Gabelli Funds LLC Sells 2,100 Shares of Marathon Petroleum Corporation $MPC

Key Points

• Gabelli Funds LLC reduced its stake in Marathon Petroleum Corporation by 0.9% to 232,100 shares, valued at approximately $33.8 million.
• Vanguard Group Inc. and Boston Partners increased their holdings in Marathon Petroleum by 12.3% and 58.5%, respectively, indicating growing interest from institutional investors.
• Marathon Petroleum's quarterly earnings exceeded estimates, with an EPS of $3.96 versus the expected $3.22, despite an 11.1% year-over-year revenue decline.

Gabelli Funds LLC decreased its position in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 0.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 232,100 shares of the oil and gas company's stock after selling 2,100 shares during the quarter. Gabelli Funds LLC owned about 0.08% of Marathon Petroleum worth $33,815,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. 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 valued at $5,090,611,000 after buying an additional 3,834,501 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Marathon Petroleum by 18.7% in 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 buying an additional 1,862,674 shares in the last quarter. Raymond James Financial Inc. boosted its stake in shares of 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 worth $879,608,000 after acquiring an additional 355,215 shares in the last quarter. Boston Partners boosted its stake in shares of 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 worth $791,274,000 after acquiring an additional 2,011,810 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake 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 worth $725,878,000 after acquiring an additional 178,397 shares in the last quarter. Institutional investors own 76.77% of the company's stock.

Marathon Petroleum Stock Performance

Shares of MPC stock traded up $0.49 during trading hours on Friday, reaching $179.79. 1,753,792 shares of the company's stock were exchanged, compared to its average volume of 1,843,214. Marathon Petroleum Corporation has a fifty-two week low of $115.10 and a fifty-two week high of $183.10. The stock has a market capitalization of $54.66 billion, a P/E ratio of 26.67, a P/E/G ratio of 3.26 and a beta of 0.90. The business has a fifty day moving average price of $170.44 and a 200-day moving average price of $155.34. The company has a quick ratio of 0.71, a current ratio of 1.23 and a debt-to-equity ratio of 1.15.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The oil and gas company reported $3.96 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $31.70 billion. During the same period in the previous year, the company earned $4.12 earnings per share. The company's quarterly revenue was down 11.1% compared to the same quarter last year. Analysts predict that Marathon Petroleum Corporation will post 8.47 EPS for the current fiscal year.

Marathon Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Wednesday, August 20th will be given a $0.91 dividend. The ex-dividend date is 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 (DPR) is currently 54.01%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on MPC shares. Morgan Stanley upped their price target on Marathon Petroleum from $160.00 to $182.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Citigroup upped their price target on Marathon Petroleum from $144.00 to $182.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. TD Cowen decreased their price target on Marathon Petroleum from $190.00 to $182.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Mizuho upped 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, Wells Fargo & Company upped their price target on Marathon Petroleum from $182.00 to $205.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. 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 stock. According to data from MarketBeat.com, Marathon Petroleum currently has a consensus rating of "Hold" and a consensus target price of $185.29.

Insider Buying and Selling

In related news, insider Molly R. Benson sold 10,879 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The stock was 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 owned 28,700 shares in the company, valued at $4,678,100. This trade represents a 27.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kim K.W. Rucker sold 7,392 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $175.00, for a total value of $1,293,600.00. Following the transaction, the director owned 18,944 shares of the company's stock, valued at $3,315,200. This trade represents a 28.07% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

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.