Bank of New York Mellon Corp Decreases Position in Marathon Petroleum Corporation $MPC

Bank of New York Mellon Corp lowered its position in Marathon Petroleum Corporation (NYSE:MPC) by 10.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,953,318 shares of the oil and gas company’s stock after selling 457,896 shares during the quarter. Bank of New York Mellon Corp owned 1.34% of Marathon Petroleum worth $965,321,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in MPC. Navalign LLC acquired a new position in shares of Marathon Petroleum in the fourth quarter worth $30,000. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Marathon Petroleum during the fourth quarter valued at $31,000. WFA of San Diego LLC purchased a new stake in Marathon Petroleum during the 2nd quarter worth about $33,000. Berbice Capital Management LLC increased its position in Marathon Petroleum by 100.0% during the 4th quarter. Berbice Capital Management LLC now owns 200 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Finally, Ares Financial Consulting LLC acquired a new position in Marathon Petroleum in the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 76.77% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on MPC. Mizuho raised their price target on shares of Marathon Petroleum from $224.00 to $284.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 27th. Morgan Stanley boosted their price objective on shares of Marathon Petroleum from $233.00 to $265.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Piper Sandler upped their price objective on shares of Marathon Petroleum from $197.00 to $228.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Jefferies Financial Group set a $335.00 target price on shares of Marathon Petroleum and gave the stock a “buy” rating in a research note on Sunday. Finally, Weiss Ratings upgraded Marathon Petroleum from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, July 6th. Ten equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Marathon Petroleum presently has an average rating of “Moderate Buy” and an average target price of $283.56.

Marathon Petroleum Price Performance

Marathon Petroleum stock opened at $299.39 on Thursday. Marathon Petroleum Corporation has a 1 year low of $158.00 and a 1 year high of $304.36. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.73 and a current ratio of 1.18. The firm has a 50 day moving average price of $259.70 and a 200 day moving average price of $225.73. The company has a market cap of $87.40 billion, a price-to-earnings ratio of 19.54, a PEG ratio of 0.42 and a beta of 0.52.

Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.91. The company had revenue of $34.20 billion for the quarter, compared to the consensus estimate of $33.42 billion. Marathon Petroleum had a net margin of 3.36% and a return on equity of 16.22%. Marathon Petroleum’s revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.24) earnings per share. Sell-side analysts predict that Marathon Petroleum Corporation will post 34.58 earnings per share for the current year.

Marathon Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were paid a dividend of $1.00 per share. The ex-dividend date was Wednesday, May 20th. This represents a $4.00 annualized dividend and a yield of 1.3%. Marathon Petroleum’s dividend payout ratio is currently 26.11%.

Insider Activity at Marathon Petroleum

In other news, VP Michael A. Henschen II sold 6,336 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $268.82, for a total value of $1,703,243.52. Following the transaction, the vice president directly owned 16,900 shares in the company, valued at $4,543,058. This trade represents a 27.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.17% of the stock is currently owned by company 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.