State of Alaska Department of Revenue Sells 2,460 Shares of Marathon Petroleum Corporation $MPC

Key Points

• The State of Alaska Department of Revenue has reduced its stake in Marathon Petroleum Corporation by 4.7%, now holding 49,571 shares valued at approximately $8.23 million.
• Marathon Petroleum reported better-than-expected quarterly earnings with $3.96 EPS, exceeding analysts' estimates of $3.22, and generating revenue of $34.10 billion.
• The company declared a quarterly dividend of $0.91 per share, yielding 1.8%, with a payout ratio of 54.01%.

State of Alaska Department of Revenue reduced its stake in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 4.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,571 shares of the oil and gas company's stock after selling 2,460 shares during the period. State of Alaska Department of Revenue's holdings in Marathon Petroleum were worth $8,233,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in MPC. Brighton Jones LLC raised its holdings in shares of Marathon Petroleum by 30.9% in the fourth quarter. Brighton Jones LLC now owns 4,988 shares of the oil and gas company's stock valued at $696,000 after acquiring an additional 1,178 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Marathon Petroleum by 25.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 108,060 shares of the oil and gas company's stock valued at $15,074,000 after acquiring an additional 21,947 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in shares of Marathon Petroleum by 12.5% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,210 shares of the oil and gas company's stock valued at $176,000 after acquiring an additional 134 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Marathon Petroleum by 44.0% in the 1st quarter. Versant Capital Management Inc now owns 1,064 shares of the oil and gas company's stock worth $155,000 after purchasing an additional 325 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Marathon Petroleum by 14,969.1% during the first quarter. GAMMA Investing LLC now owns 1,540,963 shares of the oil and gas company's stock worth $224,503,000 after acquiring an additional 1,530,737 shares during the last quarter. 76.77% of the stock is currently owned by institutional investors.

Marathon Petroleum Stock Performance

MPC stock opened at $198.85 on Friday. The company has a quick ratio of 0.71, a current ratio of 1.23 and a debt-to-equity ratio of 1.15. The business has a 50 day moving average of $175.09 and a 200-day moving average of $160.53. Marathon Petroleum Corporation has a 12-month low of $115.10 and a 12-month high of $201.61. The firm has a market cap of $60.45 billion, a PE ratio of 29.50, a P/E/G ratio of 3.44 and a beta of 0.97.

Marathon Petroleum (NYSE:MPC - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The oil and gas company reported $3.96 EPS for the quarter, topping analysts' consensus estimates of $3.22 by $0.74. The business had revenue of $34.10 billion during the quarter, compared to analysts' expectations of $31.70 billion. Marathon Petroleum had a net margin of 1.58% and a return on equity of 8.38%. The business's quarterly revenue was down 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.12 EPS. As a group, sell-side analysts expect that Marathon Petroleum Corporation will post 8.47 earnings per share for the current year.

Marathon Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Wednesday, August 20th were issued a $0.91 dividend. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $3.64 annualized dividend and a dividend yield of 1.8%. Marathon Petroleum's payout ratio is presently 54.01%.

Analyst Ratings Changes

Several research firms recently weighed in on MPC. Dbs Bank raised shares of Marathon Petroleum to a "moderate buy" rating in a report on Monday, July 28th. Scotiabank reiterated an "outperform" rating on shares of Marathon Petroleum in a research report on Friday, July 11th. Raymond James Financial increased their target price on shares of Marathon Petroleum from $195.00 to $199.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 9th. Citigroup increased their price objective on shares of Marathon Petroleum from $144.00 to $182.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Finally, BMO Capital Markets raised their price objective on shares of Marathon Petroleum from $195.00 to $208.00 and gave the company an "outperform" rating in a research note on Monday, September 22nd. Eight research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Marathon Petroleum currently has a consensus rating of "Moderate Buy" and a consensus price target of $195.00.

Insider Activity

In other news, Director Kim K.W. Rucker sold 7,392 shares of the stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $175.00, for a total value of $1,293,600.00. Following the sale, the director owned 18,944 shares of the company's stock, valued at approximately $3,315,200. This represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Molly R. Benson sold 10,879 shares of the firm's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $163.00, for a total value of $1,773,277.00. Following the transaction, the insider owned 28,700 shares in the company, valued at $4,678,100. The trade was a 27.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by corporate insiders.

Marathon Petroleum Profile

Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. The company operates through Refining & Marketing, and Midstream segments. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States; and purchases refined products and ethanol for resale and distributes refined products, including renewable diesel, through transportation, storage, distribution, and marketing services.

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