Mackenzie Financial Corp Cuts Stock Position in Marathon Petroleum Co. (NYSE:MPC)

Mackenzie Financial Corp trimmed its holdings in shares of Marathon Petroleum Co. (NYSE:MPC) by 53.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 62,859 shares of the oil and gas company’s stock after selling 70,813 shares during the period. Mackenzie Financial Corp’s holdings in Marathon Petroleum were worth $10,905,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. MBB Public Markets I LLC purchased a new stake in shares of Marathon Petroleum during the 2nd quarter valued at about $4,467,000. AQR Capital Management LLC grew its position in Marathon Petroleum by 17.7% in the second quarter. AQR Capital Management LLC now owns 1,197,401 shares of the oil and gas company’s stock valued at $207,186,000 after acquiring an additional 180,213 shares in the last quarter. AXA S.A. lifted its position in shares of Marathon Petroleum by 142.2% during the second quarter. AXA S.A. now owns 50,526 shares of the oil and gas company’s stock worth $8,765,000 after purchasing an additional 29,665 shares in the last quarter. Alpha DNA Investment Management LLC boosted its stake in shares of Marathon Petroleum by 28.6% in the second quarter. Alpha DNA Investment Management LLC now owns 2,491 shares of the oil and gas company’s stock valued at $432,000 after purchasing an additional 554 shares during the period. Finally, Toronto Dominion Bank grew its holdings in Marathon Petroleum by 1.2% during the 2nd quarter. Toronto Dominion Bank now owns 176,626 shares of the oil and gas company’s stock valued at $30,641,000 after purchasing an additional 2,155 shares in the last quarter. 76.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on MPC. Tudor Pickering cut 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. lowered their price objective 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. Piper Sandler cut their target price on Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a research report on Friday, September 20th. Mizuho decreased their price target on shares of Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Finally, Wolfe Research began coverage on shares of Marathon Petroleum in a research note on Thursday, July 18th. They set an “outperform” rating and a $200.00 price objective on the stock. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $197.69.

Marathon Petroleum Stock Performance

Shares of NYSE MPC opened at $162.91 on Tuesday. The stock has a market capitalization of $57.40 billion, a P/E ratio of 8.14, a P/E/G ratio of 2.59 and a beta of 1.38. The firm’s 50-day moving average price is $169.64 and its two-hundred day moving average price is $178.98. Marathon Petroleum Co. has a 52-week low of $139.32 and a 52-week high of $221.11. The company has a quick ratio of 0.90, a current ratio of 1.31 and a debt-to-equity ratio of 0.86.

Marathon Petroleum (NYSE:MPC) last released its quarterly earnings data 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. Marathon Petroleum had a return on equity of 24.05% and a net margin of 4.79%. The business had revenue of $38.36 billion during the quarter, compared to analyst estimates of $36.66 billion. During the same quarter in the previous year, the firm posted $5.32 EPS. The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Marathon Petroleum Co. will post 10.56 earnings per share for the current year.

Marathon Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Wednesday, August 21st were given a $0.825 dividend. This represents a $3.30 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend was Wednesday, August 21st. Marathon Petroleum’s dividend payout ratio (DPR) is 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.