Highbridge Capital Management LLC purchased a new stake in Marathon Petroleum Corp (NYSE:MPC) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 22,795 shares of the oil and gas company’s stock, valued at approximately $1,823,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Greenleaf Trust increased its holdings in shares of Marathon Petroleum by 10.1% in the second quarter. Greenleaf Trust now owns 6,953 shares of the oil and gas company’s stock valued at $488,000 after buying an additional 635 shares in the last quarter. MUFG Americas Holdings Corp increased its holdings in shares of Marathon Petroleum by 2.4% in the second quarter. MUFG Americas Holdings Corp now owns 27,240 shares of the oil and gas company’s stock valued at $1,911,000 after buying an additional 639 shares in the last quarter. Shikiar Asset Management Inc. increased its holdings in shares of Marathon Petroleum by 1.4% in the third quarter. Shikiar Asset Management Inc. now owns 55,325 shares of the oil and gas company’s stock valued at $4,424,000 after buying an additional 750 shares in the last quarter. GWM Advisors LLC raised its stake in Marathon Petroleum by 16.8% during the 3rd quarter. GWM Advisors LLC now owns 5,274 shares of the oil and gas company’s stock valued at $422,000 after purchasing an additional 757 shares during the period. Finally, IFP Advisors Inc raised its stake in Marathon Petroleum by 3.3% during the 3rd quarter. IFP Advisors Inc now owns 24,145 shares of the oil and gas company’s stock valued at $1,931,000 after purchasing an additional 769 shares during the period. 83.16% of the stock is currently owned by institutional investors.
In related news, Director Steven A. Davis purchased 2,500 shares of the company’s stock in a transaction dated Monday, November 19th. The shares were acquired at an average cost of $62.20 per share, with a total value of $155,500.00. Following the completion of the purchase, the director now owns 16,462 shares of the company’s stock, valued at approximately $1,023,936.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.09% of the company’s stock.
Shares of NYSE:MPC opened at $61.56 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.09 and a current ratio of 1.65. Marathon Petroleum Corp has a 12-month low of $60.64 and a 12-month high of $88.45. The firm has a market cap of $43.90 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 0.78 and a beta of 1.43.
Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings results on Thursday, November 1st. The oil and gas company reported $1.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.68 by $0.02. Marathon Petroleum had a net margin of 4.48% and a return on equity of 12.28%. The business had revenue of $23.13 billion for the quarter, compared to the consensus estimate of $23.20 billion. During the same period in the prior year, the business posted $1.77 earnings per share. Marathon Petroleum’s revenue for the quarter was up 19.3% compared to the same quarter last year. On average, sell-side analysts forecast that Marathon Petroleum Corp will post 5.14 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Wednesday, November 21st will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date of this dividend is Tuesday, November 20th. Marathon Petroleum’s dividend payout ratio (DPR) is presently 48.42%.
Several analysts have issued reports on MPC shares. Zacks Investment Research raised shares of Marathon Petroleum from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a research note on Monday, August 27th. Morgan Stanley set a $110.00 target price on shares of Marathon Petroleum and gave the company a “buy” rating in a research note on Friday, October 12th. Barclays started coverage on shares of Marathon Petroleum in a research note on Wednesday, October 3rd. They set an “overweight” rating and a $125.00 target price on the stock. Cowen reissued a “buy” rating and set a $111.00 target price on shares of Marathon Petroleum in a research note on Thursday, November 29th. Finally, Citigroup boosted their target price on shares of Marathon Petroleum from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, October 16th. Three investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $92.93.
ILLEGAL ACTIVITY NOTICE: This piece was originally published by American Banking News and is owned by of American Banking News. If you are accessing this piece on another site, it was stolen and reposted in violation of United States and international trademark & copyright legislation. The correct version of this piece can be accessed at https://www.americanbankingnews.com/2018/12/08/highbridge-capital-management-llc-invests-1-82-million-in-marathon-petroleum-corp-mpc-stock.html.
About Marathon Petroleum
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.
Featured Story: No Load Funds
Receive News & Ratings for Marathon Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marathon Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.