Pendal Group Ltd reduced its holdings in Marathon Petroleum Corp (NYSE:MPC) by 81.1% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,448 shares of the oil and gas company’s stock after selling 23,426 shares during the quarter. Pendal Group Ltd’s holdings in Marathon Petroleum were worth $304,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Nordea Investment Management AB boosted its holdings in shares of Marathon Petroleum by 13.9% in the 1st quarter. Nordea Investment Management AB now owns 352,470 shares of the oil and gas company’s stock worth $21,096,000 after purchasing an additional 42,946 shares in the last quarter. Carderock Capital Management Inc. boosted its holdings in shares of Marathon Petroleum by 1.4% in the 2nd quarter. Carderock Capital Management Inc. now owns 41,462 shares of the oil and gas company’s stock worth $2,317,000 after purchasing an additional 588 shares in the last quarter. Gulf International Bank UK Ltd boosted its holdings in shares of Marathon Petroleum by 1.2% in the 2nd quarter. Gulf International Bank UK Ltd now owns 162,763 shares of the oil and gas company’s stock worth $9,095,000 after purchasing an additional 1,929 shares in the last quarter. Horizon Investments LLC purchased a new position in shares of Marathon Petroleum in the 1st quarter worth about $3,206,000. Finally, Toronto Dominion Bank boosted its holdings in shares of Marathon Petroleum by 108.3% in the 1st quarter. Toronto Dominion Bank now owns 819,141 shares of the oil and gas company’s stock worth $49,019,000 after purchasing an additional 425,808 shares in the last quarter. Institutional investors and hedge funds own 76.94% of the company’s stock.
A number of research firms have recently issued reports on MPC. Wells Fargo & Co cut their price objective on Marathon Petroleum from $96.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Cowen cut Marathon Petroleum from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $90.00 to $65.00 in a report on Friday, May 10th. Morgan Stanley cut their price objective on Marathon Petroleum from $82.00 to $75.00 and set an “overweight” rating for the company in a report on Friday, May 17th. ValuEngine upgraded Marathon Petroleum from a “strong sell” rating to a “sell” rating in a report on Wednesday, May 22nd. Finally, Royal Bank of Canada cut their price objective on Marathon Petroleum from $71.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $82.62.
Marathon Petroleum (NYSE:MPC) last issued its earnings results on Thursday, August 1st. The oil and gas company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.40. The company had revenue of $33.70 billion during the quarter, compared to analysts’ expectations of $33.26 billion. Marathon Petroleum had a return on equity of 9.55% and a net margin of 2.36%. Marathon Petroleum’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.27 EPS. Analysts anticipate that Marathon Petroleum Corp will post 4.34 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 4.59%. The ex-dividend date is Tuesday, August 20th. Marathon Petroleum’s dividend payout ratio is presently 31.27%.
In related news, Director James E. Rohr bought 12,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was bought at an average cost of $48.14 per share, for a total transaction of $601,750.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.06% of the company’s stock.
Marathon Petroleum Company Profile
Marathon Petroleum Corp. is an independent petroleum product refiners, marketers and transporters in the United States. The company operates through the following segments: Refining & Marketing; Retail; and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast and Midwest regions of the United States, purchases ethanol and refined products for resale and distributes refined products through various means, including barges, terminals and trucks that the company owns or operates.
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