Marathon Petroleum Corp (NYSE:MPC) Position Reduced by Millennium Management LLC

Millennium Management LLC trimmed its holdings in Marathon Petroleum Corp (NYSE:MPC) by 27.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,414,706 shares of the oil and gas company’s stock after selling 530,166 shares during the quarter. Millennium Management LLC owned about 0.31% of Marathon Petroleum worth $99,256,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MPC. Bruderman Asset Management LLC acquired a new position in shares of Marathon Petroleum during the 1st quarter worth about $102,000. Legacy Financial Advisors Inc. acquired a new position in shares of Marathon Petroleum in the 2nd quarter valued at approximately $113,000. Northwest Wealth Management LLC acquired a new position in shares of Marathon Petroleum in the 2nd quarter valued at approximately $116,000. Quadrant Capital Group LLC grew its position in shares of Marathon Petroleum by 63.8% in the 1st quarter. Quadrant Capital Group LLC now owns 1,787 shares of the oil and gas company’s stock valued at $120,000 after purchasing an additional 696 shares during the period. Finally, Optimum Investment Advisors acquired a new position in shares of Marathon Petroleum in the 1st quarter valued at approximately $124,000. 82.78% of the stock is owned by institutional investors and hedge funds.

Shares of MPC stock opened at $83.86 on Tuesday. The company has a quick ratio of 1.04, a current ratio of 1.60 and a debt-to-equity ratio of 0.92. Marathon Petroleum Corp has a twelve month low of $55.68 and a twelve month high of $88.45. The firm has a market cap of $36.07 billion, a P/E ratio of 22.07, a price-to-earnings-growth ratio of 1.34 and a beta of 1.50.

Marathon Petroleum (NYSE:MPC) last posted its earnings results on Thursday, July 26th. The oil and gas company reported $2.27 EPS for the quarter, beating the consensus estimate of $1.98 by $0.29. The firm had revenue of $22.45 billion during the quarter, compared to the consensus estimate of $22.14 billion. Marathon Petroleum had a return on equity of 12.83% and a net margin of 4.89%. The business’s quarterly revenue was up 22.3% on a year-over-year basis. During the same period last year, the company earned $0.93 earnings per share. On average, research analysts expect that Marathon Petroleum Corp will post 5.05 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, September 10th. Shareholders of record on Thursday, August 16th were given a $0.46 dividend. The ex-dividend date of this dividend was Wednesday, August 15th. This represents a $1.84 annualized dividend and a yield of 2.19%. Marathon Petroleum’s dividend payout ratio is presently 48.42%.

MPC has been the topic of a number of analyst reports. Zacks Investment Research upgraded Marathon Petroleum from a “hold” rating to a “buy” rating and set a $86.00 price objective on the stock in a research note on Friday, August 17th. Mizuho initiated coverage on Marathon Petroleum in a report on Wednesday, August 1st. They set a “buy” rating and a $95.00 target price on the stock. Royal Bank of Canada reaffirmed a “buy” rating and issued a $87.00 price objective on shares of Marathon Petroleum in a report on Friday, July 27th. Citigroup upped their price objective on Marathon Petroleum from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, September 7th. Finally, Wells Fargo & Co reaffirmed a “buy” rating on shares of Marathon Petroleum in a report on Monday, August 27th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $90.81.

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, Speedway 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 is a stock split?

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

Receive News & Ratings for Marathon Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marathon Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply