Wells Fargo & Company Increases Marathon Petroleum (NYSE:MPC) Price Target to $344.00

Key Points

• Wells Fargo raised its price target on Marathon Petroleum from $335 to $344, implying about 29.4% upside from the prior close.
• Other analysts have also turned more positive on MPC, including Barclays, Citigroup, and TD Cowen, while the overall consensus remains a Moderate Buy with an average target of $272.94.
• Marathon Petroleum reported strong quarterly results, beating earnings and revenue estimates, while the stock recently traded near its 52-week high after rising 1.9%.

Marathon Petroleum (NYSE:MPC - Get Free Report) had its price target boosted by investment analysts at Wells Fargo & Company from $335.00 to $344.00 in a report issued on Friday,MarketScreener reports. Wells Fargo & Company's price objective would indicate a potential upside of 29.43% from the company's previous close.

Several other research analysts have also issued reports on MPC. Citigroup increased their price target on shares of Marathon Petroleum from $243.00 to $257.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Barclays boosted their price objective on shares of Marathon Petroleum from $230.00 to $270.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Piper Sandler upped their price objective on shares of Marathon Petroleum from $197.00 to $228.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. Wall Street Zen upgraded shares of Marathon Petroleum from a "buy" rating to a "strong-buy" rating in a report on Sunday, May 10th. Finally, TD Cowen boosted their price target on Marathon Petroleum to $320.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, Marathon Petroleum currently has an average rating of "Moderate Buy" and an average target price of $272.94.

Marathon Petroleum Stock Up 1.9%

Shares of NYSE:MPC traded up $4.97 during trading on Friday, hitting $265.78. The stock had a trading volume of 155,332 shares, compared to its average volume of 2,460,155. The company has a market capitalization of $77.59 billion, a PE ratio of 17.35, a PEG ratio of 0.42 and a beta of 0.52. The company has a quick ratio of 0.73, a current ratio of 1.18 and a debt-to-equity ratio of 1.31. The firm's fifty day moving average is $244.07 and its 200 day moving average is $212.05. Marathon Petroleum has a 12 month low of $158.00 and a 12 month high of $272.46.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $1.65 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.91. The company had revenue of $34.20 billion for the quarter, compared to analysts' expectations of $33.42 billion. Marathon Petroleum had a return on equity of 16.22% and a net margin of 3.36%.The firm's revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.24) earnings per share. Analysts anticipate that Marathon Petroleum will post 30.05 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Michael A. Henschen II sold 6,336 shares of the business's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $268.82, for a total value of $1,703,243.52. Following the completion of the transaction, the vice president directly owned 16,900 shares in the company, valued at $4,543,058. The trade was a 27.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Brighton Jones LLC raised its position in Marathon Petroleum by 30.9% in the 4th quarter. Brighton Jones LLC now owns 4,988 shares of the oil and gas company's stock worth $696,000 after buying an additional 1,178 shares during the last quarter. Woodline Partners LP grew its stake in shares of Marathon Petroleum by 38.3% in the first quarter. Woodline Partners LP now owns 26,697 shares of the oil and gas company's stock worth $3,889,000 after acquiring an additional 7,396 shares during the period. Sivia Capital Partners LLC grew its stake in shares of Marathon Petroleum by 26.6% in the second quarter. Sivia Capital Partners LLC now owns 2,221 shares of the oil and gas company's stock worth $369,000 after acquiring an additional 466 shares during the period. Marshall Wace LLP purchased a new position in shares of Marathon Petroleum during the second quarter valued at approximately $8,505,000. Finally, AXA S.A. lifted its position in Marathon Petroleum by 46.7% during the second quarter. AXA S.A. now owns 39,675 shares of the oil and gas company's stock valued at $6,590,000 after purchasing an additional 12,639 shares during the period. Hedge funds and other institutional investors own 76.77% of the company's stock.

About Marathon Petroleum

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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