Marathon Petroleum Corporation $MPC Shares Bought by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System dramatically increased its MPC stake by 36,834.6% in the second quarter, adding 128.5 million shares and ending with 128.8 million shares valued at approximately $32.9 billion.
• Analysts maintain a “Moderate Buy” consensus on Marathon Petroleum, with 12 Buy ratings and five Holds and an average price target of $322.44.
• Marathon Petroleum reported quarterly earnings of $17.73 per share, beating estimates by $3.46, while revenue rose 53.5% year over year; the company also declared a $1.00 quarterly dividend.

California State Teachers Retirement System raised its holdings in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 36,834.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 128,810,637 shares of the oil and gas company's stock after purchasing an additional 128,461,884 shares during the quarter. California State Teachers Retirement System owned 44.12% of Marathon Petroleum worth $32,933,016,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in Marathon Petroleum in the second quarter valued at approximately $6,648,958,000. Bank of New York Mellon Corp purchased a new stake in Marathon Petroleum in the 2nd quarter worth approximately $1,029,611,000. Norges Bank acquired a new stake in shares of Marathon Petroleum during the 4th quarter worth approximately $472,312,000. Bank of America Corp DE purchased a new position in shares of Marathon Petroleum during the 2nd quarter valued at approximately $621,832,000. Finally, Capital Wealth Planning LLC increased its holdings in shares of Marathon Petroleum by 49,392.0% during the 4th quarter. Capital Wealth Planning LLC now owns 1,498,124 shares of the oil and gas company's stock valued at $245,157,000 after purchasing an additional 1,495,097 shares in the last quarter. Hedge funds and other institutional investors own 76.77% of the company's stock.

Wall Street Analyst Weigh In

MPC has been the subject of a number of recent analyst reports. Raymond James Financial lifted their price objective on shares of Marathon Petroleum from $300.00 to $335.00 and gave the company an "outperform" rating in a report on Monday, July 13th. Piper Sandler increased their price target on Marathon Petroleum from $344.00 to $462.00 and gave the stock an "overweight" rating in a research report on Thursday. Mizuho increased their price objective on shares of Marathon Petroleum from $284.00 to $304.00 and gave the company a "neutral" rating in a report on Tuesday, August 11th. The Goldman Sachs Group boosted their target price on shares of Marathon Petroleum from $291.00 to $376.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Finally, UBS Group restated a "buy" rating and set a $321.00 price target on shares of Marathon Petroleum in a research report on Friday, July 10th. Twelve investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Marathon Petroleum currently has a consensus rating of "Moderate Buy" and an average target price of $322.44.

Insiders Place Their Bets

In other news, VP Erin M. Brzezinski sold 570 shares of Marathon Petroleum stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $362.79, for a total transaction of $206,790.30. Following the transaction, the vice president owned 1,576 shares in the company, valued at $571,757.04. The trade was a 26.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Shawn Lyon sold 2,500 shares of the firm's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $350.00, for a total transaction of $875,000.00. Following the sale, the senior vice president owned 12,619 shares of the company's stock, valued at approximately $4,416,650. The trade was a 16.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 21,691 shares of company stock valued at $7,780,127. Insiders own 0.17% of the company's stock.

Marathon Petroleum Stock Up 0.2%

Shares of MPC opened at $389.86 on Tuesday. The stock has a 50 day moving average price of $324.92 and a 200 day moving average price of $268.30. Marathon Petroleum Corporation has a one year low of $161.93 and a one year high of $398.52. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.89 and a current ratio of 1.25. The stock has a market capitalization of $113.82 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 0.25 and a beta of 0.53.

Marathon Petroleum (NYSE:MPC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The oil and gas company reported $17.73 earnings per share for the quarter, beating analysts' consensus estimates of $14.27 by $3.46. Marathon Petroleum had a return on equity of 31.96% and a net margin of 5.48%.The company had revenue of $51.99 billion for the quarter, compared to analyst estimates of $40.87 billion. During the same quarter last year, the firm posted $3.96 EPS. The firm's revenue for the quarter was up 53.5% on a year-over-year basis. Equities research analysts forecast that Marathon Petroleum Corporation will post 47.23 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 Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $4.00 dividend on an annualized basis and a yield of 1.0%. Marathon Petroleum's payout ratio is 13.75%.

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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