NewEdge Wealth LLC Trims Holdings in Marathon Petroleum Corporation $MPC

Key Points

• NewEdge Wealth cut its Marathon Petroleum stake by 40.2% in the first quarter, selling 3,738 shares and retaining 5,560 shares valued at approximately $1.36 million. Institutional investors collectively own 76.77% of MPC.
• Wall Street maintains a “Moderate Buy” consensus on MPC, with 11 Buy ratings and seven Holds and an average price target of $298.69. Recent targets range from $265 to $343.
• Marathon Petroleum reported strong quarterly results, posting $1.65 in EPS versus the $0.74 consensus and $34.20 billion in revenue, up 8.5% year over year. The company also declared a $1.00 quarterly dividend, equivalent to a 1.3% yield.

NewEdge Wealth LLC decreased its position in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 40.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,560 shares of the oil and gas company's stock after selling 3,738 shares during the period. NewEdge Wealth LLC's holdings in Marathon Petroleum were worth $1,358,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in MPC. Navalign LLC bought a new stake in shares of Marathon Petroleum during the 4th quarter valued at $30,000. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Marathon Petroleum during the 4th quarter valued at $31,000. Berbice Capital Management LLC boosted its holdings in Marathon Petroleum by 100.0% in the 4th quarter. Berbice Capital Management LLC now owns 200 shares of the oil and gas company's stock worth $33,000 after buying an additional 100 shares during the period. WFA of San Diego LLC purchased a new stake in Marathon Petroleum in the 2nd quarter worth $33,000. Finally, Ares Financial Consulting LLC purchased a new stake in Marathon Petroleum in the 4th quarter worth $34,000. Hedge funds and other institutional investors own 76.77% of the company's stock.

Insiders Place Their Bets

In other Marathon Petroleum news, VP Michael A. Henschen II sold 6,336 shares of the company's stock in a transaction that occurred on Thursday, June 4th. The stock was 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 represents a 27.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.17% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MPC has been the topic of several research analyst reports. Citigroup boosted their price objective on Marathon Petroleum from $257.00 to $303.00 and gave the company a "neutral" rating in a research report on Tuesday, July 14th. Piper Sandler reiterated an "overweight" rating and set a $343.00 target price on shares of Marathon Petroleum in a research report on Thursday. Jefferies Financial Group set a $335.00 target price on Marathon Petroleum and gave the company a "buy" rating in a research note on Sunday, July 12th. Morgan Stanley boosted their price target on Marathon Petroleum from $233.00 to $265.00 and gave the stock an "overweight" rating in a report on Friday, June 12th. Finally, Barclays upped their price target on Marathon Petroleum from $270.00 to $289.00 and gave the stock an "overweight" rating in a research note on Monday, July 13th. Eleven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $298.69.

Marathon Petroleum Price Performance

Marathon Petroleum stock opened at $309.14 on Monday. Marathon Petroleum Corporation has a 52-week low of $158.00 and a 52-week high of $326.92. The company has a quick ratio of 0.73, a current ratio of 1.18 and a debt-to-equity ratio of 1.31. The firm's fifty day moving average is $268.66 and its 200 day moving average is $233.03. The company has a market cap of $90.25 billion, a price-to-earnings ratio of 20.18, a PEG ratio of 0.20 and a beta of 0.52.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas company reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $0.74 by $0.91. Marathon Petroleum had a net margin of 3.36% and a return on equity of 16.22%. The business had revenue of $34.20 billion during the quarter, compared to analysts' expectations of $33.42 billion. During the same period last year, the company posted ($0.24) EPS. The business's revenue was up 8.5% on a year-over-year basis. Sell-side analysts forecast that Marathon Petroleum Corporation will post 43.19 EPS for the current fiscal year.

Marathon Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were given a $1.00 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $4.00 annualized dividend and a yield of 1.3%. Marathon Petroleum's dividend payout ratio (DPR) is currently 26.11%.

About Marathon Petroleum

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.

Want to see what other hedge funds are holding MPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marathon Petroleum Corporation (NYSE:MPC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.