Marathon Petroleum Corporation $MPC Shares Sold by Harbor Investment Advisory LLC

Key Points

• Harbor Investment Advisory LLC reduced its stake in Marathon Petroleum by 48.6% in Q2, holding 2,308 shares worth $383,000 after selling 2,181 shares.
• Marathon Petroleum reported a Q2 EPS of $3.96, exceeding estimates, with revenue of $34.10 billion despite an 11.1% year-over-year decline.
• The company declared a quarterly dividend of $0.91 per share, resulting in an annualized yield of 2.0% and a payout ratio of 54.01%.

Harbor Investment Advisory LLC lowered its position in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 48.6% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 2,308 shares of the oil and gas company's stock after selling 2,181 shares during the quarter. Harbor Investment Advisory LLC's holdings in Marathon Petroleum were worth $383,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. AG2R LA Mondiale Gestion D Actifs purchased a new position in shares of Marathon Petroleum in the first quarter worth about $6,727,000. First Hawaiian Bank raised its position in Marathon Petroleum by 2.1% during the 1st quarter. First Hawaiian Bank now owns 13,357 shares of the oil and gas company's stock worth $1,946,000 after buying an additional 278 shares during the last quarter. Modern Wealth Management LLC lifted its stake in Marathon Petroleum by 11.7% during the 1st quarter. Modern Wealth Management LLC now owns 2,494 shares of the oil and gas company's stock valued at $363,000 after acquiring an additional 262 shares during the period. Jones Financial Companies Lllp boosted its holdings in shares of Marathon Petroleum by 21.0% in the 1st quarter. Jones Financial Companies Lllp now owns 293,314 shares of the oil and gas company's stock valued at $42,353,000 after acquiring an additional 50,972 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of Marathon Petroleum in the first quarter worth $10,471,000. 76.77% of the stock is owned by institutional investors and hedge funds.

Marathon Petroleum Price Performance

Shares of Marathon Petroleum stock opened at $180.18 on Monday. The firm has a market cap of $54.78 billion, a PE ratio of 26.73, a P/E/G ratio of 3.52 and a beta of 0.97. Marathon Petroleum Corporation has a twelve month low of $115.10 and a twelve month high of $186.28. The company has a quick ratio of 0.71, a current ratio of 1.23 and a debt-to-equity ratio of 1.15. The business has a 50-day moving average price of $172.81 and a 200 day moving average price of $157.27.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The oil and gas company reported $3.96 EPS for the quarter, beating the consensus estimate of $3.22 by $0.74. The company had revenue of $34.10 billion for 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%.Marathon Petroleum's quarterly revenue was down 11.1% compared to the same quarter last year. During the same period last year, the company earned $4.12 earnings per share. Sell-side analysts predict that Marathon Petroleum Corporation will post 8.47 earnings per share for the current fiscal year.

Marathon Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Wednesday, August 20th were given a dividend of $0.91 per share. The ex-dividend date was Wednesday, August 20th. This represents a $3.64 dividend on an annualized basis and a yield of 2.0%. Marathon Petroleum's dividend payout ratio is currently 54.01%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MPC shares. Morgan Stanley boosted their target price on shares of Marathon Petroleum from $160.00 to $182.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. UBS Group lifted their price objective on Marathon Petroleum from $175.00 to $203.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. Citigroup boosted their price objective on Marathon Petroleum from $144.00 to $182.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Wall Street Zen raised Marathon Petroleum from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Wells Fargo & Company boosted their price target on Marathon Petroleum from $182.00 to $205.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Eight investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $189.36.

Insider Buying and Selling at Marathon Petroleum

In related news, insider Molly R. Benson sold 10,879 shares of the firm's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $163.00, for a total value of $1,773,277.00. Following the transaction, the insider directly owned 28,700 shares of the company's stock, valued at approximately $4,678,100. This trade represents a 27.49% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kim K.W. Rucker sold 7,392 shares of the business'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 sale, the director owned 18,944 shares of the company's stock, valued at approximately $3,315,200. This trade represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.21% of the company's stock.

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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