Wells Fargo & Company Cuts Marathon Petroleum (NYSE:MPC) Price Target to $117.00

Marathon Petroleum (NYSE:MPCGet Rating) had its price objective reduced by Wells Fargo & Company from $129.00 to $117.00 in a report published on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the oil and gas company’s stock.

Several other brokerages also recently commented on MPC. Royal Bank of Canada raised their price objective on shares of Marathon Petroleum from $110.00 to $121.00 and gave the company an outperform rating in a research report on Wednesday. Morgan Stanley raised their price objective on shares of Marathon Petroleum from $115.00 to $120.00 and gave the company an overweight rating in a research report on Friday, July 15th. Credit Suisse Group raised their price objective on shares of Marathon Petroleum to $130.00 in a research report on Thursday, June 9th. StockNews.com upgraded shares of Marathon Petroleum from a buy rating to a strong-buy rating in a report on Wednesday. Finally, The Goldman Sachs Group downgraded shares of Marathon Petroleum from a buy rating to a neutral rating and lifted their price target for the company from $90.00 to $102.00 in a report on Monday, May 16th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Buy and a consensus price target of $112.83.

Marathon Petroleum Trading Up 0.1 %

Shares of Marathon Petroleum stock opened at $90.22 on Wednesday. The company’s fifty day simple moving average is $91.74 and its 200-day simple moving average is $86.18. The stock has a market capitalization of $44.99 billion, a PE ratio of 6.10, a P/E/G ratio of 0.20 and a beta of 1.76. Marathon Petroleum has a 1-year low of $53.47 and a 1-year high of $114.35. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.49 and a quick ratio of 1.07.

Marathon Petroleum (NYSE:MPCGet Rating) last announced its quarterly earnings data on Tuesday, August 2nd. The oil and gas company reported $10.61 EPS for the quarter, beating the consensus estimate of $4.98 by $5.63. The firm had revenue of $54.33 billion for the quarter, compared to the consensus estimate of $44.26 billion. Marathon Petroleum had a net margin of 5.09% and a return on equity of 23.85%. The company’s revenue was up 82.1% on a year-over-year basis. During the same period last year, the firm earned $0.67 EPS. As a group, equities analysts anticipate that Marathon Petroleum will post 20.54 earnings per share for the current year.

Marathon Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 12th. Stockholders of record on Wednesday, August 17th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Tuesday, August 16th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.57%. Marathon Petroleum’s dividend payout ratio (DPR) is presently 15.68%.

Insider Transactions at Marathon Petroleum

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.

Hedge Funds Weigh In On Marathon Petroleum

A number of large investors have recently made changes to their positions in MPC. Allspring Global Investments Holdings LLC purchased a new position in shares of Marathon Petroleum during the 4th quarter worth about $10,039,000. CWM LLC purchased a new position in shares of Marathon Petroleum during the 4th quarter worth about $718,000. Xponance Inc. boosted its stake in shares of Marathon Petroleum by 21.7% during the 4th quarter. Xponance Inc. now owns 39,526 shares of the oil and gas company’s stock worth $2,529,000 after purchasing an additional 7,037 shares during the period. Ieq Capital LLC boosted its position in Marathon Petroleum by 5.0% in the 4th quarter. Ieq Capital LLC now owns 8,916 shares of the oil and gas company’s stock valued at $571,000 after buying an additional 427 shares during the period. Finally, Nomura Asset Management Co. Ltd. boosted its position in Marathon Petroleum by 4.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 150,387 shares of the oil and gas company’s stock valued at $9,623,000 after buying an additional 5,776 shares during the period. 80.91% of the stock is owned by hedge funds and other institutional investors.

About Marathon Petroleum

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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.

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Analyst Recommendations for Marathon Petroleum (NYSE:MPC)

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