Marathon Petroleum (NYSE:MPC) Announces Earnings Results, Beats Estimates By $0.74 EPS

Key Points

• Marathon Petroleum reported earnings of $3.96 per share, surpassing analysts' expectations of $3.22 by $0.74.
• The company's revenue for the quarter was $34.10 billion, exceeding the estimated $31.70 billion, although it represented an 11.1% decrease compared to the previous year.
• Marathon Petroleum announced a quarterly dividend of $0.91 per share, which corresponds to an annualized dividend yield of 2.2% and a payout ratio of 51.20%.

Marathon Petroleum (NYSE:MPC - Get Free Report) issued its quarterly earnings results on Tuesday. The oil and gas company reported $3.96 earnings per share for the quarter, beating analysts' consensus estimates of $3.22 by $0.74, Zacks reports. Marathon Petroleum had a net margin of 1.75% and a return on equity of 8.89%. The firm had revenue of $34.10 billion for the quarter, compared to analyst estimates of $31.70 billion. During the same period last year, the company posted $4.12 EPS. Marathon Petroleum's quarterly revenue was down 11.1% compared to the same quarter last year.

Marathon Petroleum Stock Performance

MPC stock traded down $1.26 on Tuesday, reaching $166.70. 731,128 shares of the company were exchanged, compared to its average volume of 2,686,745. Marathon Petroleum has a 12 month low of $115.10 and a 12 month high of $183.10. The stock's fifty day moving average price is $169.00 and its 200 day moving average price is $153.40. The firm has a market capitalization of $51.21 billion, a PE ratio of 23.44, a PEG ratio of 2.83 and a beta of 0.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.19 and a quick ratio of 0.73.

Marathon Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders 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 dividend yield of 2.2%. The ex-dividend date is Wednesday, August 20th. Marathon Petroleum's payout ratio is presently 51.20%.

Insider Transactions at Marathon Petroleum

In related news, Director Kim K.W. Rucker sold 7,392 shares of the business's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $175.00, for a total transaction of $1,293,600.00. Following the transaction, the director owned 18,944 shares of the company's stock, valued at approximately $3,315,200. The trade was a 28.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.21% of the company's stock.

Hedge Funds Weigh In On Marathon Petroleum

An institutional investor recently raised its position in Marathon Petroleum stock. Brighton Jones LLC raised its holdings in Marathon Petroleum Corporation (NYSE:MPC - Free Report) by 30.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,988 shares of the oil and gas company's stock after buying an additional 1,178 shares during the quarter. Brighton Jones LLC's holdings in Marathon Petroleum were worth $696,000 as of its most recent SEC filing. 76.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MPC has been the topic of several analyst reports. Citigroup lifted their price target on shares of Marathon Petroleum from $144.00 to $182.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. TD Cowen lifted their price target on shares of Marathon Petroleum from $152.00 to $163.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Morgan Stanley lifted their price target on shares of Marathon Petroleum from $160.00 to $182.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Mizuho lifted their price target on shares of Marathon Petroleum from $168.00 to $184.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. Finally, Piper Sandler lifted their price target on shares of Marathon Petroleum from $175.00 to $182.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued 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 $183.93.

Marathon Petroleum Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.