Townsquare Capital LLC Raises Stock Holdings in Marathon Petroleum Corporation (NYSE:MPC)

Key Points

• Townsquare Capital LLC increased its stake in Marathon Petroleum by 4.3% during Q1 2023, now owning 50,149 shares valued at approximately $7.31 million.
• Marathon Petroleum's quarterly earnings exceeded expectations, reporting $3.96 EPS on revenue of $34.10 billion, although revenue is down 11.1% year-over-year.
• Several brokerages have raised their target prices for Marathon Petroleum, with a consensus rating of "Hold" and an average price target of $185.29.

Townsquare Capital LLC boosted its position in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 4.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,149 shares of the oil and gas company's stock after purchasing an additional 2,072 shares during the quarter. Townsquare Capital LLC's holdings in Marathon Petroleum were worth $7,306,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Marathon Petroleum by 12.3% during the 1st quarter. Vanguard Group Inc. now owns 34,941,391 shares of the oil and gas company's stock worth $5,090,611,000 after buying an additional 3,834,501 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of 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 worth $725,878,000 after buying an additional 178,397 shares in the last quarter. Demars Financial Group LLC raised its holdings in shares of 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 worth $686,724,000 after buying an additional 536,462 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Marathon Petroleum by 11.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,399,977 shares of the oil and gas company's stock worth $613,624,000 after buying an additional 452,043 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Marathon Petroleum by 14.0% during the 4th quarter. Northern Trust Corp now owns 3,937,348 shares of the oil and gas company's stock worth $549,260,000 after buying an additional 484,438 shares in the last quarter. 76.77% of the stock is currently owned by institutional investors.

Marathon Petroleum Stock Performance

Shares of NYSE:MPC traded down $0.27 during midday trading on Thursday, hitting $161.46. The company had a trading volume of 513,505 shares, compared to its average volume of 2,652,198. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.23 and a quick ratio of 0.71. The company has a market cap of $49.09 billion, a price-to-earnings ratio of 23.99, a PEG ratio of 2.89 and a beta of 0.90. Marathon Petroleum Corporation has a 12-month low of $115.10 and a 12-month high of $183.10. The company has a fifty day moving average of $169.28 and a two-hundred day moving average of $153.87.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The oil and gas company reported $3.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.22 by $0.74. Marathon Petroleum had a return on equity of 8.38% and a net margin of 1.58%. The business had revenue of $34.10 billion during the quarter, compared to analyst estimates of $31.70 billion. During the same quarter in the prior year, the business posted $4.12 EPS. Marathon Petroleum's revenue for the quarter was down 11.1% compared to the same quarter last year. On average, equities research analysts expect that Marathon Petroleum Corporation will post 8.47 EPS for the current fiscal year.

Marathon Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 20th will be given a dividend of $0.91 per share. The ex-dividend date is Wednesday, August 20th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.3%. Marathon Petroleum's dividend payout ratio (DPR) is presently 54.01%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Morgan Stanley upped their target price on Marathon Petroleum from $160.00 to $182.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Wells Fargo & Company upped their target price on Marathon Petroleum from $182.00 to $205.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Evercore ISI started coverage on Marathon Petroleum in a report on Wednesday, June 18th. They issued an "in-line" rating and a $170.00 target price on the stock. Scotiabank restated an "outperform" rating on shares of Marathon Petroleum in a report on Friday, July 11th. Finally, Piper Sandler increased their price target on Marathon Petroleum from $175.00 to $182.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $185.29.

Insider Buying and Selling at Marathon Petroleum

In related news, Director Kim K.W. Rucker sold 7,392 shares of the stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $175.00, for a total value of $1,293,600.00. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.21% of the stock is currently owned by insiders.

Marathon Petroleum Company Profile

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.