On September 22, 2023, leading investment firm Xponance Inc. announced a reduction in its stake in Marathon Petroleum Co. (NYSE:MPC) by 4.1% during the second quarter of this year, according to a recent filing with the Securities & Exchange Commission (SEC). Xponance Inc. now holds 67,785 shares of the oil and gas company’s stock after selling 2,920 shares within the mentioned period. With this adjustment, Xponance Inc.’s holdings in Marathon Petroleum are currently valued at $7,904,000 as per the most recent filing with the SEC.
Marathon Petroleum also disclosed its quarterly dividend recently, which was paid out on Monday, September 11th. Shareholders of record as of Wednesday, August 16th received a dividend of $0.75 per share. This translates to an annualized dividend of $3.00 and a yield of 1.94%. The ex-dividend date for this particular dividend was Tuesday, August 15th. At present, Marathon Petroleum maintains a payout ratio of 10.89%.
These recent developments reflect notable activities within the energy sector as well as investor activities surrounding Marathon Petroleum Co. The decision by Xponance Inc., a renowned investment firm known for its strategic stakeholdings across various industries including energy companies, signals that they have adjusted their portfolio composition for reasons not specified in the filing.
In terms of dividends paid out by Marathon Petroleum Co., this event demonstrates their commitment to returning value to shareholders through regular cash distributions based on their financial performance and profitability.
Marathon Petroleum is recognized as one of the largest independent petroleum refining companies globally and operates an extensive network of refineries and pipelines spanning multiple states within the United States. The company’s operations involve refining crude oil into various products such as gasoline and diesel fuel while also owning and operating numerous retail fuel stations nationwide.
Investors keen on Marathon Petroleum Co.’s performance and interested in acquiring its stock or analyzing its long-term prospects may find these recent developments influential when evaluating their investment decisions.
It’s important to note that market conditions evolve, and fluctuations in the energy sector can impact investment choices. Therefore, it is advisable for potential investors to conduct comprehensive research, review financial statements, and consider consulting with a financial advisor before making any investment decisions regarding Marathon Petroleum Co.
The Cooper Companies, Inc.
COO
Strong Buy
Updated on: 23/09/2023
Marathon Petroleum Sees changes in Hedge Fund Positions, Mixed Ratings from Research Firms, and Decline in Quarterly Revenue
Marathon Petroleum (NYSE:MPC) has seen several hedge funds and institutional investors make changes to their positions in the stock recently. Acadian Asset Management LLC increased its position in Marathon Petroleum by 19.4% in the 1st quarter, acquiring an additional 910 shares and now owning a total of 5,603 shares valued at $479,000. Similarly, Cibc World Market Inc. bought a new position in Marathon Petroleum during the 1st quarter valued at approximately $282,000. Vontobel Holding Ltd. also lifted its position by 1.6% in the 1st quarter, acquiring an additional 293 shares and now owning 18,559 shares worth $1,584,000.
Furthermore, Sei Investments Co. saw a significant increase of 25.1% in its position during the same period, adding an additional 18,230 shares and bringing its total to 90,916 shares with a value of $7,800,000. Lastly, Moors & Cabot Inc. acquired an extra 937 shares during the quarter resulting in a cumulative holding of 9,438 shares valued at $807,000.
It is important to note that hedge funds and other institutional investors currently own approximately 74.93% of Marathon Petroleum’s stock.
Several research firms have also weighed in on MPC’s performance recently. Royal Bank of Canada increased their price target from $148 to $152 per share and gave the company an “outperform” rating in August this year. In addition to this, Piper Sandler raised Marathon Petroleum’s price target from $133 to $143 per share earlier this month.
In another report published on September 8th by Wells Fargo & Company analysts upped their price objective on Marathon Petroleum from $142 to $157 per share and gave it an “equal weight” rating.
With these varied ratings considered from various research firms, the company currently has an average rating of “Moderate Buy” and a consensus price target of $157.92 per share.
As of Friday, September 22nd, the shares of Marathon Petroleum on the NYSE were priced at $154.77.
There are several financial indicators to consider when evaluating Marathon Petroleum’s current state. The company has a debt-to-equity ratio of 0.86 and both a current ratio and quick ratio standing at 1.84 and 1.30 respectively. Additionally, MPC has a market capitalization of $61.88 billion, with a P/E ratio of 5.62 and a PEG ratio of 1.14.
Over the past year, Marathon Petroleum’s stock has exhibited significant fluctuations, touching its lowest point at $89.40 and reaching its highest peak at $159.50.
In terms of earnings performance, Marathon Petroleum announced its quarterly earnings data on August 1st this year, reporting earnings per share (EPS) of $5.32 for the quarter. This surpassed the consensus estimate by $0.77 as analysts had projected EPS to be around $4.55.
During this period, the company generated revenue of $36.82 billion compared to the consensus estimate of $32.60 billion.
Marathon Petroleum’s net margin stood at 8.01%, while its return on equity was reported as 36.33%.
It is worth noting that these figures represent a decline in quarterly revenue by 32.2% compared to the same quarter last year when the company earned an impressive EPS figure of $10.61.
Based on predictions from research analysts, it is anticipated that Marathon Petroleum will post earnings per share (EPS) amounting to approximately $22.37 for the current fiscal year.
In conclusion, Marathon Petroleum’s stock performance has seen varied activity with hedge funds and institutional investors making changes to their positions. Research firms have provided mixed ratings, resulting in an average rating of “Moderate Buy” with a consensus price target of $157.92 per share. The company’s financial indicators exhibit stability, but it is important to note the significant decline in quarterly revenue compared to the same period last year.
