Summit Financial LLC Has $743,000 Stock Position in Marathon Petroleum Corporation $MPC

Key Points

• Summit Financial LLC increased its stake in Marathon Petroleum by 42.6%, totaling 5,098 shares valued at approximately $743,000 as of the latest SEC filing.
• Marathon Petroleum's recent quarterly earnings reported $3.96 EPS, surpassing estimates by $0.74, despite a 11.1% decline in revenue compared to the previous year.
• The company declared a quarterly dividend of $0.91 per share, representing a 2.1% yield, with a dividend payout ratio of 54.01%.

Summit Financial LLC boosted its holdings in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 42.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,098 shares of the oil and gas company's stock after buying an additional 1,522 shares during the period. Summit Financial LLC's holdings in Marathon Petroleum were worth $743,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Good Steward Wealth Advisors LLC acquired a new stake in Marathon Petroleum in the 1st quarter worth about $346,000. Silver Oak Securities Incorporated acquired a new position in shares of Marathon Petroleum in the 1st quarter valued at about $339,000. Financial Partners Group LLC lifted its stake in shares of Marathon Petroleum by 65.8% in the 1st quarter. Financial Partners Group LLC now owns 3,937 shares of the oil and gas company's stock valued at $574,000 after purchasing an additional 1,563 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of Marathon Petroleum by 8.0% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 44,387 shares of the oil and gas company's stock valued at $6,467,000 after purchasing an additional 3,291 shares in the last quarter. Finally, Weatherly Asset Management L. P. acquired a new position in shares of Marathon Petroleum in the 1st quarter valued at about $216,000. 76.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Marathon Petroleum

In other news, insider Molly R. Benson sold 10,879 shares of the company's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $163.00, for a total transaction of $1,773,277.00. Following the completion of the sale, the insider directly owned 28,700 shares of the company's stock, valued at $4,678,100. This represents a 27.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kim K.W. Rucker sold 7,392 shares of the company's 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 directly 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 disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Raymond James Financial reaffirmed an "outperform" rating and issued a $200.00 price objective (up from $180.00) on shares of Marathon Petroleum in a research note on Tuesday, July 15th. Scotiabank reaffirmed an "outperform" rating on shares of Marathon Petroleum in a research note on Friday, July 11th. Wolfe Research lowered Marathon Petroleum from an "outperform" rating to a "peer perform" rating in a research report on Monday, July 14th. Dbs Bank raised Marathon Petroleum to a "moderate buy" rating in a research report on Monday, July 28th. Finally, Barclays boosted their price target on Marathon Petroleum from $159.00 to $189.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Eight analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $185.29.

Marathon Petroleum Stock Performance

NYSE:MPC traded down $0.33 during midday trading on Friday, reaching $178.97. 501,130 shares of the company traded hands, compared to its average volume of 2,594,645. Marathon Petroleum Corporation has a twelve month low of $115.10 and a twelve month high of $183.10. The firm has a market capitalization of $54.41 billion, a price-to-earnings ratio of 26.52, a price-to-earnings-growth ratio of 3.23 and a beta of 0.90. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.23 and a quick ratio of 0.71. The company has a fifty day moving average price of $170.22 and a 200 day moving average price of $155.17.

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

Marathon Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 20th will be issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Wednesday, August 20th. Marathon Petroleum's dividend payout ratio is currently 54.01%.

About Marathon Petroleum

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.