Marathon Petroleum (NYSE:MPC) Reaches New 52-Week High – Here’s What Happened

Marathon Petroleum Corporation (NYSE:MPC)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $276.24 and last traded at $273.6740, with a volume of 146568 shares. The stock had previously closed at $266.33.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MPC. TD Cowen reduced their target price on Marathon Petroleum from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Monday, June 29th. Zacks Research lowered shares of Marathon Petroleum from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 17th. Piper Sandler upped their target price on shares of Marathon Petroleum from $197.00 to $228.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Raymond James Financial increased their target price on shares of Marathon Petroleum from $285.00 to $300.00 and gave the stock an “outperform” rating in a report on Wednesday, June 10th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Marathon Petroleum in a research report on Friday, June 12th. Ten analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $272.62.

Marathon Petroleum Stock Up 4.9%

The firm has a market capitalization of $81.54 billion, a P/E ratio of 18.22, a PEG ratio of 0.39 and a beta of 0.52. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.73 and a current ratio of 1.18. The firm’s 50-day moving average is $253.90 and its 200 day moving average is $220.46.

Marathon Petroleum (NYSE:MPC) last released its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.91. The firm had revenue of $34.20 billion for the quarter, compared to the consensus estimate of $33.42 billion. Marathon Petroleum had a return on equity of 16.22% and a net margin of 3.36%.The company’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.24) EPS. As a group, equities research analysts predict that Marathon Petroleum Corporation will post 32.96 EPS for the current fiscal year.

Marathon Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were issued a $1.00 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.4%. Marathon Petroleum’s dividend payout ratio (DPR) is 26.11%.

Insider Activity at Marathon Petroleum

In related news, VP Michael A. Henschen II sold 6,336 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $268.82, for a total transaction of $1,703,243.52. Following the completion of the transaction, the vice president owned 16,900 shares in the company, valued at approximately $4,543,058. This represents a 27.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marathon Petroleum

A number of large investors have recently modified their holdings of the business. Diversified Trust Co. raised its holdings in shares of Marathon Petroleum by 39.3% in the 4th quarter. Diversified Trust Co. now owns 15,675 shares of the oil and gas company’s stock valued at $2,549,000 after purchasing an additional 4,419 shares during the period. North Dakota State Investment Board bought a new stake in Marathon Petroleum in the fourth quarter valued at approximately $1,714,000. USA Financial Formulas acquired a new stake in shares of Marathon Petroleum in the fourth quarter valued at approximately $791,000. KBC Group NV lifted its position in shares of Marathon Petroleum by 22.4% in the fourth quarter. KBC Group NV now owns 225,837 shares of the oil and gas company’s stock valued at $36,728,000 after buying an additional 41,259 shares during the last quarter. Finally, KKM Financial LLC boosted its stake in shares of Marathon Petroleum by 27.6% during the 3rd quarter. KKM Financial LLC now owns 26,202 shares of the oil and gas company’s stock worth $5,050,000 after acquiring an additional 5,661 shares during the period. 76.77% of the stock is currently owned by institutional investors and hedge funds.

About Marathon Petroleum

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.