Lord Abbett & CO. LLC Has $13.26 Million Stock Position in Marathon Petroleum Corporation $MPC

Key Points

• Lord Abbett & CO. LLC has reduced its stake in Marathon Petroleum Corporation (NYSE:MPC) by 42%, selling 65,825 shares, leaving them with a total of 91,007 shares valued at approximately $13.26 million.
• Marathon Petroleum recently reported earnings of $3.96 per share, exceeding analysts' expectations of $3.22, despite a 11.1% decline in revenue from the previous year.
• The company declared a quarterly dividend of $0.91 per share, with a yield of 2.2%, set to be paid on September 10th to investors of record as of August 20th.

Lord Abbett & CO. LLC trimmed its position in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 42.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 91,007 shares of the oil and gas company's stock after selling 65,825 shares during the quarter. Lord Abbett & CO. LLC's holdings in Marathon Petroleum were worth $13,259,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of MPC. Beverly Hills Private Wealth LLC boosted its holdings in Marathon Petroleum by 1.2% during the 4th quarter. Beverly Hills Private Wealth LLC now owns 6,655 shares of the oil and gas company's stock valued at $928,000 after acquiring an additional 76 shares during the period. Sunpointe LLC grew its stake in shares of Marathon Petroleum by 5.1% in the 1st quarter. Sunpointe LLC now owns 1,681 shares of the oil and gas company's stock valued at $245,000 after purchasing an additional 81 shares during the last quarter. Valmark Advisers Inc. boosted its stake in shares of Marathon Petroleum by 2.3% in the first quarter. Valmark Advisers Inc. now owns 3,801 shares of the oil and gas company's stock valued at $554,000 after buying an additional 86 shares in the last quarter. Southland Equity Partners LLC raised its holdings in Marathon Petroleum by 6.2% during the first quarter. Southland Equity Partners LLC now owns 1,549 shares of the oil and gas company's stock worth $226,000 after purchasing an additional 90 shares during the last quarter. Finally, Prudent Man Advisors LLC raised its holdings in Marathon Petroleum by 2.3% during the first quarter. Prudent Man Advisors LLC now owns 4,056 shares of the oil and gas company's stock worth $591,000 after purchasing an additional 91 shares during the last quarter. 76.77% of the stock is owned by hedge funds and other institutional investors.

Marathon Petroleum Trading Up 1.7%

NYSE:MPC traded up $2.7880 during trading hours on Wednesday, hitting $166.2580. 922,808 shares of the stock were exchanged, compared to its average volume of 2,630,850. The company's 50 day moving average is $169.50 and its two-hundred day moving average is $154.26. 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 company has a market capitalization of $50.55 billion, a P/E ratio of 24.69, a price-to-earnings-growth ratio of 2.96 and a beta of 0.90. Marathon Petroleum Corporation has a twelve month low of $115.10 and a twelve month high of $183.10.

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. 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 for the quarter, compared to the consensus estimate of $31.70 billion. During the same quarter in the prior year, the business posted $4.12 EPS. The firm's quarterly revenue was down 11.1% on a year-over-year basis. On average, sell-side analysts anticipate that Marathon Petroleum Corporation will post 8.47 earnings per share for the current fiscal year.

Marathon Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Wednesday, August 20th will be paid a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 2.2%. The ex-dividend date is Wednesday, August 20th. Marathon Petroleum's dividend payout ratio (DPR) is 54.01%.

Analysts Set New Price Targets

MPC has been the subject of several research analyst reports. Scotiabank restated an "outperform" rating on shares of Marathon Petroleum in a research note on Friday, July 11th. UBS Group lifted their target price on Marathon Petroleum from $175.00 to $203.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. Wells Fargo & Company lifted their target price on Marathon Petroleum from $182.00 to $205.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Mizuho raised their price target on Marathon Petroleum from $168.00 to $184.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Finally, Barclays raised their price target on Marathon Petroleum from $159.00 to $189.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. Eight analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $185.29.

Insider Activity at Marathon Petroleum

In other Marathon Petroleum news, Director Kim K.W. Rucker sold 7,392 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $175.00, for a total transaction of $1,293,600.00. Following the completion of the sale, the director directly owned 18,944 shares in the company, valued at $3,315,200. This trade represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Molly R. Benson sold 10,879 shares of Marathon Petroleum stock in a transaction that occurred 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 transaction, the insider directly owned 28,700 shares in the company, valued at $4,678,100. This trade represents a 27.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company's stock.

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.