Doheny Asset Management CA Sells 2,273 Shares of Marathon Petroleum Co. (NYSE:MPC)

Doheny Asset Management CA lowered its stake in Marathon Petroleum Co. (NYSE:MPC) by 23.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,401 shares of the oil and gas company’s stock after selling 2,273 shares during the period. Marathon Petroleum accounts for 1.1% of Doheny Asset Management CA’s holdings, making the stock its 27th largest holding. Doheny Asset Management CA’s holdings in Marathon Petroleum were worth $1,098,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in MPC. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Marathon Petroleum in the third quarter valued at approximately $109,099,000. Acadian Asset Management LLC lifted its holdings in shares of Marathon Petroleum by 127.0% during the third quarter. Acadian Asset Management LLC now owns 1,232,706 shares of the oil and gas company’s stock worth $186,536,000 after purchasing an additional 689,576 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Marathon Petroleum by 256.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 884,573 shares of the oil and gas company’s stock worth $131,235,000 after purchasing an additional 636,281 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Marathon Petroleum by 248.1% during the fourth quarter. International Assets Investment Management LLC now owns 608,888 shares of the oil and gas company’s stock worth $90,335,000 after purchasing an additional 433,977 shares during the period. Finally, Korea Investment CORP lifted its holdings in shares of Marathon Petroleum by 61.9% during the third quarter. Korea Investment CORP now owns 662,266 shares of the oil and gas company’s stock worth $100,227,000 after purchasing an additional 253,321 shares during the period. Institutional investors and hedge funds own 76.77% of the company’s stock.

Marathon Petroleum Stock Up 2.3 %

MPC traded up $4.18 during midday trading on Thursday, hitting $183.15. The company had a trading volume of 1,628,660 shares, compared to its average volume of 2,782,790. Marathon Petroleum Co. has a 52 week low of $104.32 and a 52 week high of $221.11. The company has a quick ratio of 1.13, a current ratio of 1.59 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $66.00 billion, a price-to-earnings ratio of 9.14, a PEG ratio of 1.48 and a beta of 1.55. The stock’s 50 day moving average price is $193.61 and its 200 day moving average price is $167.76.

Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.25. Marathon Petroleum had a net margin of 5.32% and a return on equity of 25.44%. The firm had revenue of $32.71 billion during the quarter, compared to the consensus estimate of $32.07 billion. During the same period in the previous year, the firm posted $6.09 earnings per share. The business’s revenue was down 6.2% compared to the same quarter last year. On average, research analysts anticipate that Marathon Petroleum Co. will post 20.49 earnings per share for the current fiscal year.

Marathon Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Thursday, May 16th will be given a dividend of $0.825 per share. This represents a $3.30 annualized dividend and a dividend yield of 1.80%. The ex-dividend date is Wednesday, May 15th. Marathon Petroleum’s payout ratio is presently 16.48%.

Marathon Petroleum announced that its board has approved a stock repurchase program on Tuesday, April 30th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the oil and gas company to repurchase up to 7.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MPC. TD Cowen lifted their price target on shares of Marathon Petroleum from $168.00 to $170.00 and gave the stock an “outperform” rating in a report on Wednesday, January 31st. Bank of America boosted their target price on shares of Marathon Petroleum from $185.00 to $230.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Piper Sandler boosted their target price on shares of Marathon Petroleum from $159.00 to $204.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Scotiabank boosted their target price on shares of Marathon Petroleum from $175.00 to $207.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Finally, Wells Fargo & Company boosted their target price on shares of Marathon Petroleum from $214.00 to $227.00 and gave the company an “overweight” rating in a report on Thursday, April 4th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $193.62.

Insider Transactions at Marathon Petroleum

In other news, Director Kim K.W. Rucker sold 1,000 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $170.35, for a total transaction of $170,350.00. Following the completion of the sale, the director now directly owns 23,446 shares of the company’s stock, valued at $3,994,026.10. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.21% of the stock is currently owned by insiders.

Marathon Petroleum Profile

Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. The company operates through Refining & Marketing, and Midstream segments. 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 and distributes refined products, including renewable diesel, through transportation, storage, distribution, and marketing services.