Panagora Asset Management Inc. Cuts Stock Position in Marathon Petroleum Corporation $MPC

Key Points

• Panagora Asset Management sharply reduced its Marathon Petroleum stake by 82.2% in the fourth quarter, selling 655,830 shares and ending with 141,616 shares valued at about $23.0 million.
• Marathon Petroleum recently reported strong quarterly results, with EPS of $1.65 versus the $0.74 estimate and revenue of $34.2 billion, topping analyst expectations.
• The company also paid a $1.00 quarterly dividend and has drawn generally positive analyst sentiment, with a consensus rating of Moderate Buy and an average price target of $272.94.

Panagora Asset Management Inc. decreased its position in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 82.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 141,616 shares of the oil and gas company's stock after selling 655,830 shares during the period. Panagora Asset Management Inc.'s holdings in Marathon Petroleum were worth $23,031,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MPC. Navalign LLC purchased a new stake in Marathon Petroleum during the 4th quarter worth $30,000. Kohmann Bosshard Financial Services LLC purchased a new stake in Marathon Petroleum during the 4th quarter worth $31,000. Berbice Capital Management LLC increased its stake in Marathon Petroleum by 100.0% during 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 during the 2nd quarter worth $33,000. Finally, Ares Financial Consulting LLC purchased a new stake in Marathon Petroleum during the 4th quarter worth $34,000. Hedge funds and other institutional investors own 76.77% of the company's stock.

Insider Activity at Marathon Petroleum

In other news, VP Michael A. Henschen II sold 6,336 shares of Marathon Petroleum stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $268.82, for a total value of $1,703,243.52. Following the completion of the transaction, the vice president directly owned 16,900 shares of the company's stock, valued at approximately $4,543,058. The trade was a 27.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.17% of the company's stock.

Marathon Petroleum Price Performance

Shares of MPC stock opened at $250.88 on Tuesday. The firm has a market cap of $73.24 billion, a P/E ratio of 16.38, a P/E/G ratio of 0.41 and a beta of 0.52. 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 Corporation has a 1-year low of $158.00 and a 1-year high of $272.46. The firm has a fifty day moving average of $244.75 and a two-hundred day moving average of $212.99.

Marathon Petroleum (NYSE:MPC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $1.65 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $33.42 billion. During the same period in the previous year, the business posted ($0.24) EPS. The company's quarterly revenue was up 8.5% on a year-over-year basis. As a group, research analysts anticipate that Marathon Petroleum Corporation will post 31.05 earnings per share for the current fiscal year.

Marathon Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were issued a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $4.00 annualized dividend and a dividend yield of 1.6%. Marathon Petroleum's payout ratio is 26.11%.

Analyst Ratings Changes

MPC has been the topic of several analyst reports. Morgan Stanley lifted their price target on shares of Marathon Petroleum from $233.00 to $265.00 and gave the stock an "overweight" rating in a research note on Friday. Zacks Research raised shares of Marathon Petroleum from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 7th. The Goldman Sachs Group raised their price objective on shares of Marathon Petroleum from $264.00 to $291.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Piper Sandler raised their price objective on shares of Marathon Petroleum from $197.00 to $228.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Marathon Petroleum in a report on Friday. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $272.94.

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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