The Manufacturers Life Insurance Company Reduces Holdings in Marathon Petroleum Corporation $MPC

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Marathon Petroleum by 7.7%, selling 20,409 shares, and now holds 244,887 shares valued at approximately $35.68 million.
• Marathon Petroleum recently reported an earnings per share (EPS) of $3.96, exceeding analysts' estimates, and had a revenue of $34.1 billion for the quarter.
• The company announced a quarterly dividend of $0.91 per share with a yield of 2.0%, highlighting its commitment to returning value to shareholders.

The Manufacturers Life Insurance Company decreased its holdings in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 244,887 shares of the oil and gas company's stock after selling 20,409 shares during the quarter. The Manufacturers Life Insurance Company owned 0.08% of Marathon Petroleum worth $35,678,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MPC. Brighton Jones LLC boosted its stake 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 purchasing an additional 1,178 shares during the period. GHE LLC boosted its stake in shares of Marathon Petroleum by 1.8% in the fourth quarter. GHE LLC now owns 38,572 shares of the oil and gas company's stock valued at $5,381,000 after purchasing an additional 665 shares during the period. AXA S.A. lifted its stake in Marathon Petroleum by 14.0% in the fourth quarter. AXA S.A. now owns 26,954 shares of the oil and gas company's stock worth $3,760,000 after acquiring an additional 3,300 shares during the last quarter. Aptus Capital Advisors LLC lifted its stake in Marathon Petroleum by 69.8% in the fourth quarter. Aptus Capital Advisors LLC now owns 10,555 shares of the oil and gas company's stock worth $1,472,000 after acquiring an additional 4,340 shares during the last quarter. Finally, Benjamin Edwards Inc. lifted its stake in Marathon Petroleum by 1.9% in the fourth quarter. Benjamin Edwards Inc. now owns 5,021 shares of the oil and gas company's stock worth $700,000 after acquiring an additional 94 shares during the last quarter. Hedge funds and other institutional investors own 76.77% of the company's stock.

Marathon Petroleum Stock Performance

Marathon Petroleum stock traded up $1.27 during trading hours on Friday, reaching $180.25. 1,696,069 shares of the stock were exchanged, compared to its average volume of 2,579,250. Marathon Petroleum Corporation has a 52-week low of $115.10 and a 52-week high of $183.50. The stock has a market cap of $54.80 billion, a P/E ratio of 26.74, a P/E/G ratio of 3.25 and a beta of 0.97. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.71 and a current ratio of 1.23. The firm's 50 day moving average is $171.49 and its 200 day moving average is $156.05.

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

Marathon Petroleum Dividend Announcement

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

Insider Transactions at Marathon Petroleum

In other Marathon Petroleum 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 value of $1,773,277.00. Following the sale, the insider owned 28,700 shares of the company's stock, valued at approximately $4,678,100. This represents a 27.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 completion of the sale, the director directly owned 18,944 shares in the company, valued at $3,315,200. This trade represents a 28.07% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.21% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Bank of America lifted their price target on shares of Marathon Petroleum from $184.00 to $192.00 and gave the stock a "neutral" rating in a research note on Wednesday. Barclays lifted their price target on shares of Marathon Petroleum from $159.00 to $189.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. UBS Group lifted their price target on shares of Marathon Petroleum from $175.00 to $203.00 and gave the stock a "buy" rating in a research note on Thursday, July 10th. Citigroup lifted their price target on shares of Marathon Petroleum from $144.00 to $182.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Finally, Morgan Stanley lifted their price target on shares of Marathon Petroleum from $160.00 to $182.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $186.57.

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.