Marathon Petroleum Corporation (MPC) Position Boosted by Principal Financial Group Inc.
Principal Financial Group Inc. raised its position in shares of Marathon Petroleum Corporation (NYSE:MPC) by 312.4% during the second quarter, according to its most recent filing with the SEC. The fund owned 3,947,936 shares of the oil and gas company’s stock after buying an additional 2,990,640 shares during the period. Principal Financial Group Inc. owned about 0.78% of Marathon Petroleum Corporation worth $206,595,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Blockhouse Capital Management LP acquired a new stake in Marathon Petroleum Corporation during the first quarter worth $14,970,000. Fox Run Management L.L.C. boosted its stake in Marathon Petroleum Corporation by 143.6% in the second quarter. Fox Run Management L.L.C. now owns 26,800 shares of the oil and gas company’s stock worth $1,402,000 after buying an additional 15,800 shares during the period. Buckingham Asset Management LLC boosted its stake in Marathon Petroleum Corporation by 2.1% in the first quarter. Buckingham Asset Management LLC now owns 4,141 shares of the oil and gas company’s stock worth $209,000 after buying an additional 87 shares during the period. Heritage Way Advisors LLC boosted its stake in Marathon Petroleum Corporation by 2.4% in the second quarter. Heritage Way Advisors LLC now owns 36,975 shares of the oil and gas company’s stock worth $1,935,000 after buying an additional 850 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its stake in Marathon Petroleum Corporation by 1.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,119,312 shares of the oil and gas company’s stock worth $56,570,000 after buying an additional 12,792 shares during the period. 78.84% of the stock is currently owned by institutional investors.
Marathon Petroleum Corporation (NYSE MPC) opened at 52.33 on Thursday. Marathon Petroleum Corporation has a 52-week low of $39.29 and a 52-week high of $56.81. The firm has a market cap of $26.49 billion, a price-to-earnings ratio of 31.20 and a beta of 1.56. The firm has a 50-day moving average of $53.66 and a 200 day moving average of $51.79.
Marathon Petroleum Corporation (NYSE:MPC) last released its earnings results on Thursday, July 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.04 by $0.01. Marathon Petroleum Corporation had a net margin of 1.34% and a return on equity of 5.52%. The company had revenue of $18.35 billion for the quarter, compared to analyst estimates of $19.98 billion. During the same quarter in the previous year, the firm earned $1.07 EPS. The firm’s revenue was up 9.3% on a year-over-year basis. On average, equities research analysts forecast 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 given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend is Monday, August 14th. This is an increase from Marathon Petroleum Corporation’s previous quarterly dividend of $0.36. Marathon Petroleum Corporation’s payout ratio is presently 90.91%.
MPC has been the topic of a number of recent analyst reports. BidaskClub raised Marathon Petroleum Corporation from a “sell” rating to a “hold” rating in a report on Saturday, August 26th. Credit Suisse Group reissued a “buy” rating and set a $64.00 target price on shares of Marathon Petroleum Corporation in a report on Friday, July 14th. Jefferies Group LLC set a $65.00 target price on Marathon Petroleum Corporation and gave the stock a “buy” rating in a report on Friday, August 25th. Royal Bank Of Canada reissued a “buy” rating and set a $69.00 target price on shares of Marathon Petroleum Corporation in a report on Thursday, June 1st. Finally, US Capital Advisors reissued a “buy” rating on shares of Marathon Petroleum Corporation in a report on Monday, May 22nd. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. Marathon Petroleum Corporation presently has a consensus rating of “Buy” and an average target price of $59.30.
In related news, insider Thomas M. Kelley sold 25,000 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $54.33, for a total transaction of $1,358,250.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.05% of the stock is owned by 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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