Marathon Petroleum Corporation $MPC Shares Purchased by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & Co. LLC increased its Marathon Petroleum stake by 61.1% in the fourth quarter, ending with 564,670 shares worth about $91.8 million.
• Several analysts turned more bullish on MPC, including Wells Fargo raising its price target to $344 and Goldman Sachs upgrading the stock to a buy rating. The consensus view remains Moderate Buy with an average price target of $272.94.
• Marathon Petroleum posted strong quarterly results, with EPS of $1.65 easily beating estimates and revenue of $34.2 billion topping expectations. The company also paid a $1.00 quarterly dividend, equivalent to a 1.5% annual yield.

Lord Abbett & CO. LLC lifted its position in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 61.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 564,670 shares of the oil and gas company's stock after acquiring an additional 214,224 shares during the period. Lord Abbett & CO. LLC owned 0.19% of Marathon Petroleum worth $91,832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Alberta Investment Management Corp purchased a new stake in Marathon Petroleum in the third quarter valued at $2,891,000. Diversified Trust Co. boosted its holdings in Marathon Petroleum by 39.3% in the fourth quarter. Diversified Trust Co. now owns 15,675 shares of the oil and gas company's stock valued at $2,549,000 after purchasing an additional 4,419 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in Marathon Petroleum in the third quarter valued at $1,004,000. USA Financial Formulas purchased a new stake in Marathon Petroleum in the fourth quarter valued at $791,000. Finally, KBC Group NV boosted its holdings in Marathon Petroleum by 22.4% in the fourth quarter. KBC Group NV now owns 225,837 shares of the oil and gas company's stock valued at $36,728,000 after purchasing an additional 41,259 shares during the last quarter. 76.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on MPC shares. BMO Capital Markets reaffirmed an "outperform" rating on shares of Marathon Petroleum in a report on Friday. Morgan Stanley increased their target price on shares of Marathon Petroleum from $233.00 to $265.00 and gave the stock an "overweight" rating in a research note on Friday. Wells Fargo & Company increased their target price on shares of Marathon Petroleum from $335.00 to $344.00 in a research note on Friday. The Goldman Sachs Group increased their target price on shares of Marathon Petroleum from $264.00 to $291.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Finally, Wall Street Zen raised shares of Marathon Petroleum from a "buy" rating to a "strong-buy" rating in a research note on Sunday, May 10th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $272.94.

Insiders Place Their Bets

In related news, VP Michael A. Henschen II sold 6,336 shares of the firm's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $268.82, for a total value of $1,703,243.52. Following the transaction, the vice president directly owned 16,900 shares of the company's stock, valued at approximately $4,543,058. This trade represents a 27.27% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.17% of the company's stock.

Trending Headlines about Marathon Petroleum

Here are the key news stories impacting Marathon Petroleum this week:

• Positive Sentiment: Marathon Petroleum was added to the Dow Jones Best-in-Class Indices after earning a top-quartile ESG score in the S&P Global Corporate Sustainability Assessment, which can support demand from sustainability-focused investors. Marathon Petroleum Named to Dow Jones Best-in-Class Indices
• Positive Sentiment: Wells Fargo raised its price target on MPC to $344 from $335, signaling continued analyst confidence and implying meaningful upside from current levels. Wells Fargo adjusts Marathon Petroleum price target
• Positive Sentiment: Zacks added MPC to its Rank #1 (Strong Buy) growth stocks list, reinforcing the view that the company remains attractive for growth and momentum investors. Best Growth Stocks to Buy for June 12th
• Positive Sentiment: Another Zacks note highlighted MPC as a strong momentum stock, which may be helping traders bid the shares higher in the near term. What Makes Marathon Petroleum (MPC) a Strong Momentum Stock: Buy Now?
• Neutral Sentiment: Investor commentary across several articles argued that MPC screens as a potentially attractive buy based on valuation and refining fundamentals, but these pieces were opinion-driven rather than new company-specific announcements. Is Marathon Petroleum Corporation (MPC) A Good Stock To Buy Now?

Marathon Petroleum Trading Up 0.9%

MPC stock opened at $263.10 on Friday. The firm has a market cap of $76.81 billion, a P/E ratio of 17.17, a PEG ratio of 0.40 and a beta of 0.52. Marathon Petroleum Corporation has a 52-week low of $158.00 and a 52-week high of $272.46. The company's 50-day simple moving average is $244.57 and its 200-day simple moving average is $212.40. The company has a quick ratio of 0.73, a current ratio of 1.18 and a debt-to-equity ratio of 1.31.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.91. The firm had revenue of $34.20 billion for the quarter, compared to analyst estimates of $33.42 billion. Marathon Petroleum had a net margin of 3.36% and a return on equity of 16.22%. Marathon Petroleum's quarterly revenue was up 8.5% compared to the same quarter last year. During the same period last year, the company posted ($0.24) EPS. As a group, equities analysts forecast that Marathon Petroleum Corporation will post 31.05 EPS for the current fiscal year.

Marathon Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were paid a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $4.00 dividend on an annualized basis and a yield of 1.5%. Marathon Petroleum's dividend payout ratio (DPR) is currently 26.11%.

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.

Want to see what other hedge funds are holding MPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marathon Petroleum Corporation (NYSE:MPC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.