Marathon Petroleum Corporation $MPC Stock Sold by Sitrin Capital Management LLC

Key Points

• Sitrin Capital Management cut its Marathon Petroleum position by 37.7% in the third quarter, selling 13,840 shares and retaining 22,865 shares valued at approximately $9.04 million.
• Institutional investors own 76.77% of MPC, while analysts maintain a generally positive outlook with a “Moderate Buy” consensus rating and an average price target of $417.88.
• Marathon Petroleum reported quarterly EPS of $17.73, beating estimates by $3.46, alongside 53.5% year-over-year revenue growth. The company also pays a $1.00 quarterly dividend, equivalent to a 0.8% yield.

Sitrin Capital Management LLC reduced its position in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 37.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,865 shares of the oil and gas company's stock after selling 13,840 shares during the period. Marathon Petroleum makes up about 4.1% of Sitrin Capital Management LLC's investment portfolio, making the stock its 2nd biggest position. Sitrin Capital Management LLC's holdings in Marathon Petroleum were worth $9,041,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MPC. BlackRock Inc. purchased a new stake in Marathon Petroleum during the second quarter valued at $6,648,958,000. Bank of New York Mellon Corp bought a new position in Marathon Petroleum in the second quarter valued at about $1,029,611,000. Bank of America Corp DE lifted its holdings in Marathon Petroleum by 1.6% in the first 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 period. Amundi boosted its position in Marathon Petroleum by 17.5% in the second quarter. Amundi now owns 2,237,930 shares of the oil and gas company's stock worth $572,172,000 after purchasing an additional 332,551 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Marathon Petroleum by 16.7% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,508,489 shares of the oil and gas company's stock worth $385,675,000 after purchasing an additional 215,686 shares during the last quarter. 76.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Wells Fargo & Company upped their price target on shares of Marathon Petroleum from $400.00 to $560.00 and gave the company an "overweight" rating in a research report on Wednesday, October 14th. Zacks Research upgraded shares of Marathon Petroleum from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 4th. UBS Group set a $510.00 price objective on shares of Marathon Petroleum in a report on Friday, October 9th. TD Cowen boosted their target price on shares of Marathon Petroleum from $357.00 to $375.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Finally, Citigroup boosted their target price on shares of Marathon Petroleum from $318.00 to $518.00 and gave the company a "neutral" rating in a research report on Tuesday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $417.88.

Insider Activity

In related news, insider Molly Benson sold 17,196 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $358.57, for a total transaction of $6,165,969.72. Following the completion of the transaction, the insider directly owned 30,334 shares in the company, valued at approximately $10,876,862.38. The trade was a 36.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Shawn Lyon sold 2,500 shares of the business's stock in a transaction that occurred on 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 approximately $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 a total of 21,691 shares of company stock valued at $7,780,127 in the last ninety days. Corporate insiders own 0.17% of the company's stock.

Marathon Petroleum Price Performance

Shares of Marathon Petroleum stock opened at $474.23 on Tuesday. The stock has a market cap of $138.45 billion, a P/E ratio of 18.07, a P/E/G ratio of 0.14 and a beta of 0.54. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.89 and a current ratio of 1.25. The stock's fifty day moving average is $400.75 and its 200 day moving average is $311.01. Marathon Petroleum Corporation has a one year low of $161.93 and a one year high of $493.98.

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 (EPS) for the quarter, beating the consensus estimate of $14.27 by $3.46. The business had revenue of $51.99 billion during the quarter, compared to analyst estimates of $40.87 billion. Marathon Petroleum had a return on equity of 31.96% and a net margin of 5.48%. Marathon Petroleum's revenue for the quarter was up 53.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.96 earnings per share. Sell-side analysts anticipate that Marathon Petroleum Corporation will post 62.78 earnings per share for the current year.

Marathon Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Wednesday, August 19th. Marathon Petroleum's payout ratio is presently 13.75%.

Marathon Petroleum Company Profile

Marathon Petroleum Corporation NYSE: MPC is an American downstream energy company engaged in refining, marketing, and transporting petroleum products. Its operations include converting crude oil into gasoline, diesel, jet fuel, asphalt, propane, and other refined products used by transportation, industrial, and commercial customers.

The company markets fuel under the Marathon brand and supplies products to independent marketers, commercial businesses, and other wholesale customers. Marathon Petroleum also owns a general-partner interest and significant limited-partner interest in MPLX Inc, a midstream company that operates pipelines, storage facilities, terminals, and gathering and processing assets supporting the movement of crude oil and natural gas liquids.

Marathon Petroleum's refining and midstream activities are concentrated in the United States, with assets serving regions across the Midwest, Gulf Coast, and West Coast.

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