Carnegie Investment Counsel Sells 1,864 Shares of Marathon Petroleum Corporation $MPC

Carnegie Investment Counsel reduced its position in Marathon Petroleum Corporation (NYSE:MPC) by 5.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,966 shares of the oil and gas company’s stock after selling 1,864 shares during the period. Carnegie Investment Counsel’s holdings in Marathon Petroleum were worth $7,805,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Diversified Trust Co. grew its position in Marathon Petroleum by 39.3% during the fourth quarter. Diversified Trust Co. now owns 15,675 shares of the oil and gas company’s stock valued at $2,549,000 after buying an additional 4,419 shares during the period. USA Financial Formulas purchased a new position in shares of Marathon Petroleum during the 4th quarter worth $791,000. North Dakota State Investment Board bought a new stake in shares of Marathon Petroleum during the 4th quarter valued at $1,714,000. KBC Group NV grew its position in shares of Marathon Petroleum by 22.4% during the 4th quarter. KBC Group NV now owns 225,837 shares of the oil and gas company’s stock valued at $36,728,000 after acquiring an additional 41,259 shares during the period. Finally, KKM Financial LLC increased its stake in shares of Marathon Petroleum by 27.6% in the 3rd quarter. KKM Financial LLC now owns 26,202 shares of the oil and gas company’s stock worth $5,050,000 after purchasing an additional 5,661 shares in the last quarter. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Price Performance

Shares of Marathon Petroleum stock opened at $283.60 on Monday. The stock’s 50-day simple moving average is $256.82 and its 200-day simple moving average is $222.90. Marathon Petroleum Corporation has a 52 week low of $158.00 and a 52 week high of $287.15. The company has a market capitalization of $82.79 billion, a price-to-earnings ratio of 18.51, a PEG ratio of 0.41 and a beta of 0.52. The company has a quick ratio of 0.73, a current ratio of 1.18 and a debt-to-equity ratio of 1.31.

Marathon Petroleum (NYSE:MPC) last released its earnings results on Tuesday, May 5th. The oil and gas company reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.91. The firm had revenue of $34.20 billion during the quarter, compared to analysts’ expectations of $33.42 billion. Marathon Petroleum had a return on equity of 16.22% and a net margin of 3.36%.The firm’s revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.24) earnings per share. As a group, analysts expect that Marathon Petroleum Corporation will post 32.96 earnings per share for the current fiscal year.

Marathon Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Wednesday, May 20th. Marathon Petroleum’s dividend payout ratio (DPR) is 26.11%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MPC shares. Wall Street Zen upgraded Marathon Petroleum from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 10th. Piper Sandler raised their price objective on Marathon Petroleum from $197.00 to $228.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Jefferies Financial Group set a $335.00 price objective on Marathon Petroleum and gave the company a “buy” rating in a research report on Sunday. Wells Fargo & Company reiterated an “overweight” rating and set a $344.00 price objective on shares of Marathon Petroleum in a research note on Monday, June 15th. Finally, Weiss Ratings raised shares of Marathon Petroleum from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, July 6th. Ten analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $277.31.

Insider Activity

In other news, VP Michael A. Henschen II sold 6,336 shares of Marathon Petroleum stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $268.82, for a total transaction of $1,703,243.52. Following the sale, the vice president owned 16,900 shares in the company, valued at $4,543,058. This trade represents a 27.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.17% of the stock is currently owned by insiders.

About Marathon Petroleum

Marathon Petroleum Corporation (NYSE: MPC) is a U.S.-based downstream energy company engaged principally in the refining, marketing, supply and transportation of petroleum products. The company was formed through a spin-off from Marathon Oil in 2011 and operates an integrated system of refining and logistics assets that support the production and distribution of transportation fuels and other refined petroleum products.

Marathon Petroleum’s operations include refining crude oil into gasoline, diesel, jet fuel, asphalt and other specialty products, as well as managing the distribution and storage infrastructure needed to move those products to market.