The Manufacturers Life Insurance Company Acquires New Shares in Marathon Petroleum Corporation $MPC

Key Points

• The Manufacturers Life Insurance Company acquired 176,990 Marathon Petroleum shares worth approximately $45.3 million during the second quarter, while institutional investors collectively own 76.77% of MPC.
• Marathon Petroleum reported a strong quarter, with EPS of $17.73 beating estimates of $14.27 and revenue rising 53.5% year over year to $51.99 billion.
• MPC shares opened at $362.70, near their 52-week high, and the company declared a $1.00 quarterly dividend. Analysts maintain a “Moderate Buy” consensus with an average price target of $312.50, though insiders have sold $8.74 million of stock over the past 90 days.

The Manufacturers Life Insurance Company bought a new position in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 176,990 shares of the oil and gas company's stock, valued at approximately $45,251,000. The Manufacturers Life Insurance Company owned about 0.06% of Marathon Petroleum at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MPC. BlackRock Inc. acquired a new position in Marathon Petroleum during the second quarter valued at approximately $6,648,958,000. Bank of New York Mellon Corp acquired a new stake in Marathon Petroleum in the second quarter worth $1,029,611,000. Norges Bank bought a new position in shares of Marathon Petroleum during the fourth quarter worth $472,312,000. Capital Wealth Planning LLC boosted its position in shares of Marathon Petroleum by 49,392.0% during the fourth quarter. Capital Wealth Planning LLC now owns 1,498,124 shares of the oil and gas company's stock worth $245,157,000 after purchasing an additional 1,495,097 shares in the last quarter. Finally, Pacer Advisors Inc. increased its position in shares of Marathon Petroleum by 3,816.8% in the 4th quarter. Pacer Advisors Inc. now owns 1,306,749 shares of the oil and gas company's stock valued at $212,517,000 after buying an additional 1,273,386 shares in the last quarter. 76.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Marathon Petroleum

In other Marathon Petroleum news, SVP Shawn M. Lyon sold 2,500 shares of Marathon Petroleum stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $350.00, for a total value of $875,000.00. Following the sale, the senior vice president directly owned 12,619 shares in the company, valued at approximately $4,416,650. The trade was a 16.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael A. Henschen II sold 6,336 shares of the business's stock in a transaction dated 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 trade represents a 27.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 26,032 shares of company stock valued at $8,744,213 over the last 90 days. 0.17% of the stock is owned by corporate insiders.

Marathon Petroleum Stock Up 2.2%

MPC stock opened at $362.70 on Thursday. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.25 and a quick ratio of 0.89. The stock has a market capitalization of $105.89 billion, a P/E ratio of 12.47, a P/E/G ratio of 0.23 and a beta of 0.52. Marathon Petroleum Corporation has a fifty-two week low of $161.93 and a fifty-two week high of $367.60. The business has a 50-day moving average of $303.95 and a 200-day moving average of $258.31.

Marathon Petroleum (NYSE:MPC - Get Free Report) last released its earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 EPS for the quarter, beating the consensus estimate 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 analysts' expectations of $40.87 billion. During the same quarter in the previous year, the business posted $3.96 EPS. The business's quarterly revenue was up 53.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Marathon Petroleum Corporation will post 46.66 earnings per share for the current fiscal year.

Marathon Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 19th. Marathon Petroleum's payout ratio is currently 13.75%.

Wall Street Analyst Weigh In

Several analysts recently commented on MPC shares. Morgan Stanley raised their price objective on Marathon Petroleum from $233.00 to $265.00 and gave the stock an "overweight" rating in a research note on Friday, June 12th. Barclays increased their price target on Marathon Petroleum from $289.00 to $321.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. TD Cowen raised their price target on Marathon Petroleum from $357.00 to $375.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Mizuho boosted their price objective on Marathon Petroleum from $284.00 to $304.00 and gave the company a "neutral" rating in a research report on Tuesday, August 11th. Finally, The Goldman Sachs Group increased their target price on Marathon Petroleum from $291.00 to $376.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $312.50.

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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