SouthState Corp increased its stake in Marathon Petroleum Co. (NYSE:MPC – Get Rating) by 42.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,385 shares of the oil and gas company’s stock after purchasing an additional 1,300 shares during the quarter. SouthState Corp’s holdings in Marathon Petroleum were worth $375,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in MPC. Norges Bank purchased a new position in shares of Marathon Petroleum in the 4th quarter worth $411,853,000. Invesco Ltd. boosted its position in Marathon Petroleum by 24.0% in the fourth quarter. Invesco Ltd. now owns 4,816,320 shares of the oil and gas company’s stock worth $308,196,000 after purchasing an additional 933,145 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Marathon Petroleum by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,870,128 shares of the oil and gas company’s stock valued at $247,650,000 after purchasing an additional 21,024 shares during the period. Canada Pension Plan Investment Board increased its position in shares of Marathon Petroleum by 7.6% during the 4th quarter. Canada Pension Plan Investment Board now owns 3,314,907 shares of the oil and gas company’s stock valued at $212,121,000 after purchasing an additional 234,319 shares during the last quarter. Finally, Bank of Montreal Can lifted its stake in shares of Marathon Petroleum by 7.0% in the 4th quarter. Bank of Montreal Can now owns 3,107,509 shares of the oil and gas company’s stock worth $197,359,000 after purchasing an additional 204,029 shares during the period. Institutional investors own 80.91% of the company’s stock.
In related news, VP Raymond L. Brooks sold 133,857 shares of Marathon Petroleum stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $96.82, for a total transaction of $12,960,034.74. Following the completion of the transaction, the vice president now directly owns 63,248 shares of the company’s stock, valued at approximately $6,123,671.36. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.28% of the company’s stock.
Marathon Petroleum Stock Down 2.7 %
Marathon Petroleum (NYSE:MPC – Get Rating) last issued its quarterly earnings data on Tuesday, August 2nd. The oil and gas company reported $10.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.98 by $5.63. The business had revenue of $54.33 billion for the quarter, compared to the consensus estimate of $44.26 billion. Marathon Petroleum had a return on equity of 23.85% and a net margin of 5.09%. The company’s quarterly revenue was up 82.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.67 earnings per share. As a group, equities analysts expect that Marathon Petroleum Co. will post 19 earnings per share for the current fiscal year.
Marathon Petroleum Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 12th. Shareholders of record on Wednesday, August 17th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date is Tuesday, August 16th. Marathon Petroleum’s dividend payout ratio (DPR) is 15.68%.
Analysts Set New Price Targets
MPC has been the subject of several recent research reports. Citigroup boosted their target price on shares of Marathon Petroleum from $85.00 to $108.00 and gave the company a “buy” rating in a research report on Tuesday, April 26th. BMO Capital Markets began coverage on Marathon Petroleum in a report on Monday, June 13th. They issued an “outperform” rating and a $135.00 target price on the stock. Piper Sandler boosted their price target on Marathon Petroleum from $106.00 to $111.00 and gave the company a “neutral” rating in a report on Tuesday, July 19th. Raymond James lifted their price objective on Marathon Petroleum from $125.00 to $131.00 and gave the company a “strong-buy” rating in a research report on Wednesday. Finally, Morgan Stanley increased their target price on shares of Marathon Petroleum from $115.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, July 15th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $112.83.
Marathon Petroleum Company Profile
Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. It operates in two segments, Refining & Marketing, and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States; and purchases refined products and ethanol for resale.
- Get a free copy of the StockNews.com research report on Marathon Petroleum (MPC)
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