Marathon Petroleum Corporation $MPC Shares Sold by NewEdge Advisors LLC

Key Points

• NewEdge Advisors cut its Marathon Petroleum stake by 31.6% in the first quarter, selling 28,230 shares and retaining 60,998 shares valued at approximately $14.9 million. Institutional investors collectively own 76.77% of MPC.
• Analysts remain broadly positive, with 11 Buy ratings and seven Holds; the stock has an average “Moderate Buy” rating and a $298.69 price target. Recent target increases include Goldman Sachs at $376 and TD Cowen at $357.
• Marathon Petroleum reported first-quarter EPS of $1.65, well above the $0.74 consensus estimate, while revenue rose 8.5% year over year to $34.2 billion. The company declared a quarterly dividend of $1.00, equivalent to a 1.3% annual yield.

NewEdge Advisors LLC lowered its stake in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 31.6% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 60,998 shares of the oil and gas company's stock after selling 28,230 shares during the quarter. NewEdge Advisors LLC's holdings in Marathon Petroleum were worth $14,894,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of MPC. Bank of America Corp DE raised its holdings in Marathon Petroleum by 1.6% in the 1st quarter. Bank of America Corp DE now owns 2,595,084 shares of the oil and gas company's stock valued at $633,668,000 after acquiring an additional 40,124 shares during the last quarter. Kentucky Retirement Systems boosted its position in shares of Marathon Petroleum by 28.8% in the first quarter. Kentucky Retirement Systems now owns 24,853 shares of the oil and gas company's stock worth $6,069,000 after acquiring an additional 5,559 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Marathon Petroleum by 76.7% in the 1st quarter. Janus Henderson Group PLC now owns 33,092 shares of the oil and gas company's stock valued at $8,083,000 after purchasing an additional 14,363 shares during the last quarter. Centaurus Financial Inc. boosted its holdings in Marathon Petroleum by 19.6% in the first quarter. Centaurus Financial Inc. now owns 1,225 shares of the oil and gas company's stock valued at $299,000 after acquiring an additional 201 shares during the last quarter. Finally, Strategic Investment Advisors MI acquired a new position in shares of Marathon Petroleum in the 1st quarter valued at about $189,000. Hedge funds and other institutional investors own 76.77% of the company's stock.

Insiders Place Their Bets

In other Marathon Petroleum news, VP Michael A. Henschen II sold 6,336 shares of Marathon Petroleum stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $268.82, for a total transaction of $1,703,243.52. Following the sale, the vice president owned 16,900 shares of the company's stock, valued at $4,543,058. The trade was a 27.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MPC has been the subject of several recent research reports. The Goldman Sachs Group increased their price objective on shares of Marathon Petroleum from $291.00 to $376.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. TD Cowen upped their price objective on shares of Marathon Petroleum from $315.00 to $357.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. Piper Sandler reiterated an "overweight" rating and set a $343.00 target price on shares of Marathon Petroleum in a research note on Thursday, July 23rd. Weiss Ratings raised shares of Marathon Petroleum from a "hold (c)" rating to a "hold (c+)" rating in a research report on Monday, July 6th. Finally, Raymond James Financial lifted their price target on shares of Marathon Petroleum from $300.00 to $335.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. Eleven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $298.69.

Marathon Petroleum Stock Performance

Shares of NYSE MPC opened at $309.09 on Thursday. The stock has a market capitalization of $90.24 billion, a P/E ratio of 20.18, a P/E/G ratio of 0.19 and a beta of 0.52. Marathon Petroleum Corporation has a 52-week low of $158.00 and a 52-week high of $326.92. The company has a quick ratio of 0.73, a current ratio of 1.18 and a debt-to-equity ratio of 1.31. The firm's 50-day moving average price is $271.59 and its two-hundred day moving average price is $235.89.

Marathon Petroleum (NYSE:MPC - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The oil and gas company reported $1.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.91. Marathon Petroleum had a return on equity of 16.22% and a net margin of 3.36%.The business had revenue of $34.20 billion during the quarter, compared to analyst estimates of $33.42 billion. During the same quarter in the previous year, the firm posted ($0.24) EPS. The business's revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Marathon Petroleum Corporation will post 43.19 earnings per share for the current year.

Marathon Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be paid a $1.00 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $4.00 annualized dividend and a dividend yield of 1.3%. Marathon Petroleum's dividend payout ratio (DPR) is presently 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.

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