6,312 Shares in Marathon Petroleum Corporation (MPC) Acquired by Cypress Capital Group
Cypress Capital Group bought a new position in shares of Marathon Petroleum Corporation (NYSE:MPC) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 6,312 shares of the oil and gas company’s stock, valued at approximately $330,000.
A number of other hedge funds have also bought and sold shares of the business. Wilbanks Smith & Thomas Asset Management LLC lifted its holdings in Marathon Petroleum Corporation by 6.1% during the second quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 4,413 shares of the oil and gas company’s stock worth $231,000 after acquiring an additional 252 shares in the last quarter. Bank of Nova Scotia lifted its holdings in Marathon Petroleum Corporation by 7.6% during the second quarter. Bank of Nova Scotia now owns 130,547 shares of the oil and gas company’s stock worth $6,831,000 after acquiring an additional 9,256 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in Marathon Petroleum Corporation by 12.4% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 884,412 shares of the oil and gas company’s stock worth $46,281,000 after acquiring an additional 97,255 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Marathon Petroleum Corporation during the second quarter worth about $8,320,000. Finally, Gyroscope Capital Management Group LLC bought a new position in Marathon Petroleum Corporation during the second quarter worth about $243,000. Hedge funds and other institutional investors own 78.25% of the company’s stock.
In related news, VP C. Michael Palmer sold 11,450 shares of the firm’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $53.02, for a total value of $607,079.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.05% of the stock is currently owned by company insiders.
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MPC has been the topic of several recent analyst reports. Scotiabank reiterated a “hold” rating and set a $55.00 target price on shares of Marathon Petroleum Corporation in a report on Friday, September 1st. BidaskClub upgraded Marathon Petroleum Corporation from a “sell” rating to a “hold” rating in a report on Saturday, August 26th. Jefferies Group LLC reiterated a “buy” rating and set a $64.00 target price (down from $65.00) on shares of Marathon Petroleum Corporation in a report on Wednesday, September 6th. Credit Suisse Group reiterated a “buy” rating and set a $64.00 target price on shares of Marathon Petroleum Corporation in a report on Friday, July 14th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $71.00 target price on shares of Marathon Petroleum Corporation in a report on Thursday, August 31st. Seven research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $60.33.
Marathon Petroleum Corporation (NYSE:MPC) last announced its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $1.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.01). Marathon Petroleum Corporation had a net margin of 1.34% and a return on equity of 5.52%. The business had revenue of $18.35 billion during the quarter, compared to the consensus estimate of $19.98 billion. During the same period in the previous year, the business posted $1.07 EPS. Marathon Petroleum Corporation’s revenue was up 9.3% compared to the same quarter last year.
Marathon Petroleum Corporation Company 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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