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Buckingham Asset Management LLC Raises Stake in Marathon Petroleum Corp (NYSE:MPC)

By August 22, 2019 No Comments

Buckingham Asset Management LLC boosted its holdings in Marathon Petroleum Corp (NYSE:MPC) by 86.2% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,523 shares of the oil and gas company’s stock after acquiring an additional 3,482 shares during the quarter. Buckingham Asset Management LLC’s holdings in Marathon Petroleum were worth $420,000 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. Alpha Omega Wealth Management LLC increased its stake in Marathon Petroleum by 135.1% in 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 during the last quarter. Wealthcare Advisory Partners LLC increased its stake in Marathon Petroleum by 345.6% in 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 during the last quarter. Bay Harbor Wealth Management LLC bought a new position in Marathon Petroleum in the 1st quarter worth about $31,000. AllSquare Wealth Management LLC bought a new position in Marathon Petroleum in the 1st quarter worth about $32,000. Finally, Tarbox Family Office Inc. increased its stake in Marathon Petroleum by 51.5% in 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 during the last quarter. Institutional investors and hedge funds own 77.55% of the company’s stock.

A number of brokerages have weighed in on MPC. Zacks Investment Research lowered Marathon Petroleum from a “hold” rating to a “strong sell” rating in a research note on Friday, May 17th. Wells Fargo & Co reduced their price objective 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. Cowen lowered Marathon Petroleum from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $90.00 to $65.00 in a research report on Friday, May 10th. Morgan Stanley reduced their price objective 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. Finally, Credit Suisse Group reduced their price objective 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 investment analysts have rated the stock with a sell rating, two have issued a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $82.62.

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.

Shares of MPC stock opened at $46.72 on Wednesday. The stock has a market capitalization of $30.72 billion, a PE ratio of 6.89, a P/E/G ratio of 1.06 and a beta of 1.68. Marathon Petroleum Corp has a 1-year low of $43.96 and a 1-year high of $88.45. The business has a 50-day moving average of $52.79 and a 200 day moving average of $56.48. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.24 and a quick ratio of 0.63.

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 4.4 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 4.54%. The ex-dividend date is Tuesday, August 20th. Marathon Petroleum’s dividend payout ratio is presently 31.27%.

About Marathon Petroleum

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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Institutional Ownership by Quarter for Marathon Petroleum (NYSE:MPC)

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