Raymond James Financial Inc. Purchases 355,215 Shares of Marathon Petroleum Corporation $MPC

Key Points

• Raymond James Financial Inc. increased its stake in Marathon Petroleum Corporation by 6.3%, holding 6,037,532 shares valued at approximately $879.6 million as of the latest SEC filing.
• Marathon Petroleum reported earnings of $3.96 per share for the last quarter, exceeding analysts' expectations, with a revenue of $34.1 billion that was down 11.1% year-over-year.
• The company announced a quarterly dividend of $0.91 per share, which represents an annualized dividend of $3.64 and a yield of 2.2%, with a payout ratio of 54.01%.

Raymond James Financial Inc. boosted its holdings in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 6.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,037,532 shares of the oil and gas company's stock after acquiring an additional 355,215 shares during the quarter. Raymond James Financial Inc. owned 1.97% of Marathon Petroleum worth $879,608,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC boosted its position in shares of Marathon Petroleum by 30.9% during the fourth quarter. Brighton Jones LLC now owns 4,988 shares of the oil and gas company's stock valued at $696,000 after buying an additional 1,178 shares during the last quarter. GHE LLC boosted its holdings in Marathon Petroleum by 1.8% during the 4th quarter. GHE LLC now owns 38,572 shares of the oil and gas company's stock worth $5,381,000 after acquiring an additional 665 shares during the last quarter. Jump Financial LLC grew its stake in shares of Marathon Petroleum by 195.5% in the 4th quarter. Jump Financial LLC now owns 3,800 shares of the oil and gas company's stock worth $530,000 after acquiring an additional 2,514 shares in the last quarter. Alpha DNA Investment Management LLC raised its holdings in shares of Marathon Petroleum by 5.8% in the fourth quarter. Alpha DNA Investment Management LLC now owns 3,010 shares of the oil and gas company's stock valued at $420,000 after purchasing an additional 164 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Marathon Petroleum by 11.5% during the fourth 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 purchasing an additional 452,043 shares in the last quarter. 76.77% of the stock is owned by institutional investors.

Insider Transactions at Marathon Petroleum

In related news, insider Molly R. Benson sold 10,879 shares of Marathon Petroleum stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $163.00, for a total value of $1,773,277.00. Following the completion of the transaction, the insider directly owned 28,700 shares in the company, valued at approximately $4,678,100. The trade was a 27.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kim K.W. Rucker sold 7,392 shares of the business's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $175.00, for a total transaction of $1,293,600.00. Following the sale, the director directly owned 18,944 shares in the company, valued at $3,315,200. The trade was a 28.07% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Marathon Petroleum Stock Performance

Shares of NYSE:MPC traded up $2.2930 during mid-day trading on Wednesday, reaching $165.7630. The company had a trading volume of 1,146,855 shares, compared to its average volume of 2,632,041. Marathon Petroleum Corporation has a one year low of $115.10 and a one year high of $183.10. The company has a current ratio of 1.23, a quick ratio of 0.71 and a debt-to-equity ratio of 1.15. The company's 50-day moving average price is $169.50 and its 200-day moving average price is $154.26. The firm has a market cap of $50.40 billion, a price-to-earnings ratio of 24.59, a PEG ratio of 2.96 and a beta of 0.90.

Marathon Petroleum (NYSE:MPC - Get Free Report) last released its 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. The business had revenue of $34.10 billion during the quarter, compared to the consensus estimate of $31.70 billion. Marathon Petroleum had a return on equity of 8.38% and a net margin of 1.58%.The business's revenue for the quarter was down 11.1% on a year-over-year basis. During the same period last year, the business posted $4.12 earnings per share. As a group, equities research analysts anticipate that Marathon Petroleum Corporation will post 8.47 EPS for the current fiscal year.

Marathon Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Wednesday, August 20th will be issued a dividend of $0.91 per share. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $3.64 annualized dividend and a yield of 2.2%. Marathon Petroleum's dividend payout ratio is 54.01%.

Wall Street Analysts Forecast Growth

MPC has been the subject of a number of recent analyst reports. Barclays upped their price objective on shares of Marathon Petroleum from $159.00 to $189.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Wolfe Research cut shares of Marathon Petroleum from an "outperform" rating to a "peer perform" rating in a research report on Monday, July 14th. Mizuho upped their target price on Marathon Petroleum from $168.00 to $184.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Scotiabank reiterated an "outperform" rating on shares of Marathon Petroleum in a report on Friday, July 11th. Finally, Citigroup upped their price objective on Marathon Petroleum from $144.00 to $182.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Eight investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Marathon Petroleum has a consensus rating of "Hold" and a consensus price target of $185.29.

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.