Industry News

Marathon Petroleum Corp (NYSE:MPC) is Iridian Asset Management LLC CT’s 2nd Largest Position

By August 21, 2019 No Comments

Iridian Asset Management LLC CT trimmed its position in shares of Marathon Petroleum Corp (NYSE:MPC) by 4.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,265,074 shares of the oil and gas company’s stock after selling 246,442 shares during the quarter. Marathon Petroleum makes up approximately 4.3% of Iridian Asset Management LLC CT’s holdings, making the stock its 2nd largest position. Iridian Asset Management LLC CT owned 0.79% of Marathon Petroleum worth $294,212,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. raised its holdings in Marathon Petroleum by 1.0% in the 1st quarter. BlackRock Inc. now owns 55,146,715 shares of the oil and gas company’s stock worth $3,300,532,000 after acquiring an additional 565,583 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Marathon Petroleum by 70.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,065,459 shares of the oil and gas company’s stock worth $593,940,000 after acquiring an additional 4,153,879 shares during the last quarter. Geode Capital Management LLC raised its holdings in Marathon Petroleum by 8.3% in the 4th quarter. Geode Capital Management LLC now owns 8,732,890 shares of the oil and gas company’s stock worth $514,399,000 after acquiring an additional 671,836 shares during the last quarter. LSV Asset Management raised its holdings in Marathon Petroleum by 4.3% in the 1st quarter. LSV Asset Management now owns 5,233,573 shares of the oil and gas company’s stock worth $313,229,000 after acquiring an additional 216,163 shares during the last quarter. Finally, FIL Ltd raised its holdings in Marathon Petroleum by 14.3% in the 1st quarter. FIL Ltd now owns 3,625,905 shares of the oil and gas company’s stock worth $217,011,000 after acquiring an additional 453,564 shares during the last quarter. 77.55% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director James E. Rohr acquired 12,500 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was bought at an average price of $48.14 per share, with a total value of $601,750.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.06% of the company’s stock.

Marathon Petroleum stock traded down $1.19 during midday trading on Tuesday, reaching $46.62. The stock had a trading volume of 207,409 shares, compared to its average volume of 5,978,522. The company has a quick ratio of 0.63, a current ratio of 1.24 and a debt-to-equity ratio of 0.69. The company has a fifty day moving average of $52.97 and a 200 day moving average of $56.58. Marathon Petroleum Corp has a 52-week low of $43.96 and a 52-week high of $88.45. The firm has a market cap of $30.72 billion, a price-to-earnings ratio of 6.88, a price-to-earnings-growth ratio of 1.06 and a beta of 1.68.

Marathon Petroleum (NYSE:MPC) last announced its earnings results 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. The company had revenue of $33.70 billion during the quarter, compared to the consensus estimate of $33.26 billion. Marathon Petroleum had a net margin of 2.36% and a return on equity of 9.55%. Marathon Petroleum’s revenue was up 50.1% compared to the same quarter last year. During the same period last year, the firm earned $2.27 earnings per share. Equities research analysts predict that Marathon Petroleum Corp will post 4.4 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Wednesday, August 21st will be issued a $0.53 dividend. The ex-dividend date is Tuesday, August 20th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.55%. Marathon Petroleum’s dividend payout ratio is currently 31.27%.

A number of equities research analysts have weighed in on MPC shares. ValuEngine upgraded shares of Marathon Petroleum from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 22nd. Credit Suisse Group dropped their target price on shares of Marathon Petroleum from $95.00 to $80.00 and set an “outperform” rating for the company in a report on Monday, May 13th. Zacks Investment Research downgraded shares of Marathon Petroleum from a “hold” rating to a “strong sell” rating in a report on Friday, May 17th. Cowen downgraded shares of Marathon Petroleum from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $90.00 to $65.00 in a report on Friday, May 10th. Finally, Royal Bank of Canada dropped their target price on shares of Marathon Petroleum from $71.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. Marathon Petroleum currently has a consensus rating of “Buy” and an average price target of $82.62.

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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