Biltmore Wealth Management LLC Purchases Shares of 8,078 Marathon Petroleum Corporation (NYSE:MPC)
Biltmore Wealth Management LLC purchased a new stake in shares of Marathon Petroleum Corporation (NYSE:MPC) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 8,078 shares of the oil and gas company’s stock, valued at approximately $423,000. Marathon Petroleum Corporation comprises approximately 0.5% of Biltmore Wealth Management LLC’s portfolio, making the stock its 26th largest position.
Other institutional investors also recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Marathon Petroleum Corporation by 2,779.4% in the first quarter. BlackRock Inc. now owns 56,121,367 shares of the oil and gas company’s stock valued at $2,836,372,000 after buying an additional 54,172,304 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Marathon Petroleum Corporation by 4.3% in the first quarter. Vanguard Group Inc. now owns 37,711,603 shares of the oil and gas company’s stock valued at $1,905,944,000 after buying an additional 1,549,473 shares during the last quarter. State Street Corp increased its position in shares of Marathon Petroleum Corporation by 0.4% in the first quarter. State Street Corp now owns 28,029,983 shares of the oil and gas company’s stock valued at $1,416,636,000 after buying an additional 107,894 shares during the last quarter. Boston Partners increased its position in shares of Marathon Petroleum Corporation by 1.8% in the first quarter. Boston Partners now owns 14,798,820 shares of the oil and gas company’s stock valued at $747,933,000 after buying an additional 267,469 shares during the last quarter. Finally, Kensico Capital Management Corp increased its position in shares of Marathon Petroleum Corporation by 7.7% in the first quarter. Kensico Capital Management Corp now owns 9,260,000 shares of the oil and gas company’s stock valued at $468,000,000 after buying an additional 660,000 shares during the last quarter. Hedge funds and other institutional investors own 81.58% of the company’s stock.
Marathon Petroleum Corporation (NYSE MPC) opened at 52.21 on Friday. Marathon Petroleum Corporation has a 12 month low of $39.29 and a 12 month high of $56.81. The stock has a market capitalization of $26.43 billion, a PE ratio of 31.13 and a beta of 1.56. The firm has a 50-day moving average price of $54.11 and a 200 day moving average price of $51.62.
Marathon Petroleum Corporation (NYSE:MPC) last posted its earnings results on Thursday, July 27th. The oil and gas company reported $1.03 EPS for the quarter, missing the consensus estimate of $1.04 by $0.01. The company had revenue of $18.35 billion for the quarter, compared to analyst estimates of $19.98 billion. Marathon Petroleum Corporation had a return on equity of 5.52% and a net margin of 1.34%. The firm’s revenue was up 9.3% on a year-over-year basis. During the same period last year, the business earned $1.07 earnings per share. Equities analysts anticipate that Marathon Petroleum Corporation will post $2.74 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Wednesday, August 16th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.06%. This is a positive change from Marathon Petroleum Corporation’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Monday, August 14th. Marathon Petroleum Corporation’s dividend payout ratio (DPR) is 81.82%.
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MPC has been the subject of several analyst reports. BidaskClub downgraded Marathon Petroleum Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th. Cowen and Company raised their price target on Marathon Petroleum Corporation from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, July 27th. Jefferies Group LLC restated a “buy” rating and set a $61.00 price target on shares of Marathon Petroleum Corporation in a report on Wednesday, April 19th. US Capital Advisors restated a “buy” rating on shares of Marathon Petroleum Corporation in a report on Monday, May 22nd. Finally, Citigroup Inc. restated a “buy” rating and set a $67.00 price target (down from $68.50) on shares of Marathon Petroleum Corporation in a report on Saturday, April 22nd. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. Marathon Petroleum Corporation currently has an average rating of “Buy” and a consensus price target of $58.62.
In related news, VP C. Michael Palmer sold 4,568 shares of the firm’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $52.04, for a total transaction of $237,718.72. Following the sale, the vice president now directly owns 62,325 shares of the company’s stock, valued at $3,243,393. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Thomas M. Kelley sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $54.33, for a total value of $1,358,250.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,568 shares of company stock worth $1,808,969. 1.05% of the stock is owned by corporate insiders.
Marathon Petroleum Corporation Company Profile
Marathon Petroleum Corporation is engaged in refining, marketing, retail and transportation businesses in the United States and the largest east of the Mississippi. The Company operates through three segments: Refining & Marketing; Speedway; and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at the Company’s seven refineries in the Gulf Coast and Midwest regions of the United States.
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