Marathon Petroleum Corporation $MPC Shares Bought by Allstate Corp

Key Points

• Allstate Corp increased its stake in Marathon Petroleum Corporation by 23.0%, owning 12,374 shares valued at approximately $1.8 million after buying an additional 2,313 shares.
• Marathon Petroleum announced a quarterly dividend of $0.91 per share, which will be paid on September 10th, representing an annualized yield of 2.1%.
• Following its latest earnings report, Marathon Petroleum reported $3.96 earnings per share for the quarter, exceeding analyst estimates, but revenue was down 11.1% compared to the previous year.

Allstate Corp boosted its stake in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 23.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,374 shares of the oil and gas company's stock after buying an additional 2,313 shares during the period. Allstate Corp's holdings in Marathon Petroleum were worth $1,803,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MPC. Vanguard Group Inc. grew its stake in shares of Marathon Petroleum by 12.3% in the 1st quarter. Vanguard Group Inc. now owns 34,941,391 shares of the oil and gas company's stock worth $5,090,611,000 after purchasing an additional 3,834,501 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Marathon Petroleum by 18.7% during the first quarter. Wellington Management Group LLP now owns 11,824,177 shares of the oil and gas company's stock worth $1,722,664,000 after buying an additional 1,862,674 shares in the last quarter. Raymond James Financial Inc. boosted its holdings in Marathon Petroleum by 6.3% during the first quarter. Raymond James Financial Inc. now owns 6,037,532 shares of the oil and gas company's stock worth $879,608,000 after buying an additional 355,215 shares in the last quarter. Boston Partners grew its position in Marathon Petroleum by 58.5% in the first quarter. Boston Partners now owns 5,448,514 shares of the oil and gas company's stock worth $791,274,000 after buying an additional 2,011,810 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of 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 acquiring an additional 178,397 shares during the last quarter. 76.77% of the stock is currently owned by institutional investors.

Insider Transactions at Marathon Petroleum

In related news, insider Molly R. Benson sold 10,879 shares of the company's 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 transaction, the insider directly owned 28,700 shares in the company, valued at $4,678,100. This represents a 27.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kim K.W. Rucker sold 7,392 shares of the company's stock in a transaction dated 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 transaction, 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 position. The disclosure for this sale can be found here. 0.21% of the stock is owned by corporate insiders.

Marathon Petroleum Price Performance

Shares of MPC opened at $170.5290 on Friday. The business's 50-day moving average is $169.60 and its 200-day moving average is $154.56. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.23 and a quick ratio of 0.71. The company has a market capitalization of $51.84 billion, a price-to-earnings ratio of 25.30, a P/E/G ratio of 3.00 and a beta of 0.90. Marathon Petroleum Corporation has a fifty-two week low of $115.10 and a fifty-two week 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, topping analysts' consensus estimates of $3.22 by $0.74. Marathon Petroleum had a net margin of 1.58% and a return on equity of 8.38%. The business had revenue of $34.10 billion for the quarter, compared to the consensus estimate of $31.70 billion. During the same period in the prior year, the business posted $4.12 earnings per share. Marathon Petroleum's revenue for the quarter was down 11.1% compared to the same quarter last year. Equities research analysts expect that Marathon Petroleum Corporation will post 8.47 EPS 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. Shareholders of record on Wednesday, August 20th will be given a dividend of $0.91 per share. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $3.64 dividend on an annualized basis and a yield of 2.1%. Marathon Petroleum's payout ratio is currently 54.01%.

Analysts Set New Price Targets

MPC has been the topic of a number of recent analyst reports. Dbs Bank raised Marathon Petroleum to a "moderate buy" rating in a research report on Monday, July 28th. Wolfe Research cut Marathon Petroleum from an "outperform" rating to a "peer perform" rating in a research note on Monday, July 14th. Barclays upped their price objective on shares of Marathon Petroleum from $159.00 to $189.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. Scotiabank reissued an "outperform" rating on shares of Marathon Petroleum in a research report on Friday, July 11th. Finally, Citigroup upped their price target on shares of Marathon Petroleum from $144.00 to $182.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Marathon Petroleum has a consensus rating of "Hold" and an average price target of $185.29.

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.

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