Sun Life Financial INC lessened its holdings in shares of Marathon Petroleum Corp (NYSE:MPC) by 52.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 545 shares of the oil and gas company’s stock after selling 600 shares during the period. Sun Life Financial INC’s holdings in Marathon Petroleum were worth $30,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of MPC. Alpha Omega Wealth Management LLC raised its position in shares of Marathon Petroleum by 135.1% during the 1st quarter. Alpha Omega Wealth Management LLC now owns 435 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 250 shares in the last quarter. Wealthcare Advisory Partners LLC raised its position in shares of Marathon Petroleum by 345.6% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 508 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 394 shares in the last quarter. AllSquare Wealth Management LLC acquired a new stake in shares of Marathon Petroleum during the 1st quarter worth about $32,000. Tarbox Family Office Inc. raised its position in shares of Marathon Petroleum by 51.5% during the 2nd quarter. Tarbox Family Office Inc. now owns 568 shares of the oil and gas company’s stock worth $32,000 after acquiring an additional 193 shares in the last quarter. Finally, Next Capital Management LLC acquired a new stake in shares of Marathon Petroleum during the 2nd quarter worth about $35,000. 77.55% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently weighed in on the company. Wells Fargo & Co cut their target price on Marathon Petroleum from $96.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. Raymond James raised their target price on Marathon Petroleum from $72.00 to $75.00 and gave the stock a “strong-buy” rating in a research report on Friday, August 2nd. Morgan Stanley cut their price target on Marathon Petroleum from $82.00 to $75.00 and set an “overweight” rating on the stock in a research report on Friday, May 17th. Zacks Investment Research lowered Marathon Petroleum from a “hold” rating to a “strong sell” rating in a research report on Friday, May 17th. Finally, Credit Suisse Group cut their price target on Marathon Petroleum from $95.00 to $80.00 and set an “outperform” rating on the stock in a research report on Monday, May 13th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $82.62.
Marathon Petroleum (NYSE:MPC) last released its earnings results on Thursday, August 1st. The oil and gas company reported $1.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.33 by $0.40. The business had revenue of $33.70 billion for the quarter, compared to analyst estimates of $33.26 billion. Marathon Petroleum had a return on equity of 9.55% and a net margin of 2.36%. The company’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.27 earnings per share. Analysts predict that Marathon Petroleum Corp will post 4.23 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Wednesday, August 21st will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date of this dividend is Tuesday, August 20th. Marathon Petroleum’s payout ratio is currently 31.27%.
In related news, Director James E. Rohr bought 12,500 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were acquired at an average price of $48.14 per share, with a total value of $601,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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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