Marathon Petroleum Corporation $MPC Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management cut its Marathon Petroleum stake by 42.3% in the second quarter, selling 2.39 million shares and retaining 3.25 million shares worth approximately $831.5 million. Institutional investors collectively own 76.77% of MPC.
• Marathon Petroleum reported strong quarterly results, with EPS of $17.73 versus the $14.27 analyst estimate and revenue of $51.99 billion, up 53.5% year over year.
• MPC shares opened at a record-near $369, while analysts maintained a “Moderate Buy” consensus with an average price target of $312.50. The company also declared a quarterly dividend of $1.00, equal to a 1.1% annualized yield.

Wellington Management Group LLP trimmed its holdings in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 42.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,252,153 shares of the oil and gas company's stock after selling 2,385,034 shares during the quarter. Wellington Management Group LLP owned approximately 1.11% of Marathon Petroleum worth $831,478,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Marathon Petroleum during the second quarter worth $6,648,958,000. State Street Corp raised its position in shares of Marathon Petroleum by 0.3% during the 4th quarter. State Street Corp now owns 17,934,327 shares of the oil and gas company's stock worth $2,916,660,000 after purchasing an additional 47,896 shares during the last quarter. Boston Partners boosted its holdings in Marathon Petroleum by 2.3% in the 3rd quarter. Boston Partners now owns 6,305,428 shares of the oil and gas company's stock worth $1,214,522,000 after buying an additional 141,691 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Marathon Petroleum during the 2nd quarter worth approximately $1,029,611,000. Finally, Norges Bank acquired a new position in shares of Marathon Petroleum during the fourth quarter valued at approximately $472,312,000. Institutional investors and hedge funds own 76.77% of the company's stock.

Marathon Petroleum Price Performance

MPC stock opened at $369.00 on Friday. Marathon Petroleum Corporation has a 52-week low of $161.93 and a 52-week high of $369.12. The company has a quick ratio of 0.89, a current ratio of 1.25 and a debt-to-equity ratio of 1.19. The stock has a market cap of $107.73 billion, a price-to-earnings ratio of 12.68, a price-to-earnings-growth ratio of 0.24 and a beta of 0.52. The business has a fifty day moving average of $308.87 and a two-hundred day moving average of $260.20.

Marathon Petroleum (NYSE:MPC - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 earnings per share for the quarter, topping analysts' consensus estimates of $14.27 by $3.46. The business had revenue of $51.99 billion during the quarter, compared to analysts' expectations of $40.87 billion. Marathon Petroleum had a return on equity of 31.96% and a net margin of 5.48%.The company's revenue was up 53.5% compared to the same quarter last year. During the same period in the prior year, the business posted $3.96 EPS. As a group, research analysts anticipate that Marathon Petroleum Corporation will post 46.66 earnings per share for the current year.

Marathon Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be given a $1.00 dividend. 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 1.1%. Marathon Petroleum's payout ratio is presently 13.75%.

Insiders Place Their Bets

In other news, VP Michael A. Henschen II sold 6,336 shares of the firm's 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 completion of the transaction, the vice president directly owned 16,900 shares in the company, valued at $4,543,058. This trade represents a 27.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Shawn M. Lyon sold 2,500 shares of the firm's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $350.00, for a total value of $875,000.00. Following the transaction, the senior vice president owned 12,619 shares of the company's stock, valued at $4,416,650. This trade represents a 16.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 26,032 shares of company stock worth $8,744,213 over the last ninety days. Corporate insiders own 0.17% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. BMO Capital Markets reiterated an "outperform" rating on shares of Marathon Petroleum in a research report on Friday, June 12th. Mizuho boosted their target price on Marathon Petroleum from $284.00 to $304.00 and gave the stock a "neutral" rating in a report on Tuesday, August 11th. Citigroup increased their price target on Marathon Petroleum from $303.00 to $318.00 and gave the company a "neutral" rating in a report on Wednesday, August 5th. The Goldman Sachs Group lifted their price objective on Marathon Petroleum from $291.00 to $376.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Finally, TD Cowen upped their target price on Marathon Petroleum from $357.00 to $375.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Twelve equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Marathon Petroleum presently has an average rating of "Moderate Buy" and an average target price of $312.50.

Marathon Petroleum 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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source