Maple Capital Management Inc. lifted its stake in shares of Marathon Petroleum Corp (NYSE:MPC) by 212.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,038 shares of the oil and gas company’s stock after purchasing an additional 23,140 shares during the period. Maple Capital Management Inc.’s holdings in Marathon Petroleum were worth $2,009,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Point72 Hong Kong Ltd increased its stake in shares of Marathon Petroleum by 73.3% during the 3rd quarter. Point72 Hong Kong Ltd now owns 19,007 shares of the oil and gas company’s stock worth $1,520,000 after purchasing an additional 8,040 shares during the last quarter. Greatmark Investment Partners Inc. grew its stake in Marathon Petroleum by 347.8% in the 4th quarter. Greatmark Investment Partners Inc. now owns 38,530 shares of the oil and gas company’s stock valued at $2,274,000 after buying an additional 29,925 shares in the last quarter. Kwmg LLC grew its stake in Marathon Petroleum by 14.9% in the 4th quarter. Kwmg LLC now owns 32,755 shares of the oil and gas company’s stock valued at $1,933,000 after buying an additional 4,259 shares in the last quarter. Investec Asset Management LTD grew its stake in Marathon Petroleum by 452.8% in the 4th quarter. Investec Asset Management LTD now owns 492,095 shares of the oil and gas company’s stock valued at $29,039,000 after buying an additional 403,079 shares in the last quarter. Finally, Barings LLC grew its stake in Marathon Petroleum by 30.5% in the 4th quarter. Barings LLC now owns 51,550 shares of the oil and gas company’s stock valued at $3,042,000 after buying an additional 12,050 shares in the last quarter. Institutional investors own 76.09% of the company’s stock.
A number of research analysts recently weighed in on the stock. Cowen reduced their price objective on shares of Marathon Petroleum from $111.00 to $97.00 and set an “outperform” rating for the company in a research note on Wednesday, November 28th. Macquarie assumed coverage on shares of Marathon Petroleum in a research note on Tuesday, February 5th. They issued an “outperform” rating and a $67.18 price objective for the company. Piper Jaffray Companies reiterated an “overweight” rating on shares of Marathon Petroleum in a research note on Thursday, January 10th. Standpoint Research assumed coverage on shares of Marathon Petroleum in a research note on Wednesday, December 26th. They issued an “accumulate” rating for the company. Finally, ValuEngine upgraded shares of Marathon Petroleum from a “sell” rating to a “hold” rating in a research note on Thursday, December 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Marathon Petroleum currently has an average rating of “Buy” and an average target price of $92.09.
Marathon Petroleum (NYSE:MPC) last released its quarterly earnings results on Thursday, February 7th. The oil and gas company reported $2.41 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.43. The firm had revenue of $32.54 billion during the quarter, compared to analyst estimates of $34.16 billion. Marathon Petroleum had a net margin of 2.86% and a return on equity of 14.14%. The business’s revenue for the quarter was up 53.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.05 EPS. Sell-side analysts forecast that Marathon Petroleum Corp will post 6.28 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Wednesday, February 20th were given a dividend of $0.53 per share. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.46. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date was Tuesday, February 19th. Marathon Petroleum’s payout ratio is 31.27%.
In other news, CEO Gary R. Heminger sold 187,142 shares of the business’s stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $65.00, for a total transaction of $12,164,230.00. Following the completion of the transaction, the chief executive officer now directly owns 434,166 shares in the company, valued at approximately $28,220,790. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.09% of the stock is owned by insiders.
About Marathon Petroleum
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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