Canal Capital Management LLC boosted its stake in shares of Marathon Petroleum Corp (NYSE:MPC) by 8.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,605 shares of the oil and gas company’s stock after acquiring an additional 1,241 shares during the quarter. Canal Capital Management LLC’s holdings in Marathon Petroleum were worth $921,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in MPC. Bank of New York Mellon Corp raised its position in Marathon Petroleum by 44.1% during the second quarter. Bank of New York Mellon Corp now owns 7,506,332 shares of the oil and gas company’s stock valued at $526,645,000 after acquiring an additional 2,297,774 shares in the last quarter. BLB&B Advisors LLC purchased a new position in Marathon Petroleum during the third quarter valued at approximately $221,000. Sumitomo Mitsui Asset Management Company LTD raised its position in Marathon Petroleum by 7.8% during the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 49,685 shares of the oil and gas company’s stock valued at $3,973,000 after acquiring an additional 3,586 shares in the last quarter. City Holding Co. raised its position in Marathon Petroleum by 8.5% during the third quarter. City Holding Co. now owns 17,587 shares of the oil and gas company’s stock valued at $1,406,000 after acquiring an additional 1,375 shares in the last quarter. Finally, Zweig DiMenna Associates LLC purchased a new position in Marathon Petroleum during the third quarter valued at approximately $17,824,000. Institutional investors own 60.89% of the company’s stock.
Several research analysts recently weighed in on the company. Macquarie initiated coverage on Marathon Petroleum in a research report on Tuesday, February 5th. They set an “outperform” rating and a $67.18 price target for the company. Citigroup cut their price objective on Marathon Petroleum from $104.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, December 6th. ValuEngine upgraded Marathon Petroleum from a “sell” rating to a “hold” rating in a research report on Thursday, December 6th. Cowen restated an “outperform” rating and issued a $101.00 price objective (up from $87.00) on shares of Marathon Petroleum in a research report on Thursday, December 6th. They noted that the move was a valuation call. Finally, Zacks Investment Research cut Marathon Petroleum from a “buy” rating to a “hold” rating in a research report on Friday, October 19th. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $92.41.
Marathon Petroleum (NYSE:MPC) last issued its quarterly earnings results on Thursday, February 7th. The oil and gas company reported $2.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.98 by $0.43. Marathon Petroleum had a return on equity of 18.84% and a net margin of 2.86%. The firm had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $34.16 billion. During the same period in the previous year, the business earned $1.05 earnings per share. The firm’s revenue for the quarter was up 53.2% on a year-over-year basis. As a group, equities analysts predict that Marathon Petroleum Corp will post 6.48 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, March 11th. Investors of record on Wednesday, February 20th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 3.38%. This is a boost from Marathon Petroleum’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Tuesday, February 19th. Marathon Petroleum’s payout ratio is presently 27.14%.
In other news, Director Steven A. Davis purchased 2,500 shares of the company’s stock in a transaction that occurred on Monday, November 19th. The stock was purchased at an average cost of $62.20 per share, for a total transaction of $155,500.00. Following the completion of the transaction, the director now owns 16,462 shares of the company’s stock, valued at $1,023,936.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.09% of the stock is currently owned by insiders.
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About Marathon Petroleum
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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