from $224.00 to $260.00 in a research note on Tuesday, May 26th. Finally, Evercore set a $330.00 price target on shares of Marathon Petroleum in a report on Wednesday, August 5th. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, Marathon Petroleum has an average rating of "Moderate Buy" and an average price target of $312.50.

Marathon Petroleum Trading Up 1.5%

Shares of MPC stock opened at $369.00 on Friday. Marathon Petroleum Corporation has a twelve month low of $161.93 and a twelve month high of $369.12. The stock's fifty day simple moving average is $308.87 and its 200 day simple moving average is $260.20. The company has a quick ratio of 0.89, a current ratio of 1.25 and a debt-to-equity ratio of 1.19. The firm has a market capitalization of $107.73 billion, a P/E ratio of 12.68, a P/E/G ratio of 0.24 and a beta of 0.52.

Marathon Petroleum (NYSE:MPC - Get Free Report) last posted its earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 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 firm had revenue of $51.99 billion during the quarter, compared to the consensus estimate of $40.87 billion. During the same period last year, the company earned $3.96 earnings per share. The business's quarterly revenue was up 53.5% on a year-over-year basis. As a group, sell-side analysts predict that Marathon Petroleum Corporation will post 46.66 EPS for the current fiscal year.

Marathon Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a $1.00 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $4.00 annualized dividend and a dividend yield of 1.1%. Marathon Petroleum's dividend payout ratio is currently 13.75%.

Insider Activity at Marathon Petroleum

In other Marathon Petroleum news, insider Molly R. Benson sold 17,196 shares of Marathon Petroleum stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $358.57, for a total transaction of $6,165,969.72. Following the transaction, the insider directly owned 30,334 shares of the company's stock, valued at approximately $10,876,862.38. The trade was a 36.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Shawn M. Lyon sold 2,500 shares of the company's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $350.00, for a total value of $875,000.00. Following the completion of the sale, the senior vice president owned 12,619 shares in the company, valued at $4,416,650. This trade represents a 16.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 26,032 shares of company stock worth $8,744,213 in the last quarter. 0.17% of the stock is owned by insiders.

Marathon Petroleum Company 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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