Marathon Petroleum Corporation (NYSE:MPC) Shares Sold by Prossimo Advisors LLC

Key Points

• Prossimo Advisors LLC significantly decreased its stake in Marathon Petroleum Corporation by 49.7%, owning 1,480 shares worth $216,000 after selling 1,462 shares during the first quarter.
• Despite some hedge funds trimming their positions, others like Stevens Capital Management LP increased their holdings by 77.9%, highlighting a mixed sentiment among institutional investors surrounding Marathon Petroleum.
• Marathon Petroleum recently reported a revenue of $31.85 billion for the quarter, exceeding analyst estimates, while the company also declared a quarterly dividend of $0.91 per share with a yield of 2.12%.

Prossimo Advisors LLC reduced its position in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 49.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,480 shares of the oil and gas company's stock after selling 1,462 shares during the quarter. Prossimo Advisors LLC's holdings in Marathon Petroleum were worth $216,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Wellington Management Group LLP grew its stake in shares of Marathon Petroleum by 78.1% during the 4th quarter. Wellington Management Group LLP now owns 9,961,503 shares of the oil and gas company's stock valued at $1,389,630,000 after acquiring an additional 4,367,774 shares during the period. Bank of New York Mellon Corp raised its holdings in 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 valued at $725,878,000 after buying an additional 178,397 shares during the period. Demars Financial Group LLC raised its holdings in Marathon Petroleum by 12.8% during the 1st quarter. Demars Financial Group LLC now owns 4,713,595 shares of the oil and gas company's stock valued at $686,724,000 after buying an additional 536,462 shares during the period. Dimensional Fund Advisors LP grew its position in Marathon Petroleum by 11.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,399,977 shares of the oil and gas company's stock valued at $613,624,000 after acquiring an additional 452,043 shares during the last quarter. Finally, Northern Trust Corp grew its position in Marathon Petroleum by 14.0% in the 4th quarter. Northern Trust Corp now owns 3,937,348 shares of the oil and gas company's stock valued at $549,260,000 after acquiring an additional 484,438 shares during the last quarter. 76.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MPC. TD Cowen raised their price objective on Marathon Petroleum from $152.00 to $163.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Morgan Stanley boosted their price objective on Marathon Petroleum from $160.00 to $182.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Barclays lifted their price target on Marathon Petroleum from $159.00 to $189.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. Raymond James Financial restated an "outperform" rating and issued a $200.00 target price (up previously from $180.00) on shares of Marathon Petroleum in a research report on Tuesday, July 15th. Finally, Citigroup lifted their target price on Marathon Petroleum from $144.00 to $182.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $183.93.

Insider Activity

In other news, Director Kim K.W. Rucker sold 7,392 shares of the company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $175.00, for a total transaction of $1,293,600.00. Following the completion of the transaction, the director directly owned 18,944 shares of the company's stock, valued at approximately $3,315,200. This represents a 28.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.25% of the company's stock.

Marathon Petroleum Stock Down 1.7%

NYSE MPC traded down $2.90 during trading hours on Wednesday, hitting $172.53. 464,584 shares of the company were exchanged, compared to its average volume of 2,716,126. The company has a 50 day moving average of $168.18 and a two-hundred day moving average of $152.87. The company has a quick ratio of 0.73, a current ratio of 1.19 and a debt-to-equity ratio of 1.16. Marathon Petroleum Corporation has a 52-week low of $115.10 and a 52-week high of $183.31. The firm has a market cap of $53.00 billion, a price-to-earnings ratio of 24.27, a PEG ratio of 2.98 and a beta of 0.88.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The oil and gas company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.16. The company had revenue of $31.85 billion for the quarter, compared to the consensus estimate of $28.91 billion. Marathon Petroleum had a return on equity of 8.89% and a net margin of 1.75%. Marathon Petroleum's revenue was down 4.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.58 EPS. Equities research analysts anticipate that Marathon Petroleum Corporation will post 8.47 earnings per share for the current year.

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.