MAI Capital Management increased its stake in Marathon Petroleum Corporation (NYSE:MPC) by 4.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 117,449 shares of the oil and gas company’s stock after buying an additional 4,599 shares during the period. MAI Capital Management’s holdings in Marathon Petroleum Corporation were worth $6,146,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Marathon Petroleum Corporation by 2,779.4% in the first quarter. BlackRock Inc. now owns 56,121,367 shares of the oil and gas company’s stock valued at $2,836,372,000 after buying an additional 54,172,304 shares during the period. Iridian Asset Management LLC CT raised its stake in shares of Marathon Petroleum Corporation by 209.4% in the first quarter. Iridian Asset Management LLC CT now owns 7,707,619 shares of the oil and gas company’s stock valued at $389,543,000 after buying an additional 5,216,764 shares during the period. American Century Companies Inc. raised its stake in shares of Marathon Petroleum Corporation by 8,254.8% in the first quarter. American Century Companies Inc. now owns 2,042,740 shares of the oil and gas company’s stock valued at $103,240,000 after buying an additional 2,018,290 shares during the period. FMR LLC raised its stake in shares of Marathon Petroleum Corporation by 109.5% in the first quarter. FMR LLC now owns 3,685,652 shares of the oil and gas company’s stock valued at $186,273,000 after buying an additional 1,926,573 shares during the period. Finally, Alliancebernstein L.P. raised its stake in shares of Marathon Petroleum Corporation by 201.9% in the first quarter. Alliancebernstein L.P. now owns 2,758,794 shares of the oil and gas company’s stock valued at $139,429,000 after buying an additional 1,844,941 shares during the period. Institutional investors and hedge funds own 81.36% of the company’s stock.
Marathon Petroleum Corporation (MPC) traded up 0.070% on Wednesday, hitting $49.705. 433,820 shares of the company were exchanged. The firm’s 50 day moving average is $53.94 and its 200 day moving average is $51.77. Marathon Petroleum Corporation has a 52 week low of $39.29 and a 52 week high of $56.81. The company has a market capitalization of $25.16 billion, a P/E ratio of 29.639 and a beta of 1.56.
Marathon Petroleum Corporation (NYSE:MPC) last posted its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $1.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by $0.01. Marathon Petroleum Corporation had a return on equity of 5.52% and a net margin of 1.34%. The company had revenue of $18.35 billion for the quarter, compared to analyst estimates of $19.98 billion. During the same period last year, the company earned $1.07 earnings per share. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. On average, equities research analysts forecast that Marathon Petroleum Corporation will post $2.75 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Wednesday, August 16th will be paid a dividend of $0.40 per share. The ex-dividend date is Monday, August 14th. This is a boost from Marathon Petroleum Corporation’s previous quarterly dividend of $0.36. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.22%. Marathon Petroleum Corporation’s dividend payout ratio is 90.91%.
MPC has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of Marathon Petroleum Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Scotiabank set a $55.00 target price on shares of Marathon Petroleum Corporation and gave the company a “hold” rating in a research note on Tuesday, July 11th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $69.00 target price on shares of Marathon Petroleum Corporation in a research note on Thursday, June 1st. Credit Suisse Group reaffirmed a “buy” rating and set a $64.00 target price on shares of Marathon Petroleum Corporation in a research note on Friday, July 14th. Finally, Piper Jaffray Companies reaffirmed an “overweight” rating and set a $62.00 target price on shares of Marathon Petroleum Corporation in a research note on Thursday, May 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. Marathon Petroleum Corporation has an average rating of “Buy” and an average price target of $58.62.
In other news, insider Thomas M. Kelley sold 25,000 shares of the company’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $54.33, for a total transaction of $1,358,250.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.05% of the company’s stock.
Marathon Petroleum Corporation Company Profile
Marathon Petroleum Corporation is engaged in refining, marketing, retail and transportation businesses in the United States and the largest east of the Mississippi. The Company operates through three segments: Refining & Marketing; Speedway; and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at the Company’s seven refineries in the Gulf Coast and Midwest regions of the United States.
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