Marathon Petroleum Corporation (MPC) Downgraded to Neutral at Goldman Sachs Group, Inc. (The)
Goldman Sachs Group, Inc. (The) downgraded shares of Marathon Petroleum Corporation (NYSE:MPC) from a buy rating to a neutral rating in a report released on Tuesday morning. Goldman Sachs Group, Inc. (The) currently has $63.00 price objective on the oil and gas company’s stock. The analysts noted that the move was a valuation call.
Several other research analysts have also recently commented on MPC. BidaskClub cut Marathon Petroleum Corporation from a hold rating to a sell rating in a research note on Saturday, August 19th. Jefferies Group LLC set a $65.00 price objective on Marathon Petroleum Corporation and gave the company a buy rating in a research note on Friday, August 25th. Zacks Investment Research upgraded Marathon Petroleum Corporation from a sell rating to a hold rating in a research note on Monday, August 7th. Scotiabank set a $55.00 price objective on Marathon Petroleum Corporation and gave the stock a hold rating in a report on Tuesday, July 11th. Finally, Royal Bank Of Canada restated a buy rating and set a $71.00 price objective on shares of Marathon Petroleum Corporation in a report on Thursday, August 31st. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $60.27.
Marathon Petroleum Corporation (NYSE:MPC) traded up 0.91% during mid-day trading on Tuesday, reaching $56.65. The company’s stock had a trading volume of 1,046,972 shares. The stock’s 50 day moving average price is $53.01 and its 200 day moving average price is $52.48. Marathon Petroleum Corporation has a 1-year low of $40.01 and a 1-year high of $56.81. The stock has a market capitalization of $28.68 billion, a P/E ratio of 33.78 and a beta of 1.56.
Marathon Petroleum Corporation (NYSE:MPC) last released its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $1.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.01). Marathon Petroleum Corporation had a return on equity of 5.52% and a net margin of 1.34%. The company had revenue of $18.35 billion during the quarter, compared to analysts’ expectations of $19.98 billion. During the same quarter in the prior year, the company earned $1.07 EPS. The firm’s revenue was up 9.3% compared to the same quarter last year. Analysts expect that Marathon Petroleum Corporation will post $2.98 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Wednesday, August 16th were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 14th. This is a positive change from Marathon Petroleum Corporation’s previous quarterly dividend of $0.36. This represents a $1.60 annualized dividend and a dividend yield of 2.85%. Marathon Petroleum Corporation’s payout ratio is 90.91%.
In related news, VP C. Michael Palmer sold 11,450 shares of the stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $53.02, for a total transaction of $607,079.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.05% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of MPC. Blue Chip Partners Inc. bought a new position in shares of Marathon Petroleum Corporation during the second quarter valued at approximately $100,000. Guardian Life Insurance Co. of America raised its position in shares of Marathon Petroleum Corporation by 0.7% during the 1st quarter. Guardian Life Insurance Co. of America now owns 2,036 shares of the oil and gas company’s stock worth $103,000 after purchasing an additional 14 shares during the period. Lee Financial Co raised its position in shares of Marathon Petroleum Corporation by 2.4% during the 2nd quarter. Lee Financial Co now owns 2,048 shares of the oil and gas company’s stock worth $107,000 after purchasing an additional 48 shares during the period. Jacobi Capital Management LLC raised its position in shares of Marathon Petroleum Corporation by 32.2% during the 1st quarter. Jacobi Capital Management LLC now owns 2,340 shares of the oil and gas company’s stock worth $116,000 after purchasing an additional 570 shares during the period. Finally, First Interstate Bank raised its position in shares of Marathon Petroleum Corporation by 81.1% during the 2nd quarter. First Interstate Bank now owns 2,376 shares of the oil and gas company’s stock worth $124,000 after purchasing an additional 1,064 shares during the period. 78.25% of the stock is currently owned by hedge funds and other institutional investors.
About Marathon Petroleum Corporation
Marathon Petroleum Corporation is engaged in refining, marketing, retail and transportation businesses in the United States and the largest east of the Mississippi. The Company operates through three segments: Refining & Marketing; Speedway; and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at the Company’s seven refineries in the Gulf Coast and Midwest regions of the United States.
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