Parkway Wealth Management Group LLC Makes New $4.52 Million Investment in Marathon Petroleum Corporation $MPC

Key Points

• Parkway Wealth Management Group acquired 11,433 Marathon Petroleum shares worth approximately $4.52 million in the third quarter. Institutional investors collectively own 76.77% of MPC.
• Marathon Petroleum reported strong quarterly results, with adjusted EPS of $17.73 beating estimates by $3.46 and revenue rising 53.5% year over year to $51.99 billion.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $417.88, while insiders sold roughly $7.78 million in shares over the past 90 days.

Parkway Wealth Management Group LLC acquired a new stake in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 11,433 shares of the oil and gas company's stock, valued at approximately $4,521,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Marathon Petroleum by 0.7% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 40,336 shares of the oil and gas company's stock worth $15,950,000 after purchasing an additional 267 shares in the last quarter. Maia Wealth LLC bought a new position in Marathon Petroleum in the third quarter valued at about $239,000. Tanager Wealth Management LLP bought a new position in Marathon Petroleum in the third quarter valued at about $220,000. Fairvoy Private Wealth LLC boosted its stake in shares of Marathon Petroleum by 330.0% during the third quarter. Fairvoy Private Wealth LLC now owns 4,300 shares of the oil and gas company's stock valued at $1,700,000 after purchasing an additional 3,300 shares in the last quarter. Finally, AA Financial Advisors LLC acquired a new stake in shares of Marathon Petroleum during the third quarter valued at about $210,000. Institutional investors own 76.77% of the company's stock.

Insider Buying and Selling at Marathon Petroleum

In other Marathon Petroleum news, insider Molly Benson sold 17,196 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $358.57, for a total transaction of $6,165,969.72. Following the completion of the sale, the insider owned 30,334 shares of the company's stock, valued at approximately $10,876,862.38. This represents a 36.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Erin M. Brzezinski sold 570 shares of the firm's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $362.79, for a total transaction of $206,790.30. Following the transaction, the vice president owned 1,576 shares of the company's stock, valued at approximately $571,757.04. The trade was a 26.56% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 21,691 shares of company stock valued at $7,780,127. 0.17% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MPC. UBS Group set a $510.00 price target on Marathon Petroleum in a report on Friday, October 9th. Mizuho upped their price objective on Marathon Petroleum from $304.00 to $457.00 and gave the company a "neutral" rating in a research note on Thursday, October 8th. Citigroup raised their price objective on shares of Marathon Petroleum from $318.00 to $518.00 and gave the company a "neutral" rating in a report on Tuesday, October 13th. Jefferies Financial Group reiterated a "hold" rating and issued a $433.00 price objective on shares of Marathon Petroleum in a report on Sunday, October 11th. Finally, Zacks Research upgraded shares of Marathon Petroleum from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $417.88.

Marathon Petroleum Stock Down 0.8%

Shares of MPC opened at $474.23 on Tuesday. The company has a market capitalization of $138.45 billion, a PE ratio of 16.30, a PEG ratio of 0.14 and a beta of 0.54. Marathon Petroleum Corporation has a 12 month low of $161.93 and a 12 month high of $493.98. The stock's 50-day moving average price is $400.75 and its two-hundred day moving average price is $311.01. 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 released its quarterly earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 EPS for the quarter, beating analysts' consensus estimates of $14.27 by $3.46. Marathon Petroleum had a return on equity of 31.96% and a net margin of 5.48%. The firm had revenue of $51.99 billion for the quarter, compared to analyst estimates of $40.87 billion. During the same quarter in the previous year, the company posted $3.96 EPS. The business's revenue was up 53.5% on a year-over-year basis. On average, analysts anticipate that Marathon Petroleum Corporation will post 62.78 EPS for the current year.

Marathon Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were issued a $1.00 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $4.00 annualized dividend and a yield of 0.8%. Marathon Petroleum's dividend payout ratio is presently 13.75%.

About Marathon Petroleum

Marathon Petroleum Corporation NYSE: MPC is an American downstream energy company engaged in refining, marketing, and transporting petroleum products. Its operations include converting crude oil into gasoline, diesel, jet fuel, asphalt, propane, and other refined products used by transportation, industrial, and commercial customers.

The company markets fuel under the Marathon brand and supplies products to independent marketers, commercial businesses, and other wholesale customers. Marathon Petroleum also owns a general-partner interest and significant limited-partner interest in MPLX Inc, a midstream company that operates pipelines, storage facilities, terminals, and gathering and processing assets supporting the movement of crude oil and natural gas liquids.

Marathon Petroleum's refining and midstream activities are concentrated in the United States, with assets serving regions across the Midwest, Gulf Coast, and West Coast.

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