Wallace Advisory Group LLC Reduces Stake in Marathon Petroleum Co. (NYSE:MPC)

Wallace Advisory Group LLC lowered its position in Marathon Petroleum Co. (NYSE:MPC) by 32.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,773 shares of the oil and gas company’s stock after selling 850 shares during the period. Wallace Advisory Group LLC’s holdings in Marathon Petroleum were worth $308,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of MPC. Granite Bay Wealth Management LLC purchased a new stake in Marathon Petroleum in the 2nd quarter worth approximately $219,537,000. Capital Wealth Planning LLC boosted its position in Marathon Petroleum by 10,902.9% in the 1st quarter. Capital Wealth Planning LLC now owns 1,110,630 shares of the oil and gas company’s stock worth $223,792,000 after purchasing an additional 1,100,536 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Marathon Petroleum by 980.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 684,718 shares of the oil and gas company’s stock worth $118,785,000 after purchasing an additional 621,336 shares in the last quarter. Schroder Investment Management Group boosted its position in Marathon Petroleum by 309.9% in the 4th quarter. Schroder Investment Management Group now owns 643,590 shares of the oil and gas company’s stock worth $95,483,000 after purchasing an additional 486,573 shares in the last quarter. Finally, Panagora Asset Management Inc. boosted its position in Marathon Petroleum by 64.1% in the 2nd quarter. Panagora Asset Management Inc. now owns 619,049 shares of the oil and gas company’s stock worth $107,393,000 after purchasing an additional 241,746 shares in the last quarter. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on MPC shares. Wolfe Research began coverage on Marathon Petroleum in a research report on Thursday, July 18th. They issued an “outperform” rating and a $200.00 price objective on the stock. Jefferies Financial Group upped their target price on Marathon Petroleum from $222.00 to $231.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. JPMorgan Chase & Co. reduced 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. TD Cowen upped their target price on Marathon Petroleum from $187.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Finally, Morgan Stanley reduced their target price on Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Marathon Petroleum has an average rating of “Hold” and a consensus price target of $197.69.

Marathon Petroleum Stock Down 0.5 %

Shares of NYSE:MPC opened at $162.91 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 1.31 and a debt-to-equity ratio of 0.86. The business has a fifty day moving average of $169.64 and a two-hundred day moving average of $178.98. The stock has a market cap of $57.40 billion, a P/E ratio of 8.14, a PEG ratio of 2.59 and a beta of 1.38. Marathon Petroleum Co. has a 52-week low of $139.32 and a 52-week high of $221.11.

Marathon Petroleum (NYSE:MPC) last issued its earnings results on Tuesday, August 6th. The oil and gas company reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $1.03. The company had revenue of $38.36 billion during the quarter, compared to analysts’ expectations of $36.66 billion. Marathon Petroleum had a return on equity of 24.05% and a net margin of 4.79%. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the business earned $5.32 EPS. On average, research analysts expect that Marathon Petroleum Co. will post 10.56 earnings per share for the current year.

Marathon Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Wednesday, August 21st were issued 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 payout ratio is currently 16.48%.

About Marathon Petroleum

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.