Cushing Asset Management LP reduced its stake in shares of Marathon Petroleum Corp (NYSE:MPC) by 57.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 126,045 shares of the oil and gas company’s stock after selling 170,943 shares during the period. Cushing Asset Management LP’s holdings in Marathon Petroleum were worth $8,317,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of MPC. Captrust Financial Advisors acquired a new position in shares of Marathon Petroleum during the 4th quarter worth approximately $105,000. Truewealth LLC acquired a new position in shares of Marathon Petroleum during the 4th quarter worth approximately $114,000. American Beacon Advisors Inc. acquired a new position in shares of Marathon Petroleum during the 4th quarter worth approximately $116,000. Cerebellum GP LLC acquired a new position in shares of Marathon Petroleum during the 4th quarter worth approximately $121,000. Finally, BB&T Investment Services Inc. boosted its holdings in shares of Marathon Petroleum by 118.2% during the 3rd quarter. BB&T Investment Services Inc. now owns 3,063 shares of the oil and gas company’s stock worth $178,000 after purchasing an additional 1,659 shares during the last quarter. Institutional investors and hedge funds own 80.38% of the company’s stock.
Several research analysts have recently weighed in on MPC shares. ValuEngine upgraded Marathon Petroleum from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Credit Suisse Group began coverage on shares of Marathon Petroleum in a research report on Wednesday, January 3rd. They set an “outperform” rating and a $83.00 price target on the stock. Zacks Investment Research lowered shares of Marathon Petroleum from a “buy” rating to a “hold” rating in a research report on Wednesday, November 22nd. Barclays reaffirmed a “buy” rating and set a $90.00 price target on shares of Marathon Petroleum in a research report on Friday, February 16th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $90.00 price target on shares of Marathon Petroleum in a research report on Friday, February 23rd. Six research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $79.08.
Marathon Petroleum (NYSE:MPC) last announced its earnings results on Thursday, February 1st. The oil and gas company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The company had revenue of $21.24 billion for the quarter, compared to analyst estimates of $17.27 billion. Marathon Petroleum had a return on equity of 9.90% and a net margin of 4.60%. The firm’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.43 earnings per share. analysts forecast that Marathon Petroleum Corp will post 4.91 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Wednesday, February 21st were given a $0.46 dividend. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Tuesday, February 20th. This represents a $1.84 dividend on an annualized basis and a yield of 2.66%. Marathon Petroleum’s payout ratio is presently 26.59%.
In other news, Director Charles E. Bunch bought 1,500 shares of the business’s stock in a transaction on Tuesday, March 6th. The shares were bought at an average price of $67.38 per share, with a total value of $101,070.00. Following the completion of the transaction, the director now directly owns 12,853 shares in the company, valued at $866,035.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Rodney P. Nichols sold 6,374 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $64.93, for a total value of $413,863.82. Following the completion of the sale, the vice president now directly owns 74,674 shares in the company, valued at approximately $4,848,582.82. The disclosure for this sale can be found here. 1.05% of the stock is owned by insiders.
Marathon Petroleum 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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