Lord Abbett & CO. LLC lifted its position in Marathon Petroleum Corp (NYSE:MPC) by 51.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,857,611 shares of the oil and gas company’s stock after buying an additional 628,429 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Marathon Petroleum were worth $109,618,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. grew its stake in shares of Marathon Petroleum by 36.6% in the 4th quarter. BlackRock Inc. now owns 54,581,132 shares of the oil and gas company’s stock valued at $3,220,832,000 after buying an additional 14,619,755 shares in the last quarter. Vanguard Group Inc. boosted its position in Marathon Petroleum by 0.7% during the third quarter. Vanguard Group Inc. now owns 35,373,004 shares of the oil and gas company’s stock worth $2,828,779,000 after purchasing an additional 255,599 shares during the period. Vanguard Group Inc boosted its position in Marathon Petroleum by 0.7% during the third quarter. Vanguard Group Inc now owns 35,373,004 shares of the oil and gas company’s stock worth $2,828,779,000 after purchasing an additional 255,599 shares during the period. Oregon Public Employees Retirement Fund boosted its position in Marathon Petroleum by 9,095.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 14,042,197 shares of the oil and gas company’s stock worth $238,000 after purchasing an additional 13,889,489 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Marathon Petroleum by 42.6% during the fourth quarter. Bank of New York Mellon Corp now owns 12,418,710 shares of the oil and gas company’s stock worth $732,828,000 after purchasing an additional 3,708,740 shares during the period. 67.55% of the stock is owned by institutional investors and hedge funds.
In other news, CEO Gary R. Heminger sold 187,142 shares of the stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $65.00, for a total value of $12,164,230.00. Following the completion of the sale, the chief executive officer now directly owns 434,166 shares of the company’s stock, valued at $28,220,790. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven A. Davis acquired 3,500 shares of Marathon Petroleum stock in a transaction dated Friday, December 14th. The stock was acquired at an average cost of $62.14 per share, with a total value of $217,490.00. The disclosure for this purchase can be found here. 1.09% of the stock is currently owned by corporate insiders.
Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings data on Thursday, February 7th. The oil and gas company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.43. Marathon Petroleum had a return on equity of 18.84% and a net margin of 2.86%. The company had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $34.16 billion. During the same period in the prior year, the business earned $1.05 earnings per share. Marathon Petroleum’s revenue for the quarter was up 53.2% compared to the same quarter last year. As a group, sell-side analysts predict that Marathon Petroleum Corp will post 6.52 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Wednesday, February 20th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 3.58%. This is a boost from Marathon Petroleum’s previous quarterly dividend of $0.46. The ex-dividend date was Tuesday, February 19th. Marathon Petroleum’s dividend payout ratio is currently 31.27%.
A number of brokerages have issued reports on MPC. ValuEngine cut Marathon Petroleum from a “hold” rating to a “sell” rating in a research report on Tuesday, March 5th. Citigroup decreased their target price on Marathon Petroleum from $91.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, March 4th. Macquarie began coverage on Marathon Petroleum in a research report on Tuesday, February 5th. They set an “outperform” rating and a $67.18 target price for the company. Piper Jaffray Companies reaffirmed an “overweight” rating on shares of Marathon Petroleum in a research report on Thursday, January 10th. Finally, Standpoint Research began coverage on Marathon Petroleum in a research report on Wednesday, December 26th. They set an “accumulate” rating for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Marathon Petroleum presently has an average rating of “Buy” and a consensus target price of $92.09.
Marathon Petroleum Company Profile
Marathon Petroleum Corporation, together with its subsidiaries, engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates through three segments: Refining & Marketing, Speedway, and Midstream. It refines crude oil and other feed stocks at its six refineries in the Gulf Coast and Midwest regions of the United States; and purchases refined products and ethanol for resale.
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