Marathon Petroleum (NYSE:MPC) Reaches New 12-Month High Following Analyst Upgrade

Key Points

• Marathon Petroleum reached a new 52-week high after Barclays raised its price target from $321 to $488 and maintained an overweight rating. Shares traded as high as $470.84.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus and an average price target of $395.38; UBS has set a higher $510 target.
• The company beat quarterly earnings expectations, reporting $17.73 in EPS versus the $14.27 consensus, while revenue rose 53.5% year over year to $51.99 billion. Insiders have sold about $7.8 million worth of shares over the past three months.

Marathon Petroleum Corporation (NYSE:MPC - Get Free Report) reached a new 52-week high on Tuesday after Barclays raised their price target on the stock from $321.00 to $488.00. Barclays currently has an overweight rating on the stock. Marathon Petroleum traded as high as $470.84 and last traded at $469.3320, with a volume of 96,331 shares traded. The stock had previously closed at $458.81.

Other equities analysts also recently issued research reports about the company. TD Cowen upped their target price on Marathon Petroleum from $357.00 to $375.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Wells Fargo & Company lifted their price target on shares of Marathon Petroleum from $359.00 to $400.00 and gave the company an "overweight" rating in a report on Tuesday, September 1st. Mizuho lifted their price target on shares of Marathon Petroleum from $304.00 to $457.00 and gave the company a "neutral" rating in a report on Thursday, October 8th. Zacks Research raised shares of Marathon Petroleum from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 4th. Finally, UBS Group set a $510.00 price objective on shares of Marathon Petroleum in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $395.38.

Insider Buying and Selling at Marathon Petroleum

In other news, VP Erin M. Brzezinski sold 570 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $362.79, for a total value of $206,790.30. Following the completion of the transaction, the vice president owned 1,576 shares of the company's stock, valued at approximately $571,757.04. This represents a 26.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Molly R. Benson sold 17,196 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $358.57, for a total value of $6,165,969.72. Following the completion of the transaction, the insider directly owned 30,334 shares of the company's stock, valued at $10,876,862.38. This represents a 36.18% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 21,691 shares of company stock valued at $7,780,127. 0.17% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marathon Petroleum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Marathon Petroleum in the 2nd quarter valued at approximately $6,648,958,000. Bank of New York Mellon Corp purchased a new position in shares of Marathon Petroleum in the 2nd quarter worth approximately $1,029,611,000. Bank of America Corp DE bought a new position in shares of Marathon Petroleum during the 2nd quarter valued at approximately $621,832,000. Legal & General Group Plc bought a new position in shares of Marathon Petroleum during the 2nd quarter valued at approximately $380,745,000. Finally, Pacer Advisors Inc. raised its holdings in Marathon Petroleum by 3,816.8% during 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 during the period. 76.77% of the stock is owned by hedge funds and other institutional investors.

Marathon Petroleum Stock Up 2.1%

The company has a fifty day moving average of $383.45 and a two-hundred day moving average of $302.84. The company has a market cap of $136.71 billion, a PE ratio of 16.10, a price-to-earnings-growth ratio of 0.14 and a beta of 0.54. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.89 and a current ratio of 1.25.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $14.27 by $3.46. Marathon Petroleum had a return on equity of 31.96% and a net margin of 5.48%. The company had revenue of $51.99 billion during the quarter, compared to the consensus estimate of $40.87 billion. During the same period last year, the company earned $3.96 earnings per share. Marathon Petroleum's revenue was up 53.5% on a year-over-year basis. As a group, analysts anticipate that Marathon Petroleum Corporation will post 61.46 earnings per share for the current fiscal year.

Marathon Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Wednesday, August 19th. Marathon Petroleum's dividend payout ratio (DPR) is 13.75%.

About Marathon Petroleum

Marathon Petroleum Corporation NYSE: MPC is an integrated downstream energy company engaged primarily in refining, marketing and transporting petroleum products. The company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, asphalt, propane and other refined products used by consumers, businesses and industrial customers.

Marathon Petroleum operates refineries and related logistics assets in the United States, with a refining and marketing presence serving markets across the Midwest, Gulf Coast and West Coast.

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