Marathon Petroleum Corporation $MPC Stock: New Wave Wealth Advisors LLC Lowers Stake

New Wave Wealth Advisors LLC trimmed its stake in Marathon Petroleum Corporation (NYSE:MPC) by 18.7% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 7,371 shares of the oil and gas company’s stock after selling 1,692 shares during the quarter. New Wave Wealth Advisors LLC’s holdings in Marathon Petroleum were worth $2,915,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MPC. BlackRock Inc. acquired a new position in Marathon Petroleum during the 2nd quarter valued at about $6,648,958,000. Bank of New York Mellon Corp acquired a new stake in shares of Marathon Petroleum in the second quarter valued at approximately $1,029,611,000. Bank of America Corp DE increased its stake in shares of Marathon Petroleum by 1.6% in the first quarter. Bank of America Corp DE now owns 2,595,084 shares of the oil and gas company’s stock valued at $633,668,000 after purchasing an additional 40,124 shares during the period. Amundi raised its holdings in shares of Marathon Petroleum by 17.5% during the second quarter. Amundi now owns 2,237,930 shares of the oil and gas company’s stock valued at $572,172,000 after buying an additional 332,551 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Marathon Petroleum by 16.7% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,508,489 shares of the oil and gas company’s stock valued at $385,675,000 after buying an additional 215,686 shares during the last quarter. Institutional investors and hedge funds own 76.77% of the company’s stock.

Marathon Petroleum Trading Down 0.2%

NYSE MPC traded down $0.99 on Monday, hitting $477.07. 987,289 shares of the stock were exchanged, compared to its average volume of 2,470,973. Marathon Petroleum Corporation has a 52-week low of $161.93 and a 52-week high of $493.98. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.25 and a quick ratio of 0.89. The company has a market capitalization of $139.28 billion, a price-to-earnings ratio of 16.40, a P/E/G ratio of 0.14 and a beta of 0.54. The company’s 50-day moving average price is $397.65 and its two-hundred day moving average price is $309.39.

Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 earnings per share for the quarter, beating the consensus estimate of $14.27 by $3.46. The firm had revenue of $51.99 billion for the quarter, compared to analyst estimates of $40.87 billion. Marathon Petroleum had a return on equity of 31.96% and a net margin of 5.48%. Marathon Petroleum’s quarterly revenue was up 53.5% on a year-over-year basis. During the same period in the previous year, the firm earned $3.96 earnings per share. Research analysts predict that Marathon Petroleum Corporation will post 62.78 EPS for the current year.

Marathon Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were issued a $1.00 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 0.8%. Marathon Petroleum’s dividend payout ratio is currently 13.75%.

Insider Activity

In other news, insider Molly Benson sold 17,196 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $358.57, for a total value of $6,165,969.72. Following the completion of the sale, the insider directly owned 30,334 shares of the company’s stock, valued at $10,876,862.38. This represents a 36.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Shawn Lyon sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $350.00, for a total transaction of $875,000.00. Following the sale, the senior vice president owned 12,619 shares of the company’s stock, valued at approximately $4,416,650. This represents a 16.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 21,691 shares of company stock worth $7,780,127 in the last 90 days. Company insiders own 0.17% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MPC shares. Piper Sandler boosted their price target on Marathon Petroleum from $344.00 to $462.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Bank of America raised their price target on Marathon Petroleum from $410.00 to $426.00 and gave the company a “neutral” rating in a report on Friday, October 2nd. The Goldman Sachs Group lifted their price objective on shares of Marathon Petroleum from $376.00 to $472.00 and gave the company a “buy” rating in a research note on Monday, September 21st. Wells Fargo & Company upped their price objective on shares of Marathon Petroleum from $400.00 to $560.00 and gave the stock an “overweight” rating in a report on Wednesday, October 14th. Finally, Morgan Stanley increased their target price on shares of Marathon Petroleum from $265.00 to $453.00 and gave the company an “overweight” rating in a research report on Monday, September 14th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $417.88.

Marathon Petroleum Profile

Marathon Petroleum Corporation (NYSE:MPC) is an American downstream energy company engaged in refining, marketing, and transporting petroleum products. Its operations include converting crude oil into gasoline, diesel, jet fuel, asphalt, propane, and other refined products used by transportation, industrial, and commercial customers.

The company markets fuel under the Marathon brand and supplies products to independent marketers, commercial businesses, and other wholesale customers. Marathon Petroleum also owns a general-partner interest and significant limited-partner interest in MPLX Inc, a midstream company that operates pipelines, storage facilities, terminals, and gathering and processing assets supporting the movement of crude oil and natural gas liquids.

Marathon Petroleum’s refining and midstream activities are concentrated in the United States, with assets serving regions across the Midwest, Gulf Coast, and West Coast.