Industry News

Fisher Asset Management LLC Cuts Position in Marathon Petroleum Corp (NYSE:MPC)

By August 18, 2019 No Comments

Fisher Asset Management LLC lessened its position in shares of Marathon Petroleum Corp (NYSE:MPC) by 8.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,475 shares of the oil and gas company’s stock after selling 781 shares during the quarter. Fisher Asset Management LLC’s holdings in Marathon Petroleum were worth $474,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MPC. Dimensional Fund Advisors LP grew its stake in shares of Marathon Petroleum by 70.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,065,459 shares of the oil and gas company’s stock valued at $593,940,000 after purchasing an additional 4,153,879 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Marathon Petroleum by 8.3% during the fourth quarter. Geode Capital Management LLC now owns 8,732,890 shares of the oil and gas company’s stock valued at $514,399,000 after purchasing an additional 671,836 shares during the last quarter. BKS Advisors LLC bought a new stake in shares of Marathon Petroleum during the first quarter valued at approximately $207,000. New Mexico Educational Retirement Board grew its stake in shares of Marathon Petroleum by 1.1% during the first quarter. New Mexico Educational Retirement Board now owns 57,629 shares of the oil and gas company’s stock valued at $3,449,000 after purchasing an additional 600 shares during the last quarter. Finally, City Holding Co. grew its stake in shares of Marathon Petroleum by 5.7% during the first quarter. City Holding Co. now owns 19,376 shares of the oil and gas company’s stock valued at $1,159,000 after purchasing an additional 1,049 shares during the last quarter. Institutional investors and hedge funds own 76.94% of the company’s stock.

Shares of NYSE MPC opened at $45.40 on Friday. The company’s 50 day simple moving average is $53.67 and its 200 day simple moving average is $56.78. Marathon Petroleum Corp has a fifty-two week low of $43.96 and a fifty-two week high of $88.45. The firm has a market capitalization of $30.55 billion, a P/E ratio of 6.70, a P/E/G ratio of 1.29 and a beta of 1.68. 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 announced its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $1.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.33 by $0.40. Marathon Petroleum had a net margin of 2.36% and a return on equity of 9.55%. The business had revenue of $33.70 billion for the quarter, compared to analyst estimates of $33.26 billion. During the same period in the prior year, the business posted $2.27 earnings per share. Marathon Petroleum’s revenue was up 50.1% compared to the same quarter last year. Sell-side analysts expect that Marathon Petroleum Corp will post 4.36 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st will be issued a $0.53 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $2.12 annualized dividend and a yield of 4.67%. Marathon Petroleum’s dividend payout ratio is currently 31.27%.

Several analysts have recently commented on the stock. Royal Bank of Canada decreased their price target on shares of Marathon Petroleum from $71.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. ValuEngine raised shares of Marathon Petroleum from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 22nd. Raymond James increased their price target on shares of Marathon Petroleum from $72.00 to $75.00 and gave the company a “strong-buy” rating in a research note on Friday, August 2nd. Morgan Stanley decreased their price target on shares of Marathon Petroleum from $82.00 to $75.00 and set an “overweight” rating on the stock in a research note on Friday, May 17th. Finally, Wells Fargo & Co decreased their price target on shares of Marathon Petroleum from $96.00 to $90.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $82.62.

In other Marathon Petroleum news, Director James E. Rohr acquired 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were acquired 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 Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.06% of the company’s stock.

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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