Marathon Petroleum Corp (NYSE:MPC) Shares Bought by Pittenger & Anderson Inc.
Pittenger & Anderson Inc. boosted its stake in Marathon Petroleum Corp (NYSE:MPC) by 4.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 59,175 shares of the oil and gas company’s stock after buying an additional 2,345 shares during the period. Pittenger & Anderson Inc.’s holdings in Marathon Petroleum were worth $4,152,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Bruderman Asset Management LLC acquired a new position in shares of Marathon Petroleum in the first quarter worth about $102,000. Legacy Financial Advisors Inc. bought a new position in Marathon Petroleum during the second quarter valued at approximately $113,000. Northwest Wealth Management LLC bought a new position in Marathon Petroleum during the second quarter valued at approximately $116,000. Quadrant Capital Group LLC raised its position in Marathon Petroleum by 63.8% during the first quarter. Quadrant Capital Group LLC now owns 1,787 shares of the oil and gas company’s stock valued at $120,000 after acquiring an additional 696 shares in the last quarter. Finally, Optimum Investment Advisors bought a new position in Marathon Petroleum during the first quarter valued at approximately $124,000. Hedge funds and other institutional investors own 82.78% of the company’s stock.
MPC has been the topic of several recent research reports. Zacks Investment Research raised shares of Marathon Petroleum from a “hold” rating to a “buy” rating and set a $86.00 price objective on the stock in a research report on Friday, August 17th. Mizuho assumed coverage on Marathon Petroleum in a report on Wednesday, August 1st. They set a “buy” rating and a $95.00 price target on the stock. Royal Bank of Canada reiterated a “buy” rating and set a $87.00 price target on shares of Marathon Petroleum in a report on Friday, July 27th. Citigroup increased their price target on Marathon Petroleum from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, September 7th. Finally, Wells Fargo & Co reiterated a “buy” rating on shares of Marathon Petroleum in a report on Monday, August 27th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Marathon Petroleum presently has an average rating of “Buy” and an average price target of $90.81.
Marathon Petroleum (NYSE:MPC) last released its quarterly earnings results on Thursday, July 26th. The oil and gas company reported $2.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.98 by $0.29. Marathon Petroleum had a return on equity of 12.83% and a net margin of 4.89%. The business had revenue of $22.45 billion during the quarter, compared to analysts’ expectations of $22.14 billion. During the same period in the previous year, the business posted $0.93 earnings per share. The firm’s revenue for the quarter was up 22.3% compared to the same quarter last year. As a group, sell-side analysts predict that Marathon Petroleum Corp will post 5.05 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 10th. Shareholders of record on Thursday, August 16th were issued a dividend of $0.46 per share. The ex-dividend date was Wednesday, August 15th. This represents a $1.84 annualized dividend and a yield of 2.18%. Marathon Petroleum’s dividend payout ratio is currently 48.42%.
Marathon Petroleum Company Profile
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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