Industry News

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

By August 29, 2019 No Comments

Buckingham Asset Management LLC grew its stake in shares of Marathon Petroleum Corp (NYSE:MPC) by 86.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,523 shares of the oil and gas company’s stock after purchasing 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 quarter.

Other large investors have also added to or reduced their stakes in the company. Nordea Investment Management AB boosted its position in 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 position in 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. Next Capital Management LLC purchased a new stake in Marathon Petroleum in the 2nd quarter worth approximately $35,000. Gulf International Bank UK Ltd lifted its position in shares of Marathon Petroleum by 1.2% during the 2nd quarter. Gulf International Bank UK Ltd now owns 162,763 shares of the oil and gas company’s stock valued at $9,095,000 after buying an additional 1,929 shares in the last quarter. Finally, Horizon Investments LLC purchased a new position in shares of Marathon Petroleum during the 1st quarter valued at approximately $3,206,000. 77.55% of the stock is owned by institutional investors.

A number of research analysts have recently issued reports on the company. Credit Suisse Group decreased their target price 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. Royal Bank of Canada decreased their price objective on Marathon Petroleum from $71.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. Raymond James raised their price objective on Marathon Petroleum from $72.00 to $75.00 and gave the company a “strong-buy” rating in a report on Friday, August 2nd. Morgan Stanley decreased their price objective on Marathon Petroleum from $82.00 to $75.00 and set an “overweight” rating on the stock in a report on Friday, May 17th. Finally, Wells Fargo & Co decreased their price objective on Marathon Petroleum from $96.00 to $90.00 and set an “outperform” rating on the stock 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 assigned a buy rating and two have issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $82.62.

Shares of MPC traded up $0.44 during midday trading on Wednesday, hitting $45.77. The company had a trading volume of 56,879 shares, compared to its average volume of 6,031,725. The company’s 50-day simple moving average is $51.62 and its 200-day simple moving average is $55.80. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.63 and a current ratio of 1.24. The firm has a market capitalization of $29.80 billion, a P/E ratio of 6.77, 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.

Marathon Petroleum (NYSE:MPC) last posted its earnings results on Thursday, August 1st. The oil and gas company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.40. The firm 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%. The firm’s revenue was up 50.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.27 earnings per share. Equities analysts predict that Marathon Petroleum Corp will post 4.23 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Wednesday, August 21st will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 4.63%. The ex-dividend date is Tuesday, August 20th. Marathon Petroleum’s dividend payout ratio (DPR) is 31.27%.

In other news, Director James E. Rohr purchased 12,500 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were bought at an average price of $48.14 per share, with a total value of $601,750.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.06% of the company’s stock.

Marathon Petroleum 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.

Further Reading: What are the Different Types of Leveraged Buyouts?

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

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