Scotiabank Forecasts Strong Price Appreciation for Marathon Petroleum (NYSE:MPC) Stock

Key Points

• Scotiabank raised its price target on Marathon Petroleum to $210 and kept a "sector outperform" rating, though that target implies about a 4.71% downside versus the current share price.
• Multiple analysts have boosted targets (TD Cowen to $299, BMO to $255, Raymond James to $270), leaving a consensus price target of $239.75 and an overall consensus rating of "Moderate Buy."
• Fundamentals show a recent quarter beat (EPS $4.07 vs. $3.73 estimate) and revenue of $32.57B; the stock trades around $220.39 with a market cap of $64.9B and a P/E of 16.47.

Marathon Petroleum (NYSE:MPC - Get Free Report) had its price target lifted by analysts at Scotiabank from $174.00 to $210.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "sector outperform" rating on the oil and gas company's stock. Scotiabank's price target would suggest a potential downside of 4.71% from the company's current price.

Several other analysts also recently commented on the company. BMO Capital Markets raised their target price on Marathon Petroleum from $230.00 to $255.00 and gave the company an "outperform" rating in a research note on Tuesday, April 7th. Raymond James Financial raised their target price on Marathon Petroleum from $210.00 to $270.00 and gave the company an "outperform" rating in a research note on Wednesday, March 25th. Mizuho raised their target price on Marathon Petroleum from $205.00 to $224.00 and gave the company a "neutral" rating in a research note on Tuesday, March 17th. Weiss Ratings downgraded Marathon Petroleum from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, March 19th. Finally, TD Cowen raised their target price on Marathon Petroleum from $198.00 to $299.00 and gave the company a "buy" rating in a research note on Wednesday, April 1st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, Marathon Petroleum currently has a consensus rating of "Moderate Buy" and a consensus price target of $239.75.

Marathon Petroleum Stock Up 0.0%

Shares of MPC traded up $0.04 during trading hours on Wednesday, hitting $220.39. The stock had a trading volume of 917,240 shares, compared to its average volume of 2,532,087. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.26 and a quick ratio of 0.74. The firm has a 50 day simple moving average of $221.84 and a 200-day simple moving average of $197.41. The firm has a market capitalization of $64.90 billion, a P/E ratio of 16.47, a price-to-earnings-growth ratio of 0.36 and a beta of 0.58. Marathon Petroleum has a 1-year low of $132.00 and a 1-year high of $255.77.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its earnings results on Tuesday, February 3rd. The oil and gas company reported $4.07 EPS for the quarter, beating the consensus estimate of $3.73 by $0.34. The company had revenue of $32.57 billion during the quarter, compared to the consensus estimate of $30.89 billion. Marathon Petroleum had a return on equity of 13.90% and a net margin of 2.99%.The firm's revenue for the quarter was down .1% compared to the same quarter last year. During the same period last year, the business posted $0.77 EPS. Sell-side analysts predict that Marathon Petroleum will post 21.49 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Ricky D. Hessling sold 1,810 shares of the firm's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $224.78, for a total value of $406,851.80. Following the transaction, the insider owned 10,188 shares of the company's stock, valued at approximately $2,290,058.64. This trade represents a 15.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 4,473 shares of company stock valued at $1,015,428. 0.17% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marathon Petroleum

Several hedge funds have recently modified their holdings of the company. State Street Corp lifted its position in shares of Marathon Petroleum by 0.3% during the fourth quarter. State Street Corp now owns 17,934,327 shares of the oil and gas company's stock worth $2,916,660,000 after acquiring an additional 47,896 shares in the last quarter. Boston Partners grew its position in shares of Marathon Petroleum by 2.3% in the third quarter. Boston Partners now owns 6,305,428 shares of the oil and gas company's stock valued at $1,214,522,000 after purchasing an additional 141,691 shares in the last quarter. Norges Bank purchased a new position in shares of Marathon Petroleum in the fourth quarter valued at $472,312,000. Charles Schwab Investment Management Inc. grew its position in shares of Marathon Petroleum by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,818,361 shares of the oil and gas company's stock valued at $458,350,000 after purchasing an additional 11,693 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Marathon Petroleum by 2.7% in the fourth quarter. Invesco Ltd. now owns 2,600,191 shares of the oil and gas company's stock valued at $422,869,000 after purchasing an additional 67,600 shares in the last quarter. Institutional investors own 76.77% of the company's stock.

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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