Marathon Petroleum Corporation (MPC) Stake Reduced by Arizona State Retirement System
Arizona State Retirement System decreased its stake in Marathon Petroleum Corporation (NYSE:MPC) by 2.7% during the second quarter, Holdings Channel reports. The fund owned 169,814 shares of the oil and gas company’s stock after selling 4,700 shares during the period. Arizona State Retirement System’s holdings in Marathon Petroleum Corporation were worth $8,886,000 as of its most recent filing with the SEC.
A number of other institutional investors have also bought and sold shares of the company. BlackRock Inc. boosted its position in 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. boosted its position in 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 boosted its position in 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 boosted its position in 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 boosted its position in 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. Institutional investors and hedge funds own 81.58% of the company’s stock.
Shares of Marathon Petroleum Corporation (MPC) opened at 52.16 on Friday. The stock has a 50 day moving average price of $54.14 and a 200-day moving average price of $51.64. The company has a market cap of $26.41 billion, a price-to-earnings ratio of 31.10 and a beta of 1.56. Marathon Petroleum Corporation has a 1-year low of $39.29 and a 1-year high of $56.81.
Marathon Petroleum Corporation (NYSE:MPC) last released its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $1.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by $0.01. The company had revenue of $18.35 billion during the quarter, compared to analysts’ expectations of $19.98 billion. Marathon Petroleum Corporation had a return on equity of 5.52% and a net margin of 1.34%. The company’s revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.07 EPS. Equities research analysts forecast that Marathon Petroleum Corporation will post $2.74 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Wednesday, August 16th will be given a $0.40 dividend. The ex-dividend date is Monday, August 14th. This represents a $1.60 annualized dividend and a yield of 3.07%. This is a positive change from Marathon Petroleum Corporation’s previous quarterly dividend of $0.36. Marathon Petroleum Corporation’s dividend payout ratio (DPR) is currently 81.82%.
Several equities analysts recently commented on MPC shares. BidaskClub cut Marathon Petroleum Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th. Cowen and Company boosted their target price on Marathon Petroleum Corporation from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. Jefferies Group LLC restated a “buy” rating and set a $61.00 target price on shares of Marathon Petroleum Corporation in a research report on Wednesday, April 19th. US Capital Advisors restated a “buy” rating on shares of Marathon Petroleum Corporation in a research report on Monday, May 22nd. Finally, Citigroup Inc. restated a “buy” rating and set a $67.00 target price (down from $68.50) on shares of Marathon Petroleum Corporation in a research report on Saturday, April 22nd. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company’s stock. Marathon Petroleum Corporation currently has an average rating of “Buy” and a consensus target price of $58.62.
In related news, insider Thomas M. Kelley sold 25,000 shares of Marathon Petroleum Corporation 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP C. Michael Palmer sold 4,568 shares of Marathon Petroleum Corporation stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $52.04, for a total value of $237,718.72. Following the completion of the transaction, the vice president now owns 62,325 shares of the company’s stock, valued at approximately $3,243,393. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,568 shares of company stock valued at $1,808,969. 1.05% of the stock is currently owned by company insiders.
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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