Verition Fund Management LLC Invests $2.14 Million in Marathon Petroleum Co. (NYSE:MPC)

Verition Fund Management LLC bought a new position in Marathon Petroleum Co. (NYSE:MPC) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 40,000 shares of the oil and gas company’s stock, valued at approximately $2,140,000.

Several other institutional investors and hedge funds also recently modified their holdings of the company. JT Stratford LLC boosted its position in Marathon Petroleum by 2.1% during the first quarter. JT Stratford LLC now owns 8,593 shares of the oil and gas company’s stock worth $460,000 after purchasing an additional 180 shares in the last quarter. TCI Wealth Advisors Inc. boosted its position in Marathon Petroleum by 5.3% during the first quarter. TCI Wealth Advisors Inc. now owns 4,043 shares of the oil and gas company’s stock worth $216,000 after purchasing an additional 204 shares in the last quarter. Loomis Sayles & Co. L P boosted its position in Marathon Petroleum by 47.8% during the first quarter. Loomis Sayles & Co. L P now owns 649 shares of the oil and gas company’s stock worth $35,000 after purchasing an additional 210 shares in the last quarter. Stillwater Investment Management LLC boosted its position in Marathon Petroleum by 1.0% during the first quarter. Stillwater Investment Management LLC now owns 21,362 shares of the oil and gas company’s stock worth $1,143,000 after purchasing an additional 211 shares in the last quarter. Finally, Harbor Financial Services LLC boosted its position in Marathon Petroleum by 2.3% during the first quarter. Harbor Financial Services LLC now owns 10,190 shares of the oil and gas company’s stock worth $545,000 after purchasing an additional 229 shares in the last quarter. Hedge funds and other institutional investors own 76.20% of the company’s stock.

MPC stock opened at $54.08 on Thursday. Marathon Petroleum Co. has a 1 year low of $26.56 and a 1 year high of $64.84. The company has a current ratio of 1.89, a quick ratio of 1.36 and a debt-to-equity ratio of 1.08. The company has a 50 day moving average of $60.14. The stock has a market cap of $35.30 billion, a price-to-earnings ratio of -32.98, a P/E/G ratio of 5.71 and a beta of 2.17.

Marathon Petroleum (NYSE:MPC) last posted its earnings results on Tuesday, May 4th. The oil and gas company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.52. Marathon Petroleum had a negative return on equity of 7.64% and a negative net margin of 1.43%. The firm had revenue of $22.88 billion for the quarter, compared to analyst estimates of $19.80 billion. During the same quarter in the prior year, the company earned ($0.16) EPS. Marathon Petroleum’s revenue was down 5.0% on a year-over-year basis. On average, analysts anticipate that Marathon Petroleum Co. will post 1.14 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 10th. Shareholders of record on Wednesday, May 19th were issued a $0.58 dividend. The ex-dividend date of this dividend was Tuesday, May 18th. This represents a $2.32 annualized dividend and a yield of 4.29%. Marathon Petroleum’s dividend payout ratio (DPR) is presently -67.44%.

A number of equities analysts have issued reports on the company. Bank of America reiterated a “buy” rating and set a $83.00 price target on shares of Marathon Petroleum in a research report on Wednesday, June 16th. Raymond James restated a “buy” rating and issued a $82.00 target price on shares of Marathon Petroleum in a research report on Monday, July 12th. Piper Sandler raised their target price on Marathon Petroleum from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, April 1st. Citigroup raised their target price on Marathon Petroleum from $58.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, June 9th. Finally, Credit Suisse Group initiated coverage on Marathon Petroleum in a research report on Monday, May 17th. They issued an “outperform” rating on the stock. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $64.50.

Marathon Petroleum Company Profile

Marathon Petroleum Corporation, together with its subsidiaries, engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates in two segments: Refining & Marketing, and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States; and purchases refined products and ethanol for resale.

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Institutional Ownership by Quarter for Marathon Petroleum (NYSE:MPC)

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