Saranac Partners Ltd Takes $467,000 Position in Marathon Petroleum Corporation $MPC

Saranac Partners Ltd acquired a new stake in Marathon Petroleum Corporation (NYSE:MPC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,826 shares of the oil and gas company’s stock, valued at approximately $467,000.

Other hedge funds also recently added to or reduced their stakes in the company. Solstein Capital LLC purchased a new stake in Marathon Petroleum in the second quarter valued at $26,000. Meiji Yasuda Asset Management Co Ltd. purchased a new position in shares of Marathon Petroleum during the 2nd quarter worth $2,473,000. Nitor Capital Management LLC purchased a new position in shares of Marathon Petroleum during the 2nd quarter worth $274,000. Matters Capital LLC acquired a new stake in shares of Marathon Petroleum during the 2nd quarter worth about $317,000. Finally, Berry Wealth Group LP acquired a new stake in shares of Marathon Petroleum during the 2nd quarter worth about $3,125,000. 76.77% of the stock is currently owned by hedge funds and other institutional investors.

Marathon Petroleum Price Performance

MPC opened at $362.18 on Monday. The stock’s 50-day moving average price is $297.25 and its 200 day moving average price is $254.78. Marathon Petroleum Corporation has a 12-month low of $161.93 and a 12-month high of $367.60. The firm has a market cap of $105.73 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 0.23 and a beta of 0.52. The company has a current ratio of 1.25, a quick ratio of 0.89 and a debt-to-equity ratio of 1.19.

Marathon Petroleum (NYSE:MPC) last released its earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 earnings per share for the quarter, beating the consensus estimate of $14.27 by $3.46. The company had revenue of $51.99 billion during the quarter, compared to the consensus estimate of $40.87 billion. Marathon Petroleum had a return on equity of 31.96% and a net margin of 5.48%.Marathon Petroleum’s revenue was up 53.5% compared to the same quarter last year. During the same period in the previous year, the company posted $3.96 EPS. As a group, sell-side analysts expect that Marathon Petroleum Corporation will post 46.66 earnings per share for the current year.

Marathon Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 19th. Marathon Petroleum’s dividend payout ratio is presently 13.75%.

Insider Buying and Selling

In other Marathon Petroleum news, SVP Shawn M. Lyon sold 2,500 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $350.00, for a total transaction of $875,000.00. Following the sale, the senior vice president directly owned 12,619 shares in the company, valued at $4,416,650. This represents a 16.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael A. Henschen II sold 6,336 shares of the company’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $268.82, for a total value of $1,703,243.52. Following the sale, the vice president directly owned 16,900 shares in the company, valued at $4,543,058. This represents a 27.27% decrease in their position. The SEC filing for this sale provides additional information. 0.17% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have commented on MPC shares. JPMorgan Chase & Co. upped their target price on shares of Marathon Petroleum from $235.00 to $257.00 in a research report on Wednesday, May 6th. Piper Sandler lifted their price target on shares of Marathon Petroleum from $343.00 to $344.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. BMO Capital Markets reissued an “outperform” rating on shares of Marathon Petroleum in a research note on Friday, June 12th. Evercore set a $330.00 price objective on shares of Marathon Petroleum in a report on Wednesday, August 5th. Finally, Wall Street Zen raised shares of Marathon Petroleum from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 10th. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $312.50.

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.