Zacks: Analysts Anticipate Marathon Petroleum Corporation (MPC) Will Post Quarterly Sales of $17.98 Billion
Brokerages expect Marathon Petroleum Corporation (NYSE:MPC) to announce sales of $17.98 billion for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Marathon Petroleum Corporation’s earnings, with the highest sales estimate coming in at $19.64 billion and the lowest estimate coming in at $16.79 billion. Marathon Petroleum Corporation reported sales of $16.46 billion in the same quarter last year, which indicates a positive year over year growth rate of 9.2%. The firm is expected to report its next earnings report on Thursday, October 26th.
On average, analysts expect that Marathon Petroleum Corporation will report full-year sales of $17.98 billion for the current financial year, with estimates ranging from $66.54 billion to $73.93 billion. For the next financial year, analysts forecast that the firm will post sales of $74.21 billion per share, with estimates ranging from $59.72 billion to $87.50 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Marathon Petroleum Corporation.
Marathon Petroleum Corporation (NYSE:MPC) last released its earnings results on Thursday, July 27th. The oil and gas company reported $1.03 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.01). Marathon Petroleum Corporation had a return on equity of 5.52% and a net margin of 1.34%. The business had revenue of $18.35 billion during the quarter, compared to analysts’ expectations of $19.98 billion. During the same quarter in the previous year, the business earned $1.07 EPS. The business’s revenue for the quarter was up 9.3% on a year-over-year basis.
MPC has been the topic of several recent analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $64.00 price target (down previously from $65.00) on shares of Marathon Petroleum Corporation in a research note on Wednesday, September 6th. Wells Fargo & Company lowered Marathon Petroleum Corporation from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $65.00 to $56.00 in a research note on Tuesday, September 5th. Bank of America Corporation lowered Marathon Petroleum Corporation from a “buy” rating to a “neutral” rating in a research note on Tuesday, September 5th. ValuEngine raised Marathon Petroleum Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Scotiabank reaffirmed a “hold” rating and issued a $55.00 price target on shares of Marathon Petroleum Corporation in a research note on Friday, September 1st. Six research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $59.67.
Several hedge funds have recently bought and sold shares of MPC. Blue Chip Partners Inc. purchased a new stake in shares of Marathon Petroleum Corporation in the 2nd quarter valued at $100,000. Guardian Life Insurance Co. of America raised its holdings in shares of Marathon Petroleum Corporation by 0.7% in the 1st quarter. Guardian Life Insurance Co. of America now owns 2,036 shares of the oil and gas company’s stock valued at $103,000 after buying an additional 14 shares during the period. FTB Advisors Inc. raised its holdings in shares of Marathon Petroleum Corporation by 484.9% in the 1st quarter. FTB Advisors Inc. now owns 2,047 shares of the oil and gas company’s stock valued at $104,000 after buying an additional 1,697 shares during the period. Lee Financial Co raised its holdings in shares of Marathon Petroleum Corporation by 2.4% in the 2nd quarter. Lee Financial Co now owns 2,048 shares of the oil and gas company’s stock valued at $107,000 after buying an additional 48 shares during the period. Finally, Jacobi Capital Management LLC raised its holdings in shares of Marathon Petroleum Corporation by 32.2% in the 1st quarter. Jacobi Capital Management LLC now owns 2,340 shares of the oil and gas company’s stock valued at $116,000 after buying an additional 570 shares during the period. Hedge funds and other institutional investors own 78.85% of the company’s stock.
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Shares of Marathon Petroleum Corporation (NYSE MPC) opened at 52.96 on Friday. Marathon Petroleum Corporation has a 1-year low of $39.29 and a 1-year high of $56.81. The stock has a market cap of $26.81 billion, a price-to-earnings ratio of 31.58 and a beta of 1.56. The firm has a 50-day moving average price of $52.82 and a 200-day moving average price of $52.06.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Wednesday, August 16th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.02%. The ex-dividend date was Monday, August 14th. This is an increase from Marathon Petroleum Corporation’s previous quarterly dividend of $0.36. Marathon Petroleum Corporation’s payout ratio is currently 90.91%.
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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