SVB Wealth LLC Trims Stake in Marathon Petroleum Corporation $MPC

SVB Wealth LLC cut its holdings in shares of Marathon Petroleum Corporation (NYSE:MPC) by 36.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,363 shares of the oil and gas company’s stock after selling 3,611 shares during the quarter. SVB Wealth LLC’s holdings in Marathon Petroleum were worth $1,057,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC increased its position in shares of Marathon Petroleum by 30.9% during the fourth quarter. Brighton Jones LLC now owns 4,988 shares of the oil and gas company’s stock valued at $696,000 after acquiring an additional 1,178 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Marathon Petroleum by 314.4% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,365 shares of the oil and gas company’s stock valued at $1,364,000 after purchasing an additional 7,105 shares during the last quarter. Virtu Financial LLC acquired a new position in Marathon Petroleum during the first quarter worth $518,000. Nuveen LLC purchased a new position in shares of Marathon Petroleum during the first quarter worth $147,122,000. Finally, Linscomb Wealth Inc. grew its stake in shares of Marathon Petroleum by 18.0% in the first quarter. Linscomb Wealth Inc. now owns 5,801 shares of the oil and gas company’s stock valued at $845,000 after buying an additional 883 shares in the last quarter. 76.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Marathon Petroleum from $183.00 to $211.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 12th. Piper Sandler increased their price target on shares of Marathon Petroleum from $220.00 to $231.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Weiss Ratings reissued a “hold (c)” rating on shares of Marathon Petroleum in a research note on Wednesday, October 8th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Marathon Petroleum in a research note on Tuesday. Finally, Morgan Stanley increased their target price on shares of Marathon Petroleum from $182.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, October 3rd. Eight investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, Marathon Petroleum currently has an average rating of “Hold” and an average target price of $203.21.

Marathon Petroleum Trading Up 0.6%

Shares of NYSE:MPC opened at $190.77 on Wednesday. Marathon Petroleum Corporation has a 52 week low of $115.10 and a 52 week high of $202.29. The company’s 50 day moving average is $191.33 and its two-hundred day moving average is $179.04. The company has a market cap of $57.35 billion, a PE ratio of 20.34, a P/E/G ratio of 0.98 and a beta of 0.72. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 1.31.

Marathon Petroleum (NYSE:MPC) last released its quarterly earnings data on Tuesday, November 4th. The oil and gas company reported $3.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.01. Marathon Petroleum had a net margin of 2.13% and a return on equity of 9.76%. The business had revenue of $34.81 billion during the quarter, compared to analysts’ expectations of $31.06 billion. Equities analysts predict that Marathon Petroleum Corporation will post 8.47 earnings per share for the current fiscal year.

Marathon Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Wednesday, November 19th will be paid a $1.00 dividend. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.91. This represents a $4.00 annualized dividend and a yield of 2.1%. The ex-dividend date is Wednesday, November 19th. Marathon Petroleum’s payout ratio is currently 42.64%.

Marathon Petroleum Profile

Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. The company operates through Refining & Marketing, and Midstream segments. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States; and purchases refined products and ethanol for resale and distributes refined products, including renewable diesel, through transportation, storage, distribution, and marketing services.