Cornerstone Advisors LLC Lowers Stake in Marathon Petroleum Co. (NYSE:MPC)

Cornerstone Advisors LLC cut its holdings in Marathon Petroleum Co. (NYSE:MPC) by 37.3% during the second quarter, HoldingsChannel reports. The firm owned 3,700 shares of the oil and gas company’s stock after selling 2,200 shares during the period. Cornerstone Advisors LLC’s holdings in Marathon Petroleum were worth $642,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Citizens Financial Group Inc. RI increased its position in Marathon Petroleum by 6.2% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 18,386 shares of the oil and gas company’s stock valued at $3,190,000 after acquiring an additional 1,074 shares during the period. Capital Wealth Planning LLC increased its holdings in shares of Marathon Petroleum by 1.7% in the second quarter. Capital Wealth Planning LLC now owns 1,129,690 shares of the oil and gas company’s stock valued at $195,979,000 after purchasing an additional 19,060 shares during the period. Brown Brothers Harriman & Co. lifted its holdings in shares of Marathon Petroleum by 378.9% during the second quarter. Brown Brothers Harriman & Co. now owns 3,338 shares of the oil and gas company’s stock worth $579,000 after purchasing an additional 2,641 shares during the period. Thoroughbred Financial Services LLC grew its position in Marathon Petroleum by 28.8% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 35,097 shares of the oil and gas company’s stock valued at $6,088,000 after buying an additional 7,838 shares during the last quarter. Finally, Dai ichi Life Insurance Company Ltd increased its stake in Marathon Petroleum by 8.0% in the 2nd quarter. Dai ichi Life Insurance Company Ltd now owns 6,269 shares of the oil and gas company’s stock valued at $1,088,000 after buying an additional 467 shares during the period. 76.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on MPC. Wolfe Research started coverage on shares of Marathon Petroleum in a research note on Thursday, July 18th. They issued an “outperform” rating and a $200.00 target price for the company. Tudor Pickering downgraded shares of Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a research report on Monday, September 9th. JPMorgan Chase & Co. cut their target price on Marathon Petroleum from $191.00 to $186.00 and set a “neutral” rating for the company in a research note on Tuesday, July 2nd. Scotiabank decreased their price target on Marathon Petroleum from $207.00 to $191.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Finally, Piper Sandler dropped their price objective on Marathon Petroleum from $190.00 to $168.00 and set a “neutral” rating on the stock in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $199.46.

Marathon Petroleum Stock Up 1.8 %

Shares of NYSE MPC opened at $163.87 on Wednesday. The firm’s 50-day moving average is $169.92 and its two-hundred day moving average is $180.04. The company has a market capitalization of $57.74 billion, a PE ratio of 8.19, a price-to-earnings-growth ratio of 2.09 and a beta of 1.38. Marathon Petroleum Co. has a 12-month low of $139.32 and a 12-month high of $221.11. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.31 and a quick ratio of 0.90.

Marathon Petroleum (NYSE:MPC) last posted its earnings results on Tuesday, August 6th. The oil and gas company reported $4.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $1.03. The firm had revenue of $38.36 billion for the quarter, compared to analyst estimates of $36.66 billion. Marathon Petroleum had a return on equity of 24.05% and a net margin of 4.79%. Marathon Petroleum’s revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.32 EPS. Equities analysts anticipate that Marathon Petroleum Co. will post 12.68 EPS for the current fiscal year.

Marathon Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st were given a dividend of $0.825 per share. This represents a $3.30 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend was Wednesday, August 21st. Marathon Petroleum’s dividend payout ratio is presently 16.48%.

Marathon Petroleum Profile

Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. The company operates through Refining & Marketing, and Midstream segments. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States; and purchases refined products and ethanol for resale and distributes refined products, including renewable diesel, through transportation, storage, distribution, and marketing services.