BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Reduces Stake in Marathon Petroleum Corp (MPC)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its holdings in Marathon Petroleum Corp (NYSE:MPC) by 3.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 399,986 shares of the oil and gas company’s stock after selling 14,317 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Marathon Petroleum were worth $26,391,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of MPC. Macquarie Group Ltd. increased its position in Marathon Petroleum by 395.6% in the 3rd quarter. Macquarie Group Ltd. now owns 126,367 shares of the oil and gas company’s stock valued at $7,086,000 after acquiring an additional 100,867 shares during the period. Pacer Advisors Inc. increased its position in Marathon Petroleum by 10.4% in the 3rd quarter. Pacer Advisors Inc. now owns 12,343 shares of the oil and gas company’s stock valued at $692,000 after acquiring an additional 1,163 shares during the period. Fuller & Thaler Asset Management Inc. increased its position in Marathon Petroleum by 57.7% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 4,100 shares of the oil and gas company’s stock valued at $230,000 after acquiring an additional 1,500 shares during the period. D.A. Davidson & CO. increased its position in Marathon Petroleum by 28.8% in the 3rd quarter. D.A. Davidson & CO. now owns 15,530 shares of the oil and gas company’s stock valued at $870,000 after acquiring an additional 3,469 shares during the period. Finally, ING Groep NV acquired a new stake in Marathon Petroleum in the 3rd quarter valued at approximately $967,000. Hedge funds and other institutional investors own 80.31% of the company’s stock.
Several research firms recently commented on MPC. Cowen restated an “outperform” rating and issued a $90.00 target price (up from $76.00) on shares of Marathon Petroleum in a research report on Thursday, February 1st. Citigroup raised their target price on Marathon Petroleum from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, March 13th. Wells Fargo restated a “market perform” rating and issued a $66.00 target price (down from $72.00) on shares of Marathon Petroleum in a research report on Thursday, March 15th. They noted that the move was a valuation call. Scotiabank restated a “hold” rating and issued a $75.00 target price on shares of Marathon Petroleum in a research report on Wednesday, January 10th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $89.00 target price on shares of Marathon Petroleum in a research report on Tuesday, January 30th. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $80.07.
Marathon Petroleum (NYSE:MPC) last issued its quarterly earnings results on Thursday, February 1st. The oil and gas company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The firm had revenue of $21.24 billion during the quarter, compared to analyst estimates of $17.27 billion. Marathon Petroleum had a return on equity of 9.90% and a net margin of 4.60%. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period last year, the company posted $0.43 EPS. equities research analysts predict that Marathon Petroleum Corp will post 4.72 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Wednesday, February 21st were paid a dividend of $0.46 per share. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.40. This represents a $1.84 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend was Tuesday, February 20th. Marathon Petroleum’s dividend payout ratio (DPR) is presently 26.59%.
In other Marathon Petroleum news, insider Thomas M. Kelley sold 20,000 shares of the stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $69.77, for a total transaction of $1,395,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles E. Bunch purchased 1,500 shares of the firm’s stock in a transaction on Tuesday, March 6th. The shares were purchased at an average cost of $67.38 per share, with a total value of $101,070.00. Following the completion of the purchase, the director now owns 12,853 shares in the company, valued at approximately $866,035.14. The disclosure for this purchase can be found here. Company insiders own 1.05% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: “BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Reduces Stake in Marathon Petroleum Corp (MPC)” was originally published by Watch List News and is owned by of Watch List News. If you are reading this story on another publication, it was illegally stolen and republished in violation of US & international trademark and copyright law. The legal version of this story can be read at https://www.watchlistnews.com/british-columbia-investment-management-corp-reduces-stake-in-marathon-petroleum-corp-mpc/1959099.html.
About Marathon Petroleum
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.
Want to see what other hedge funds are holding MPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marathon Petroleum Corp (NYSE:MPC).
Receive News & Ratings for Marathon Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marathon Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.