FARMERS & MERCHANTS TRUST Co OF LONG BEACH decreased its holdings in Marathon Petroleum Corp (NYSE:MPC) by 1.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,895 shares of the oil and gas company’s stock after selling 172 shares during the quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Marathon Petroleum were worth $1,011,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also made changes to their positions in MPC. BlackRock Inc. lifted its stake in Marathon Petroleum by 36.6% in the fourth quarter. BlackRock Inc. now owns 54,581,132 shares of the oil and gas company’s stock worth $3,220,832,000 after acquiring an additional 14,619,755 shares during the period. Oregon Public Employees Retirement Fund lifted its position in Marathon Petroleum by 9,095.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 14,042,197 shares of the oil and gas company’s stock valued at $238,000 after buying an additional 13,889,489 shares during the period. Norges Bank purchased a new position in Marathon Petroleum during the fourth quarter valued at $462,677,000. Boston Partners lifted its position in Marathon Petroleum by 81.9% during the fourth quarter. Boston Partners now owns 12,173,365 shares of the oil and gas company’s stock valued at $718,350,000 after buying an additional 5,479,818 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in 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 buying an additional 4,153,879 shares during the period. 79.30% of the stock is owned by institutional investors.
In other news, CEO Gary R. Heminger sold 187,142 shares of the firm’s stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $65.00, for a total transaction of $12,164,230.00. Following the completion of the transaction, the chief executive officer now directly owns 434,166 shares in the company, valued at $28,220,790. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.06% of the stock is owned by company insiders.
Marathon Petroleum (NYSE:MPC) last issued its quarterly earnings results on Wednesday, May 8th. The oil and gas company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.10). Marathon Petroleum had a net margin of 2.56% and a return on equity of 12.69%. The company had revenue of $28.62 billion for the quarter, compared to the consensus estimate of $27.70 billion. During the same quarter in the previous year, the business earned $0.08 earnings per share. Marathon Petroleum’s revenue was up 50.7% compared to the same quarter last year. On average, sell-side analysts predict that Marathon Petroleum Corp will post 5.26 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Thursday, May 16th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Wednesday, May 15th. This represents a $2.12 annualized dividend and a dividend yield of 3.99%. Marathon Petroleum’s payout ratio is presently 31.27%.
Several brokerages have commented on MPC. Cowen lowered Marathon Petroleum from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $90.00 to $65.00 in a research report on Friday. Raymond James lowered their price objective on Marathon Petroleum from $85.00 to $80.00 and set a “strong-buy” rating for the company in a research report on Thursday. Wells Fargo & Co lowered their price objective on Marathon Petroleum from $96.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday. Morgan Stanley lowered their price objective on Marathon Petroleum from $85.00 to $82.00 and set an “overweight” rating for the company in a research report on Monday, April 15th. Finally, ValuEngine lowered Marathon Petroleum from a “sell” rating to a “strong sell” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, ten have given 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 target price of $86.83.
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About Marathon Petroleum
Marathon Petroleum Corporation, together with its subsidiaries, engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates through three segments: Refining & Marketing, Retail, and Midstream. The Refining & Marketing segment refines crude oil and other feed stocks at its 16 refineries in the West Coast, Gulf Coast, and Mid-Continent regions of the United States; and purchases refined products and ethanol for resale.
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