Mission Wealth Management LP Lowers Stock Holdings in Marathon Petroleum Corporation $MPC

Key Points

• Mission Wealth Management LP cut its Marathon Petroleum stake by 45.2% in the fourth quarter, selling 4,005 shares and ending with 4,856 shares worth about $790,000.
• Marathon Petroleum posted strong quarterly results, reporting $1.65 EPS versus the $0.74 estimate and revenue of $34.2 billion, with sales up 8.5% year over year.
• Analysts remain constructive on MPC, with several firms raising price targets; the stock currently carries a consensus Moderate Buy rating and average target of $259.44.

Mission Wealth Management LP lowered its holdings in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 45.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,856 shares of the oil and gas company's stock after selling 4,005 shares during the quarter. Mission Wealth Management LP's holdings in Marathon Petroleum were worth $790,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Gabelli Funds LLC boosted its position in Marathon Petroleum by 15.6% during the fourth quarter. Gabelli Funds LLC now owns 230,900 shares of the oil and gas company's stock worth $37,551,000 after purchasing an additional 31,200 shares in the last quarter. RiverFront Investment Group LLC boosted its position in Marathon Petroleum by 7.9% during the fourth quarter. RiverFront Investment Group LLC now owns 30,473 shares of the oil and gas company's stock worth $4,956,000 after purchasing an additional 2,220 shares in the last quarter. North Dakota State Investment Board purchased a new position in Marathon Petroleum during the fourth quarter worth approximately $1,714,000. Elyxium Wealth LLC purchased a new position in Marathon Petroleum during the fourth quarter worth approximately $86,000. Finally, Soltis Investment Advisors LLC boosted its position in Marathon Petroleum by 117.0% during the fourth quarter. Soltis Investment Advisors LLC now owns 2,506 shares of the oil and gas company's stock worth $408,000 after purchasing an additional 1,351 shares in the last quarter. Hedge funds and other institutional investors own 76.77% of the company's stock.

Insider Activity at Marathon Petroleum

In related news, insider Ricky D. Hessling sold 1,626 shares of the stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $228.18, for a total value of $371,020.68. Following the completion of the sale, the insider owned 7,525 shares of the company's stock, valued at approximately $1,717,054.50. This trade represents a 17.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 4,473 shares of company stock valued at $1,015,428 over the last ninety days. 0.17% of the stock is currently owned by company insiders.

Marathon Petroleum Stock Performance

NYSE MPC opened at $258.25 on Thursday. The company has a market cap of $75.39 billion, a PE ratio of 16.86, a price-to-earnings-growth ratio of 0.34 and a beta of 0.53. The stock's 50 day simple moving average is $237.11 and its 200-day simple moving average is $204.89. Marathon Petroleum Corporation has a 1-year low of $154.65 and a 1-year high of $264.14. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.18 and a quick ratio of 0.73.

Marathon Petroleum (NYSE:MPC - Get Free Report) last released its earnings results on Tuesday, May 5th. The oil and gas company reported $1.65 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.91. Marathon Petroleum had a return on equity of 16.22% and a net margin of 3.36%.The business had revenue of $34.20 billion for the quarter, compared to the consensus estimate of $33.42 billion. During the same quarter last year, the business posted ($0.24) earnings per share. The business's quarterly revenue was up 8.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Marathon Petroleum Corporation will post 29.67 EPS for the current fiscal year.

Marathon Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Wednesday, May 20th. Marathon Petroleum's dividend payout ratio (DPR) is currently 26.11%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on MPC shares. BMO Capital Markets increased their price target on Marathon Petroleum from $255.00 to $290.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. The Goldman Sachs Group raised their target price on Marathon Petroleum from $264.00 to $291.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Barclays raised their target price on Marathon Petroleum from $230.00 to $270.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. raised their target price on Marathon Petroleum from $235.00 to $257.00 in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company raised their target price on Marathon Petroleum to $335.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $259.44.

Marathon Petroleum Company 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.

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