Summit Street Capital Management LLC Buys New Stake in Marathon Petroleum Corporation $MPC

Summit Street Capital Management LLC purchased a new stake in Marathon Petroleum Corporation (NYSE:MPC) during the second quarter, according to its most recent filing with the SEC. The fund purchased 97,758 shares of the oil and gas company’s stock, valued at approximately $24,994,000. Marathon Petroleum comprises about 3.5% of Summit Street Capital Management LLC’s portfolio, making the stock its 13th largest holding.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Marathon Petroleum during the second quarter valued at about $6,648,958,000. State Street Corp lifted its position in shares of Marathon Petroleum by 0.3% in the fourth quarter. State Street Corp now owns 17,934,327 shares of the oil and gas company’s stock worth $2,916,660,000 after buying an additional 47,896 shares in the last quarter. Boston Partners lifted its position in shares of Marathon Petroleum by 2.3% in the third quarter. Boston Partners now owns 6,305,428 shares of the oil and gas company’s stock worth $1,214,522,000 after buying an additional 141,691 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Marathon Petroleum during the second quarter valued at approximately $1,029,611,000. Finally, Norges Bank bought a new position in Marathon Petroleum during the fourth quarter valued at approximately $472,312,000. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MPC. Wells Fargo & Company lifted their price objective on Marathon Petroleum from $344.00 to $359.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Zacks Research lowered shares of Marathon Petroleum from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 17th. Mizuho boosted their price target on shares of Marathon Petroleum from $284.00 to $304.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. Raymond James Financial upped their price target on shares of Marathon Petroleum from $300.00 to $335.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Marathon Petroleum in a research note on Friday, June 12th. Twelve equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $312.50.

Insider Activity

In other news, insider Molly R. Benson sold 17,196 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $358.57, for a total value of $6,165,969.72. Following the completion of the sale, the insider owned 30,334 shares in the company, valued at approximately $10,876,862.38. This trade represents a 36.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Shawn M. Lyon sold 2,500 shares of Marathon Petroleum stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $350.00, for a total transaction of $875,000.00. Following the transaction, the senior vice president directly owned 12,619 shares of the company’s stock, valued at approximately $4,416,650. This represents a 16.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 26,032 shares of company stock valued at $8,744,213. 0.17% of the stock is currently owned by company insiders.

Marathon Petroleum Price Performance

NYSE:MPC opened at $362.70 on Thursday. The firm has a market capitalization of $105.89 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 0.23 and a beta of 0.52. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.25 and a quick ratio of 0.89. The business has a 50 day simple moving average of $303.95 and a 200-day simple moving average of $258.31. Marathon Petroleum Corporation has a 1 year low of $161.93 and a 1 year high of $367.60.

Marathon Petroleum (NYSE:MPC) last released its earnings results on Tuesday, August 4th. The oil and gas company reported $17.73 earnings per share for the quarter, beating the consensus estimate of $14.27 by $3.46. The firm had revenue of $51.99 billion for the quarter, compared to the consensus estimate of $40.87 billion. Marathon Petroleum had a return on equity of 31.96% and a net margin of 5.48%.The company’s revenue for the quarter was up 53.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.96 EPS. Equities analysts forecast that Marathon Petroleum Corporation will post 46.66 EPS for the current year.

Marathon Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be given a dividend of $1.00 per share. The ex-dividend date is Wednesday, August 19th. This represents a $4.00 dividend on an annualized basis and a yield of 1.1%. Marathon Petroleum’s payout ratio is 13.75%.

Marathon Petroleum Profile

Marathon Petroleum Corporation (NYSE: MPC) is a U.S.-based downstream energy company engaged principally in the refining, marketing, supply and transportation of petroleum products. The company was formed through a spin-off from Marathon Oil in 2011 and operates an integrated system of refining and logistics assets that support the production and distribution of transportation fuels and other refined petroleum products.

Marathon Petroleum’s operations include refining crude oil into gasoline, diesel, jet fuel, asphalt and other specialty products, as well as managing the distribution and storage infrastructure needed to move those products to market.