Wellington Management Group LLP Buys 1,862,674 Shares of Marathon Petroleum Corporation $MPC

Key Points

• Wellington Management Group LLP increased its stake in Marathon Petroleum Corporation by 18.7%, acquiring 1,862,674 shares and bringing its total holdings to about $1.72 billion.
• Marathon Petroleum's quarterly earnings showed an EPS of $3.96, exceeding expectations, while revenue reached $34.10 billion, though down 11.1% year-over-year.
• The company declared a $0.91 quarterly dividend, translating to a 2.2% annual yield, with a payout ratio of 54.01% as of its latest financial report.

Wellington Management Group LLP grew its stake in shares of Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 18.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 11,824,177 shares of the oil and gas company's stock after acquiring an additional 1,862,674 shares during the quarter. Wellington Management Group LLP owned about 3.85% of Marathon Petroleum worth $1,722,664,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Marathon Petroleum by 12.3% in the first quarter. Vanguard Group Inc. now owns 34,941,391 shares of the oil and gas company's stock valued at $5,090,611,000 after acquiring an additional 3,834,501 shares during the last quarter. Boston Partners grew its position in Marathon Petroleum by 58.5% in the first quarter. Boston Partners now owns 5,448,514 shares of the oil and gas company's stock valued at $791,274,000 after acquiring an additional 2,011,810 shares during the last quarter. GAMMA Investing LLC grew its position in Marathon Petroleum by 14,969.1% in the first quarter. GAMMA Investing LLC now owns 1,540,963 shares of the oil and gas company's stock valued at $224,503,000 after acquiring an additional 1,530,737 shares during the last quarter. Nuveen LLC bought a new position in Marathon Petroleum in the first quarter valued at about $147,122,000. Finally, Two Sigma Investments LP bought a new position in Marathon Petroleum in the fourth quarter valued at about $81,318,000. 76.77% of the stock is currently owned by institutional investors.

Marathon Petroleum Stock Performance

Shares of MPC opened at $162.41 on Monday. The firm has a market cap of $49.38 billion, a PE ratio of 24.10, a PEG ratio of 2.95 and a beta of 0.90. The stock's fifty day moving average price is $169.42 and its two-hundred day moving average price is $154.07. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.23 and a quick ratio of 0.71. Marathon Petroleum Corporation has a 1 year low of $115.10 and a 1 year high of $183.10.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its quarterly earnings data 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 analysts' expectations of $31.70 billion. Marathon Petroleum had a return on equity of 8.38% and a net margin of 1.58%. The firm's quarterly revenue was down 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.12 EPS. On average, equities research analysts forecast that Marathon Petroleum Corporation will post 8.47 EPS for the current year.

Marathon Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Wednesday, August 20th will be paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Wednesday, August 20th. Marathon Petroleum's dividend payout ratio is currently 54.01%.

Analyst Ratings Changes

A number of research firms have issued reports on MPC. Raymond James Financial reiterated an "outperform" rating and issued a $200.00 target price (up previously from $180.00) on shares of Marathon Petroleum in a research report on Tuesday, July 15th. Barclays upped their target price on Marathon Petroleum from $159.00 to $189.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. Piper Sandler upped their target price on Marathon Petroleum from $175.00 to $182.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Morgan Stanley upped their target price on Marathon Petroleum from $160.00 to $182.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Finally, Evercore ISI initiated coverage on Marathon Petroleum in a report on Wednesday, June 18th. They issued an "in-line" rating and a $170.00 target price for the company. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $185.29.

Insiders Place Their Bets

In other Marathon Petroleum news, Director Kim K.W. Rucker sold 7,392 shares of the company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $175.00, for a total value of $1,293,600.00. Following the transaction, the director directly owned 18,944 shares in the company, valued at $3,315,200. This represents a 28.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is owned by corporate insiders.

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.

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