CIBC World Markets Inc. Sells 796,990 Shares of Marathon Petroleum Corporation (MPC)
CIBC World Markets Inc. trimmed its holdings in shares of Marathon Petroleum Corporation (NYSE:MPC) by 98.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,592 shares of the oil and gas company’s stock after selling 796,990 shares during the quarter. CIBC World Markets Inc.’s holdings in Marathon Petroleum Corporation were worth $450,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Blue Chip Partners Inc. bought a new stake in Marathon Petroleum Corporation during the second quarter valued at approximately $100,000. Guardian Life Insurance Co. of America grew its position in Marathon Petroleum Corporation by 0.7% during the first quarter. Guardian Life Insurance Co. of America now owns 2,036 shares of the oil and gas company’s stock valued at $103,000 after buying an additional 14 shares during the period. Lee Financial Co grew its position in Marathon Petroleum Corporation by 2.4% during the second quarter. Lee Financial Co now owns 2,048 shares of the oil and gas company’s stock valued at $107,000 after buying an additional 48 shares during the period. Jacobi Capital Management LLC grew its position in Marathon Petroleum Corporation by 32.2% during the first quarter. Jacobi Capital Management LLC now owns 2,340 shares of the oil and gas company’s stock valued at $116,000 after buying an additional 570 shares during the period. Finally, First Interstate Bank grew its position in Marathon Petroleum Corporation by 81.1% during the second quarter. First Interstate Bank now owns 2,376 shares of the oil and gas company’s stock valued at $124,000 after buying an additional 1,064 shares during the period. Institutional investors own 78.25% of the company’s stock.
Several analysts recently issued reports on MPC shares. Bank of America Corporation lowered shares of Marathon Petroleum Corporation from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 5th. Zacks Investment Research lowered shares of Marathon Petroleum Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Scotiabank reiterated a “hold” rating and issued a $55.00 price target on shares of Marathon Petroleum Corporation in a research report on Friday, September 1st. Royal Bank Of Canada reiterated a “buy” rating and issued a $71.00 price target on shares of Marathon Petroleum Corporation in a research report on Thursday, August 31st. Finally, Wells Fargo & Company lowered shares of Marathon Petroleum Corporation from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $65.00 to $56.00 in a research report on Tuesday, September 5th. Six research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $59.67.
In other Marathon Petroleum Corporation news, VP C. Michael Palmer sold 11,450 shares of the firm’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $53.02, for a total value of $607,079.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.05% of the company’s stock.
Marathon Petroleum Corporation (NYSE:MPC) opened at 54.20 on Wednesday. The stock has a market cap of $27.44 billion, a P/E ratio of 32.32 and a beta of 1.56. The stock has a 50 day moving average of $52.72 and a 200 day moving average of $52.13. Marathon Petroleum Corporation has a 12-month low of $39.29 and a 12-month high of $56.81.
Marathon Petroleum Corporation (NYSE:MPC) last announced its quarterly earnings data on Thursday, July 27th. The oil and gas company reported $1.03 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.01). The firm had revenue of $18.35 billion during the quarter, compared to analysts’ expectations of $19.98 billion. Marathon Petroleum Corporation had a net margin of 1.34% and a return on equity of 5.52%. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.07 EPS. On average, equities research analysts anticipate that Marathon Petroleum Corporation will post $2.92 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Wednesday, August 16th were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 14th. This represents a $1.60 dividend on an annualized basis and a yield of 2.95%. This is a positive change from Marathon Petroleum Corporation’s previous quarterly dividend of $0.36. Marathon Petroleum Corporation’s dividend payout ratio (DPR) is presently 90.91%.
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Marathon Petroleum Corporation Profile
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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