Marathon Petroleum Corporation $MPC Holdings Lowered by Convergence Investment Partners LLC

Convergence Investment Partners LLC reduced its stake in Marathon Petroleum Corporation (NYSE:MPC) by 35.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,418 shares of the oil and gas company’s stock after selling 8,453 shares during the period. Convergence Investment Partners LLC’s holdings in Marathon Petroleum were worth $3,765,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Navalign LLC acquired a new position in shares of Marathon Petroleum during the fourth quarter valued at approximately $30,000. Kohmann Bosshard Financial Services LLC acquired a new stake in Marathon Petroleum in the fourth quarter worth approximately $31,000. Berbice Capital Management LLC boosted its stake in Marathon Petroleum by 100.0% during the 4th quarter. Berbice Capital Management LLC now owns 200 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 100 shares in the last quarter. WFA of San Diego LLC bought a new position in Marathon Petroleum during the 2nd quarter valued at $33,000. Finally, Ares Financial Consulting LLC acquired a new position in shares of Marathon Petroleum during the 4th quarter valued at $34,000. 76.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MPC. Mizuho upped their price objective on Marathon Petroleum from $224.00 to $284.00 and gave the company a “neutral” rating in a report on Wednesday, May 27th. Scotiabank boosted their price target on shares of Marathon Petroleum from $174.00 to $210.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 22nd. Raymond James Financial raised their price objective on shares of Marathon Petroleum from $300.00 to $335.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Jefferies Financial Group set a $335.00 price objective on shares of Marathon Petroleum and gave the stock a “buy” rating in a research note on Sunday, July 12th. Finally, Piper Sandler increased 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. Ten research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, Marathon Petroleum currently has a consensus rating of “Moderate Buy” and an average target price of $283.56.

Marathon Petroleum Trading Up 1.2%

Shares of MPC opened at $316.29 on Tuesday. The business’s 50-day moving average price is $263.62 and its 200 day moving average price is $228.86. The company has a current ratio of 1.18, a quick ratio of 0.73 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $92.34 billion, a P/E ratio of 20.65, a P/E/G ratio of 0.42 and a beta of 0.52. Marathon Petroleum Corporation has a 1-year low of $158.00 and a 1-year high of $319.36.

Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas company reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.91. Marathon Petroleum had a net margin of 3.36% and a return on equity of 16.22%. The company had revenue of $34.20 billion during the quarter, compared to analyst estimates of $33.42 billion. During the same period in the prior year, the firm earned ($0.24) earnings per share. The business’s quarterly revenue was up 8.5% on a year-over-year basis. Analysts expect that Marathon Petroleum Corporation will post 35.82 earnings per share for the current year.

Marathon Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Wednesday, May 20th. Marathon Petroleum’s dividend payout ratio is 26.11%.

Insider Buying and Selling

In related news, VP Michael A. Henschen II sold 6,336 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $268.82, for a total value of $1,703,243.52. Following the completion of the transaction, the vice president owned 16,900 shares of the company’s stock, valued at approximately $4,543,058. This trade represents a 27.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

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.