Invenomic Capital Management LP Acquires 52,613 Shares of Marathon Petroleum Corporation $MPC

Key Points

• Invenomic Capital Management LP increased its stake in Marathon Petroleum Corporation by 76.1%, owning 121,716 shares valued at approximately $17.73 million.
• Marathon Petroleum's recent quarterly earnings reported an EPS of $3.96, exceeding estimates by $0.74, despite an 11.1% year-over-year revenue decline.
• The company declared a quarterly dividend of $0.91 per share, representing an annualized yield of 2.0%, with a payout ratio of 54.01%.

Invenomic Capital Management LP lifted its holdings in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 76.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 121,716 shares of the oil and gas company's stock after buying an additional 52,613 shares during the period. Invenomic Capital Management LP's holdings in Marathon Petroleum were worth $17,733,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Good Steward Wealth Advisors LLC purchased a new position in shares of Marathon Petroleum in the 1st quarter worth approximately $346,000. Silver Oak Securities Incorporated bought a new stake in shares of Marathon Petroleum in the 1st quarter worth approximately $339,000. Financial Partners Group LLC raised its holdings in shares of Marathon Petroleum by 65.8% in the 1st quarter. Financial Partners Group LLC now owns 3,937 shares of the oil and gas company's stock worth $574,000 after purchasing an additional 1,563 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in shares of Marathon Petroleum by 8.0% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 44,387 shares of the oil and gas company's stock worth $6,467,000 after purchasing an additional 3,291 shares during the period. Finally, Jump Financial LLC raised its holdings in shares of Marathon Petroleum by 128.0% in the 1st quarter. Jump Financial LLC now owns 8,663 shares of the oil and gas company's stock worth $1,262,000 after purchasing an additional 4,863 shares during the period. Hedge funds and other institutional investors own 76.77% of the company's stock.

Insiders Place Their Bets

In other news, insider Molly R. Benson sold 10,879 shares of Marathon Petroleum stock in a transaction on Friday, August 15th. The shares were sold at an average price of $163.00, for a total transaction of $1,773,277.00. Following the completion of the sale, the insider directly owned 28,700 shares of the company's stock, valued at approximately $4,678,100. The trade was a 27.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kim K.W. Rucker sold 7,392 shares of Marathon Petroleum 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 sale, the director directly owned 18,944 shares of the company's stock, valued at $3,315,200. This represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

Marathon Petroleum Price Performance

NYSE:MPC traded down $2.26 during trading hours on Wednesday, hitting $180.92. The stock had a trading volume of 910,156 shares, compared to its average volume of 2,568,563. The company has a 50 day simple moving average of $172.30 and a two-hundred day simple moving average of $156.55. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.23 and a quick ratio of 0.71. Marathon Petroleum Corporation has a one year low of $115.10 and a one year high of $186.28. The firm has a market capitalization of $55.00 billion, a price-to-earnings ratio of 26.86, a P/E/G ratio of 3.66 and a beta of 0.97.

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 the consensus estimate of $3.22 by $0.74. Marathon Petroleum had a net margin of 1.58% and a return on equity of 8.38%. The firm had revenue of $34.10 billion during the quarter, compared to the consensus estimate of $31.70 billion. During the same period last year, the firm earned $4.12 EPS. The business's quarterly revenue was down 11.1% compared to the same quarter last year. Research analysts forecast that Marathon Petroleum Corporation will post 8.47 earnings per share for the current fiscal year.

Marathon Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 20th will be issued 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 currently 54.01%.

Wall Street Analyst Weigh In

A number of research firms recently commented on MPC. Scotiabank reaffirmed an "outperform" rating on shares of Marathon Petroleum in a report on Friday, July 11th. Piper Sandler lifted their price target on shares of Marathon Petroleum from $175.00 to $182.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. TD Cowen reduced 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. Mizuho lifted their price objective on shares of Marathon Petroleum from $168.00 to $184.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company lifted their price objective on shares of Marathon Petroleum from $182.00 to $205.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Eight equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, Marathon Petroleum has a consensus rating of "Moderate Buy" and an average price target of $186.50.

About Marathon Petroleum

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.