Marathon Petroleum Corporation (MPC) Downgraded by Zacks Investment Research
Marathon Petroleum Corporation (NYSE:MPC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Riding on stronger fuel margins, Marathon Petroleum recently beat Q3 expectations. Specifically, refining margin of $14.14 per barrel increased versus $11.32 last quarter and $10.67 a year ago. We also welcome MPC's decision not to spin off its Speedway convenience store business. We believe that the retail assets will help the company generate long-term returns for shareholders due to healthy merchandise margins. As it is, we like its scale advantage, impressive asset quality and extensive midstream/retail network. However, the Findlay-headquartered company saw an upswing in product cost that was reflected in higher total expenses. Last but not the least, the U.S. refiners are feeling the pinch of higher RFS costs to comply with new cleaner gasoline production rules. These factors form the basis of our cautious stance on the downstream operator.”
A number of other equities research analysts have also commented on the company. UBS AG lowered Marathon Petroleum Corporation from a “buy” rating to a “neutral” rating and raised their price target for the stock from $63.00 to $65.00 in a research report on Wednesday, November 15th. Barclays PLC raised their price target on Marathon Petroleum Corporation from $63.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 14th. Cowen and Company raised their price target on Marathon Petroleum Corporation from $60.00 to $79.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 14th. They noted that the move was a valuation call. Citigroup Inc. raised their price target on Marathon Petroleum Corporation from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, October 18th. Finally, Edward Jones raised Marathon Petroleum Corporation from a “hold” rating to a “buy” rating in a research report on Friday, October 6th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $65.07.
Marathon Petroleum Corporation (NYSE:MPC) traded up $0.35 during midday trading on Wednesday, hitting $62.29. The stock had a trading volume of 2,532,800 shares, compared to its average volume of 4,386,010. The firm has a market capitalization of $30,420.00, a price-to-earnings ratio of 18.83, a P/E/G ratio of 1.53 and a beta of 1.60. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.80 and a current ratio of 1.52. Marathon Petroleum Corporation has a 52 week low of $44.60 and a 52 week high of $63.41.
Marathon Petroleum Corporation (NYSE:MPC) last released its quarterly earnings results on Thursday, October 26th. The oil and gas company reported $1.77 EPS for the quarter, topping the Zacks’ consensus estimate of $1.48 by $0.29. The company had revenue of $19.36 billion for the quarter, compared to analyst estimates of $19.38 billion. Marathon Petroleum Corporation had a return on equity of 8.52% and a net margin of 2.35%. Marathon Petroleum Corporation’s revenue was up 17.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.58 earnings per share. analysts anticipate that Marathon Petroleum Corporation will post 3.68 EPS for the current fiscal year.
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In other Marathon Petroleum Corporation news, VP Raymond L. Brooks sold 13,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $62.26, for a total value of $809,380.00. Following the completion of the transaction, the vice president now directly owns 32,205 shares in the company, valued at $2,005,083.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP C. Michael Palmer sold 11,450 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $53.02, for a total value of $607,079.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 102,028 shares of company stock valued at $6,253,447. Corporate insiders own 1.05% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. OMERS ADMINISTRATION Corp grew its stake in Marathon Petroleum Corporation by 341.7% in the second quarter. OMERS ADMINISTRATION Corp now owns 53,000 shares of the oil and gas company’s stock valued at $2,773,000 after purchasing an additional 41,000 shares in the last quarter. Wilen Investment Management CORP. boosted its stake in shares of Marathon Petroleum Corporation by 31.3% during the 2nd quarter. Wilen Investment Management CORP. now owns 38,148 shares of the oil and gas company’s stock worth $1,984,000 after acquiring an additional 9,100 shares during the period. Commonwealth Bank of Australia boosted its stake in shares of Marathon Petroleum Corporation by 1.8% during the 2nd quarter. Commonwealth Bank of Australia now owns 174,826 shares of the oil and gas company’s stock worth $9,147,000 after acquiring an additional 3,097 shares during the period. Greenleaf Trust boosted its stake in shares of Marathon Petroleum Corporation by 15.5% during the 2nd quarter. Greenleaf Trust now owns 4,981 shares of the oil and gas company’s stock worth $261,000 after acquiring an additional 670 shares during the period. Finally, Airain ltd bought a new position in shares of Marathon Petroleum Corporation during the 2nd quarter worth approximately $7,959,000. Hedge funds and other institutional investors own 81.81% of the company’s stock.
About Marathon Petroleum Corporation
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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