NewEdge Wealth LLC Takes Position in Marathon Petroleum Corporation $MPC

Key Points

• NewEdge Wealth acquired 5,470 Marathon Petroleum shares worth approximately $1.4 million in the second quarter. Institutional investors and hedge funds collectively own 76.77% of MPC.
• Marathon Petroleum reported quarterly earnings of $17.73 per share, beating estimates of $14.27, while revenue rose 53.5% year over year to $51.99 billion.
• 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.

NewEdge Wealth LLC bought a new position in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 5,470 shares of the oil and gas company's stock, valued at approximately $1,398,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Brighton Jones LLC increased its position in shares of Marathon Petroleum by 30.9% during the 4th quarter. Brighton Jones LLC now owns 4,988 shares of the oil and gas company's stock worth $696,000 after purchasing an additional 1,178 shares during the last quarter. Woodline Partners LP lifted its stake in shares of Marathon Petroleum by 38.3% during the 1st quarter. Woodline Partners LP now owns 26,697 shares of the oil and gas company's stock worth $3,889,000 after buying an additional 7,396 shares during the last quarter. Sivia Capital Partners LLC boosted its holdings in shares of Marathon Petroleum by 26.6% during the second quarter. Sivia Capital Partners LLC now owns 2,221 shares of the oil and gas company's stock worth $369,000 after acquiring an additional 466 shares during the period. Marshall Wace LLP bought a new stake in Marathon Petroleum in the 2nd quarter valued at $8,505,000. Finally, AXA S.A. grew its stake in shares of Marathon Petroleum by 46.7% in the second quarter. AXA S.A. now owns 39,675 shares of the oil and gas company's stock valued at $6,590,000 after acquiring an additional 12,639 shares in the last quarter. 76.77% of the stock is currently owned by institutional investors and hedge funds.

Marathon Petroleum Stock Performance

NYSE MPC opened at $362.18 on Friday. The company has a current ratio of 1.25, a quick ratio of 0.89 and a debt-to-equity ratio of 1.19. The company has a fifty day simple moving average of $297.25 and a 200 day simple moving average of $254.23. The company has a market cap of $105.73 billion, a P/E ratio of 12.45, a PEG ratio of 0.23 and a beta of 0.52. Marathon Petroleum Corporation has a 12-month low of $161.93 and a 12-month high of $367.60.

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

Marathon Petroleum Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on MPC shares. Morgan Stanley raised their price objective on Marathon Petroleum from $233.00 to $265.00 and gave the stock an "overweight" rating in a research note on Friday, June 12th. Wall Street Zen upgraded shares of Marathon Petroleum from a "buy" rating to a "strong-buy" rating in a research report on Sunday, May 10th. BMO Capital Markets restated an "outperform" rating on shares of Marathon Petroleum in a report on Friday, June 12th. Bank of America raised their target price on Marathon Petroleum from $224.00 to $260.00 in a research report on Tuesday, May 26th. Finally, Evercore set a $330.00 price target on shares of Marathon Petroleum in a research report on Wednesday, August 5th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Marathon Petroleum currently has a consensus rating of "Moderate Buy" and a consensus target price of $312.50.

Insider Activity at Marathon Petroleum

In other Marathon Petroleum news, VP Michael A. Henschen II sold 6,336 shares of Marathon Petroleum stock in a transaction that occurred 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 transaction, the vice president owned 16,900 shares of the company's stock, valued at $4,543,058. This trade represents a 27.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Shawn M. Lyon sold 2,500 shares of the business's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $350.00, for a total value of $875,000.00. Following the completion of the transaction, the senior vice president directly owned 12,619 shares in the company, valued at approximately $4,416,650. This represents a 16.54% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is owned by company insiders.

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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