Mystic Asset Management Inc. Makes New Investment in Marathon Petroleum Corporation $MPC

Key Points

• Mystic Asset Management acquired 8,609 Marathon Petroleum shares worth approximately $2.2 million during the second quarter, while institutional investors collectively own 76.77% of the stock.
• Marathon Petroleum reported strong quarterly results, with earnings of $17.73 per share versus the $14.27 consensus estimate and revenue of $51.99 billion, up 53.5% year over year.
• The company declared a quarterly dividend of $1.00 per share, equivalent to $4.00 annually and a 1.1% yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $312.50.

Mystic Asset Management Inc. purchased a new stake in Marathon Petroleum Corporation (NYSE:MPC - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 8,609 shares of the oil and gas company's stock, valued at approximately $2,201,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Oxford Financial Group LTD. LLC acquired a new position in Marathon Petroleum during the 2nd quarter worth approximately $331,000. Reliant Investment Partners LLC acquired a new stake in Marathon Petroleum in the second quarter valued at approximately $278,000. Advisors Capital Management LLC bought a new stake in shares of Marathon Petroleum during the second quarter worth $1,134,000. MJP Associates Inc. ADV bought a new stake in shares of Marathon Petroleum during the second quarter worth $260,000. Finally, PCM Encore LLC acquired a new position in shares of Marathon Petroleum during the second quarter worth $1,546,000. 76.77% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP Shawn M. Lyon sold 2,500 shares of the business's stock in a transaction 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 in the company, valued at $4,416,650. The trade was a 16.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael A. Henschen II sold 6,336 shares of the company's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $268.82, for a total transaction of $1,703,243.52. Following the sale, the vice president directly owned 16,900 shares in the company, valued at $4,543,058. This trade represents a 27.27% decrease in their position. The SEC filing for this sale provides additional information. 0.17% of the stock is currently owned by insiders.

Marathon Petroleum Stock Down 0.6%

Shares of MPC opened at $358.71 on Friday. The stock's 50-day moving average price is $295.27 and its two-hundred day moving average price is $253.47. Marathon Petroleum Corporation has a 12 month low of $161.93 and a 12 month high of $367.60. The company has a market capitalization of $104.72 billion, a PE ratio of 12.33, a PEG ratio of 0.23 and a beta of 0.52. The company has a current ratio of 1.25, a quick ratio of 0.89 and a debt-to-equity ratio of 1.19.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 earnings per share for the quarter, beating the consensus estimate of $14.27 by $3.46. The company had revenue of $51.99 billion during the quarter, compared to analysts' expectations of $40.87 billion. Marathon Petroleum had a return on equity of 31.96% and a net margin of 5.48%.The business's quarterly revenue was up 53.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.96 earnings per share. On average, analysts anticipate that Marathon Petroleum Corporation will post 46.66 EPS for the current year.

Marathon Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given a $1.00 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.1%. Marathon Petroleum's payout ratio is 13.75%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MPC. Bank of America increased their price target on Marathon Petroleum from $224.00 to $260.00 in a research note on Tuesday, May 26th. TD Cowen upped their target price on Marathon Petroleum from $357.00 to $375.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Jefferies Financial Group set a $335.00 target price on Marathon Petroleum and gave the company a "buy" rating in a research report on Sunday, July 12th. Barclays boosted their price target on Marathon Petroleum from $289.00 to $321.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Finally, Morgan Stanley upped their price objective on Marathon Petroleum from $233.00 to $265.00 and gave the company an "overweight" rating in a research note on Friday, June 12th. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $312.50.

Marathon Petroleum 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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