Envestnet Asset Management Inc. Acquires 72,790 Shares of Marathon Petroleum Corporation $MPC

Envestnet Asset Management Inc. boosted its stake in shares of Marathon Petroleum Corporation (NYSE:MPC) by 31.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 306,256 shares of the oil and gas company’s stock after buying an additional 72,790 shares during the period. Envestnet Asset Management Inc.’s holdings in Marathon Petroleum were worth $50,872,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Activest Wealth Management raised its holdings in shares of Marathon Petroleum by 290.2% during the second quarter. Activest Wealth Management now owns 160 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 119 shares during the period. CBIZ Investment Advisory Services LLC boosted its stake in Marathon Petroleum by 1,546.2% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 214 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 201 shares during the period. Hughes Financial Services LLC bought a new position in Marathon Petroleum during the 1st quarter worth about $32,000. WPG Advisers LLC acquired a new stake in shares of Marathon Petroleum in the 1st quarter valued at about $32,000. Finally, Operose Advisors LLC bought a new stake in shares of Marathon Petroleum in the first quarter valued at about $42,000. Institutional investors and hedge funds own 76.77% of the company’s stock.

Analyst Upgrades and Downgrades

MPC has been the subject of a number of research reports. Piper Sandler increased their price objective on Marathon Petroleum from $184.00 to $222.00 and gave the stock a “neutral” rating in a report on Thursday, September 11th. Wells Fargo & Company started coverage on Marathon Petroleum in a research report on Friday, October 17th. They set an “overweight” rating and a $214.00 price target for the company. Raymond James Financial reaffirmed an “outperform” rating and set a $203.00 price target (up from $199.00) on shares of Marathon Petroleum in a research note on Friday, October 17th. Citigroup boosted their price objective on shares of Marathon Petroleum from $144.00 to $182.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 16th. Finally, Bank of America increased their target price on shares of Marathon Petroleum from $184.00 to $192.00 and gave the stock a “neutral” rating in a report on Wednesday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $200.31.

Insider Transactions at Marathon Petroleum

In other Marathon Petroleum news, insider Molly R. Benson sold 10,879 shares of Marathon Petroleum stock in a transaction on Friday, August 15th. The shares were sold at an average price of $163.00, for a total transaction of $1,773,277.00. Following the completion of the transaction, the insider directly owned 28,700 shares of the company’s stock, valued at $4,678,100. The trade was a 27.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.21% of the stock is owned by corporate insiders.

Marathon Petroleum Trading Down 0.3%

Marathon Petroleum stock opened at $195.01 on Friday. The stock has a 50-day simple moving average of $186.45 and a 200 day simple moving average of $169.63. The stock has a market capitalization of $59.29 billion, a P/E ratio of 28.93, a PEG ratio of 4.09 and a beta of 0.90. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.71 and a current ratio of 1.23. Marathon Petroleum Corporation has a 52 week low of $115.10 and a 52 week high of $201.61.

Marathon Petroleum (NYSE:MPC) last released its quarterly earnings data on Tuesday, August 5th. The oil and gas company reported $3.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.22 by $0.74. Marathon Petroleum had a return on equity of 8.38% and a net margin of 1.58%.The firm had revenue of $34.10 billion for the quarter, compared to analyst estimates of $31.70 billion. During the same quarter in the prior year, the company earned $4.12 earnings per share. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year. Analysts expect that Marathon Petroleum Corporation will post 8.47 earnings per share for the current year.

Marathon Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Wednesday, November 19th will be paid a $1.00 dividend. This is a boost from Marathon Petroleum’s previous quarterly dividend of $0.91. The ex-dividend date is Wednesday, November 19th. This represents a $4.00 dividend on an annualized basis and a yield of 2.1%. Marathon Petroleum’s dividend payout ratio (DPR) is currently 54.01%.

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.