Marathon Petroleum Corporation $MPC Position Boosted by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC increased its position in Marathon Petroleum by 4.1% during the second quarter, owning 81,818 shares valued at approximately $13.9 million.
• Several institutional investors, including Vanguard Group and Boston Partners, also boosted their stakes in Marathon Petroleum, indicating strong institutional interest in the company.
• Analysts have set a positive outlook for Marathon Petroleum, with new price targets ranging from $182.00 to $214.00, and the stock is rated as a "Moderate Buy" on average.

Allspring Global Investments Holdings LLC increased its holdings in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 4.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,818 shares of the oil and gas company's stock after buying an additional 3,237 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Marathon Petroleum were worth $13,905,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MPC. Vanguard Group Inc. boosted its stake in Marathon Petroleum by 12.3% during the 1st 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. Wellington Management Group LLP boosted its stake in Marathon Petroleum by 18.7% during the 1st quarter. Wellington Management Group LLP now owns 11,824,177 shares of the oil and gas company's stock valued at $1,722,664,000 after purchasing an additional 1,862,674 shares in the last quarter. Raymond James Financial Inc. boosted its stake in Marathon Petroleum by 6.3% during the 1st quarter. Raymond James Financial Inc. now owns 6,037,532 shares of the oil and gas company's stock valued at $879,608,000 after purchasing an additional 355,215 shares in the last quarter. Boston Partners boosted its stake in Marathon Petroleum by 58.5% during the 1st quarter. Boston Partners now owns 5,448,514 shares of the oil and gas company's stock valued at $791,274,000 after purchasing an additional 2,011,810 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Marathon Petroleum by 3.7% during the 1st quarter. Bank of New York Mellon Corp now owns 4,982,348 shares of the oil and gas company's stock valued at $725,878,000 after purchasing an additional 178,397 shares in the last quarter. 76.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on MPC shares. Wells Fargo & Company started coverage on Marathon Petroleum in a research note on Friday. They set an "overweight" rating and a $214.00 price target for the company. Raymond James Financial reaffirmed an "outperform" rating and set a $203.00 price target (up from $199.00) on shares of Marathon Petroleum in a research note on Friday. Citigroup increased their price target on Marathon Petroleum from $144.00 to $182.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Dbs Bank raised Marathon Petroleum to a "moderate buy" rating in a research note on Monday, July 28th. Finally, Evercore ISI increased their price objective on Marathon Petroleum from $170.00 to $210.00 and gave the company an "in-line" rating in a research report on Friday, September 19th. Eight equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, Marathon Petroleum has an average rating of "Moderate Buy" and an average price target of $200.31.

Insider Activity

In other news, insider Molly R. Benson sold 10,879 shares of the 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 completion of the sale, the insider owned 28,700 shares in the company, valued at $4,678,100. This represents 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 this link. 0.21% of the stock is owned by insiders.

Marathon Petroleum Price Performance

Shares of NYSE:MPC opened at $184.14 on Friday. The stock has a fifty day moving average of $180.61 and a 200-day moving average of $164.76. The company has a market capitalization of $55.98 billion, a PE ratio of 27.32, a price-to-earnings-growth ratio of 2.83 and a beta of 0.90. Marathon Petroleum Corporation has a one year low of $115.10 and a one year high of $201.61. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.71 and a current ratio of 1.23.

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

Marathon Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 20th were issued a $0.91 dividend. The ex-dividend date was Wednesday, August 20th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.0%. Marathon Petroleum's dividend 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.

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