Maryland State Retirement & Pension System Sells 143,435 Shares of Marathon Petroleum Corporation $MPC

Maryland State Retirement & Pension System trimmed its position in Marathon Petroleum Corporation (NYSE:MPC) by 88.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,016 shares of the oil and gas company’s stock after selling 143,435 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Marathon Petroleum were worth $7,124,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Pavion Blue Capital LLC bought a new position in Marathon Petroleum during the third quarter valued at approximately $238,000. Ritholtz Wealth Management grew its holdings in Marathon Petroleum by 37.9% during the 3rd quarter. Ritholtz Wealth Management now owns 29,747 shares of the oil and gas company’s stock valued at $11,763,000 after buying an additional 8,170 shares in the last quarter. UNIVEST FINANCIAL Corp increased its stake in Marathon Petroleum by 6.3% in the 3rd quarter. UNIVEST FINANCIAL Corp now owns 905 shares of the oil and gas company’s stock worth $358,000 after acquiring an additional 54 shares during the last quarter. Joel Isaacson & Co. LLC increased its stake in Marathon Petroleum by 8.3% in the 3rd quarter. Joel Isaacson & Co. LLC now owns 2,267 shares of the oil and gas company’s stock worth $897,000 after acquiring an additional 173 shares during the last quarter. Finally, Jacobi Capital Management LLC raised its holdings in shares of Marathon Petroleum by 11.3% during the 3rd quarter. Jacobi Capital Management LLC now owns 2,924 shares of the oil and gas company’s stock worth $1,156,000 after acquiring an additional 298 shares in the last quarter. 76.77% of the stock is currently owned by hedge funds and other institutional investors.

Marathon Petroleum News Roundup

Investors following MPC have been watching these news items:

• Positive Sentiment: The company agreed to sell its St. Paul Park and Mandan refineries and related assets for a reported $4.2 billion, with proceeds expected to support investment, primarily along the Gulf Coast. Article: Marathon Petroleum Rises as Investors Continue to Digest Strong Q3 Results and Asset Sale
• Neutral Sentiment: Analysts’ views are mixed: Mizuho lowered its price target to $440 from $457, while another recent article highlights the possibility that MPC remains undervalued after its earnings beat. Article: Mizuho Adjusts Price Target on Marathon Petroleum to $440 From $457 Article: Marathon Petroleum Posts Stronger Q3 Results, Is It Still 12% Undervalued?
• Negative Sentiment: Recent insider transactions cited in the coverage were all sales, with no purchases over the past six months. This may weigh on sentiment, though insider selling alone does not establish a negative outlook. Article: Marathon Petroleum Rises as Investors Continue to Digest Strong Q3 Results and Asset Sale

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Piper Sandler increased their target price on Marathon Petroleum from $462.00 to $466.00 and gave the company an “overweight” rating in a research report on Thursday, November 5th. Jefferies Financial Group reissued a “hold” rating and issued a $433.00 target price on shares of Marathon Petroleum in a report on Sunday, October 11th. TD Cowen boosted their price target on shares of Marathon Petroleum from $450.00 to $478.00 and gave the stock a “buy” rating in a research report on Thursday, October 22nd. Evercore set a $330.00 price target on shares of Marathon Petroleum in a research note on Wednesday, August 5th. Finally, Mizuho increased their price objective on shares of Marathon Petroleum from $304.00 to $457.00 and gave the company a “neutral” rating in a research report on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $425.12.

Marathon Petroleum Trading Up 2.4%

Shares of NYSE MPC opened at $412.62 on Friday. The business’s 50 day moving average is $423.34 and its two-hundred day moving average is $299.82. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.45 and a quick ratio of 1.09. Marathon Petroleum Corporation has a 1-year low of $161.93 and a 1-year high of $493.98. The stock has a market capitalization of $112.35 billion, a P/E ratio of 8.00, a PEG ratio of 0.10 and a beta of 0.53.

Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings data on Tuesday, November 3rd. The oil and gas company reported $26.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $25.37 by $1.56. The business had revenue of $56.03 billion during the quarter, compared to analyst estimates of $46.60 billion. Marathon Petroleum had a return on equity of 55.82% and a net margin of 8.27%. The company’s revenue for the quarter was up 57.6% on a year-over-year basis. During the same period last year, the company earned $3.01 EPS. As a group, research analysts expect that Marathon Petroleum Corporation will post 66.31 EPS for the current year.

Marathon Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 18th will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $4.00 annualized dividend and a dividend yield of 1.0%. Marathon Petroleum’s payout ratio is currently 13.75%.

Insider Activity at Marathon Petroleum

In related news, insider Molly Benson sold 17,196 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $358.57, for a total transaction of $6,165,969.72. Following the sale, the insider owned 30,334 shares in the company, valued at approximately $10,876,862.38. This represents a 36.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Shawn Lyon sold 1,000 shares of the firm’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $375.75, for a total value of $375,750.00. Following the completion of the sale, the senior vice president owned 11,194 shares of the company’s stock, valued at approximately $4,206,145.50. This represents a 8.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 19,191 shares of company stock worth $6,905,127. Company insiders own 0.17% of the company’s stock.

About Marathon Petroleum

Marathon Petroleum Corporation is an integrated downstream energy company focused on refining, marketing, and transporting petroleum products. Its refineries produce fuels and other products, including gasoline, diesel, jet fuel, asphalt, and petrochemical feedstocks. The company sells transportation fuels and related products through a network of branded locations and other wholesale and commercial channels, primarily in the United States. Its midstream operations, conducted largely through its affiliated partnership MPLX, include gathering, processing, and transporting natural gas and natural gas liquids, as well as storing and transporting crude oil and refined products.