Cornerstone Advisors Inc. decreased its stake in Marathon Petroleum Corp (NYSE:MPC) by 59.2% in the third quarter, HoldingsChannel.com reports. The firm owned 1,324 shares of the oil and gas company’s stock after selling 1,919 shares during the period. Cornerstone Advisors Inc.’s holdings in Marathon Petroleum were worth $106,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Rational Advisors LLC boosted its position in shares of Marathon Petroleum by 282.4% in the 3rd quarter. Rational Advisors LLC now owns 1,480 shares of the oil and gas company’s stock valued at $118,000 after purchasing an additional 1,093 shares during the period. NEXT Financial Group Inc acquired a new position in shares of Marathon Petroleum in the 3rd quarter valued at $124,000. Columbia Asset Management acquired a new position in shares of Marathon Petroleum in the 3rd quarter valued at $156,000. Almanack Investment Partners LLC. acquired a new position in shares of Marathon Petroleum in the 3rd quarter valued at $166,000. Finally, Moneta Group Investment Advisors LLC boosted its position in shares of Marathon Petroleum by 1,267.0% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 15,816 shares of the oil and gas company’s stock valued at $173,000 after purchasing an additional 14,659 shares during the period. Institutional investors and hedge funds own 83.16% of the company’s stock.
In other news, Director Steven A. Davis purchased 3,500 shares of the business’s stock in a transaction dated Friday, December 14th. The stock was bought at an average cost of $62.14 per share, with a total value of $217,490.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Steven A. Davis purchased 2,500 shares of the business’s stock in a transaction dated Monday, November 19th. The shares were purchased at an average cost of $62.20 per share, with a total value of $155,500.00. Following the completion of the purchase, the director now directly owns 16,462 shares in the company, valued at $1,023,936.40. The disclosure for this purchase can be found here. 1.09% of the stock is owned by company insiders.
Marathon Petroleum (NYSE:MPC) last announced its quarterly earnings data on Thursday, November 1st. The oil and gas company reported $1.70 EPS for the quarter, topping the Zacks’ consensus estimate of $1.68 by $0.02. Marathon Petroleum had a return on equity of 12.28% and a net margin of 4.48%. The firm had revenue of $23.13 billion during the quarter, compared to analyst estimates of $23.20 billion. During the same period last year, the company posted $1.77 EPS. The business’s quarterly revenue was up 19.3% compared to the same quarter last year. Equities analysts expect that Marathon Petroleum Corp will post 5.13 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, December 10th. Stockholders of record on Wednesday, November 21st were paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date was Tuesday, November 20th. Marathon Petroleum’s dividend payout ratio (DPR) is presently 48.42%.
A number of equities analysts recently weighed in on the company. Zacks Investment Research upgraded Marathon Petroleum from a “hold” rating to a “buy” rating and set a $94.00 price target for the company in a research report on Tuesday, October 9th. Wells Fargo & Co reiterated a “buy” rating on shares of Marathon Petroleum in a research report on Monday, August 27th. Barclays assumed coverage on Marathon Petroleum in a research report on Wednesday, October 3rd. They issued an “overweight” rating and a $125.00 price target for the company. Citigroup increased their price target on Marathon Petroleum from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, September 7th. Finally, Goldman Sachs Group assumed coverage on Marathon Petroleum in a research report on Tuesday, October 2nd. They issued a “conviction-buy” rating for the company. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Marathon Petroleum currently has a consensus rating of “Buy” and an average price target of $92.93.
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About Marathon Petroleum
Marathon Petroleum Corp. is an independent petroleum product refiners, marketers and transporters in the United States. The company operates through the following segments: Refining & Marketing, Speedway and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast and Midwest regions of the United States, purchases ethanol and refined products for resale and distributes refined products through various means, including barges, terminals and trucks that the company owns or operates.
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