Cornerstone Wealth Management LLC cut its stake in Marathon Petroleum Corp (NYSE:MPC) by 37.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,098 shares of the oil and gas company’s stock after selling 21,487 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Marathon Petroleum were worth $643,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Polaris Greystone Financial Group LLC raised its holdings in Marathon Petroleum by 40,590.6% in the 3rd quarter. Polaris Greystone Financial Group LLC now owns 310,062 shares of the oil and gas company’s stock worth $24,796,000 after purchasing an additional 309,300 shares in the last quarter. Cypress Capital Group raised its holdings in Marathon Petroleum by 184.3% in the 2nd quarter. Cypress Capital Group now owns 27,957 shares of the oil and gas company’s stock worth $1,961,000 after purchasing an additional 18,124 shares in the last quarter. Cozad Asset Management Inc. bought a new position in Marathon Petroleum in the 2nd quarter worth $694,000. WINTON GROUP Ltd raised its holdings in Marathon Petroleum by 8.4% in the 2nd quarter. WINTON GROUP Ltd now owns 135,374 shares of the oil and gas company’s stock worth $9,498,000 after purchasing an additional 10,529 shares in the last quarter. Finally, Zweig DiMenna Associates LLC bought a new position in Marathon Petroleum in the 3rd quarter worth $17,824,000. Institutional investors and hedge funds own 83.02% of the company’s stock.
Several research analysts have commented on the stock. Zacks Investment Research lowered shares of Marathon Petroleum from a “buy” rating to a “hold” rating in a report on Tuesday, August 21st. Mizuho assumed coverage on shares of Marathon Petroleum in a report on Wednesday, August 1st. They issued a “buy” rating and a $95.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on shares of Marathon Petroleum from $98.00 to $102.00 and gave the stock an “overweight” rating in a report on Friday, July 27th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Marathon Petroleum in a research report on Monday, August 27th. Finally, Goldman Sachs Group started coverage on shares of Marathon Petroleum in a research report on Tuesday, October 2nd. They issued a “conviction-buy” rating on the stock. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Marathon Petroleum currently has a consensus rating of “Buy” and an average price target of $92.38.
NYSE:MPC opened at $69.49 on Friday. The stock has a market capitalization of $31.34 billion, a PE ratio of 18.29, a price-to-earnings-growth ratio of 0.96 and a beta of 1.50. The company has a current ratio of 1.60, a quick ratio of 1.04 and a debt-to-equity ratio of 0.92. Marathon Petroleum Corp has a 1-year low of $60.10 and a 1-year high of $88.45.
Marathon Petroleum (NYSE:MPC) last released its 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. The firm had revenue of $23.13 billion for the quarter, compared to the consensus estimate of $23.20 billion. Marathon Petroleum had a net margin of 4.48% and a return on equity of 12.21%. The company’s revenue was up 19.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.77 EPS. On average, analysts forecast that Marathon Petroleum Corp will post 5.13 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Wednesday, November 21st will be given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend is Tuesday, November 20th. Marathon Petroleum’s dividend payout ratio is presently 48.42%.
Marathon Petroleum Profile
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.
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