Marathon Petroleum Corporation (MPC) Sees Large Decrease in Short Interest
Marathon Petroleum Corporation (NYSE:MPC) was the recipient of a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 8,811,860 shares, a decline of 32.6% from the June 15th total of 13,074,065 shares. Approximately 1.7% of the shares of the company are sold short. Based on an average trading volume of 4,668,622 shares, the short-interest ratio is currently 1.9 days.
In other Marathon Petroleum Corporation news, VP C. Michael Palmer sold 4,568 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $52.04, for a total transaction of $237,718.72. Following the transaction, the vice president now owns 62,325 shares in the company, valued at approximately $3,243,393. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas M. Kelley sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $54.33, for a total value of $1,358,250.00. The disclosure for this sale can be found here. Insiders sold a total of 33,568 shares of company stock worth $1,808,969 in the last 90 days. 1.05% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the stock. Cullinan Associates Inc. raised its stake in shares of Marathon Petroleum Corporation by 0.9% in the first quarter. Cullinan Associates Inc. now owns 129,810 shares of the oil and gas company’s stock worth $6,561,000 after buying an additional 1,182 shares during the period. Blockhouse Capital Management LP bought a new stake in shares of Marathon Petroleum Corporation during the first quarter worth about $14,970,000. Wealthfront Inc. raised its stake in shares of Marathon Petroleum Corporation by 7.1% in the fourth quarter. Wealthfront Inc. now owns 12,271 shares of the oil and gas company’s stock worth $618,000 after buying an additional 812 shares during the period. HITE Hedge Asset Management LLC bought a new stake in shares of Marathon Petroleum Corporation during the fourth quarter worth about $4,350,000. Finally, Hartford Investment Management Co. raised its stake in shares of Marathon Petroleum Corporation by 13.2% in the first quarter. Hartford Investment Management Co. now owns 147,217 shares of the oil and gas company’s stock worth $7,440,000 after buying an additional 17,182 shares during the period. 79.42% of the stock is owned by institutional investors.
MPC has been the topic of several recent analyst reports. Royal Bank Of Canada reiterated a “buy” rating and set a $69.00 target price on shares of Marathon Petroleum Corporation in a research report on Thursday, June 1st. BidaskClub upgraded Marathon Petroleum Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Citigroup Inc. reiterated a “buy” rating and set a $67.00 target price (down previously from $68.50) on shares of Marathon Petroleum Corporation in a research report on Saturday, April 22nd. Jefferies Group LLC reiterated a “buy” rating and set a $61.00 target price on shares of Marathon Petroleum Corporation in a research report on Wednesday, April 19th. Finally, US Capital Advisors reiterated a “buy” rating on shares of Marathon Petroleum Corporation in a research report on Monday, May 22nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $58.96.
Shares of Marathon Petroleum Corporation (NYSE MPC) opened at 54.83 on Wednesday. Marathon Petroleum Corporation has a 12-month low of $36.58 and a 12-month high of $55.20. The stock’s 50 day moving average price is $53.15 and its 200-day moving average price is $50.98. The firm has a market capitalization of $28.44 billion, a P/E ratio of 24.18 and a beta of 1.56.
Marathon Petroleum Corporation (NYSE:MPC) last issued its earnings results on Thursday, April 27th. The oil and gas company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.07. The company had revenue of $16.39 billion during the quarter, compared to analyst estimates of $19.03 billion. Marathon Petroleum Corporation had a net margin of 1.80% and a return on equity of 5.68%. The company’s revenue for the quarter was up 27.8% on a year-over-year basis. During the same quarter last year, the business posted $0.07 EPS. On average, equities analysts expect that Marathon Petroleum Corporation will post $2.82 EPS for the current year.
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About Marathon Petroleum Corporation
Marathon Petroleum Corporation is engaged in refining, marketing, retail and transportation businesses in the United States and the largest east of the Mississippi. The Company operates through three segments: Refining & Marketing; Speedway; and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at the Company’s seven refineries in the Gulf Coast and Midwest regions of the United States.
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