Fortress Investment Group LLC cut its holdings in Marathon Petroleum Corp (NYSE:MPC) by 82.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 37,473 shares of the oil and gas company’s stock after selling 179,777 shares during the period. Marathon Petroleum makes up approximately 0.2% of Fortress Investment Group LLC’s investment portfolio, making the stock its 28th largest position. Fortress Investment Group LLC’s holdings in Marathon Petroleum were worth $2,094,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Nordea Investment Management AB grew its stake in shares of Marathon Petroleum by 13.9% in the first quarter. Nordea Investment Management AB now owns 352,470 shares of the oil and gas company’s stock valued at $21,096,000 after acquiring an additional 42,946 shares in the last quarter. Lincoln National Corp grew its stake in shares of Marathon Petroleum by 8.6% in the second quarter. Lincoln National Corp now owns 5,089 shares of the oil and gas company’s stock valued at $284,000 after acquiring an additional 402 shares in the last quarter. Carderock Capital Management Inc. grew its stake in shares of Marathon Petroleum by 1.4% in the second quarter. Carderock Capital Management Inc. now owns 41,462 shares of the oil and gas company’s stock valued at $2,317,000 after acquiring an additional 588 shares in the last quarter. Next Capital Management LLC acquired a new position in shares of Marathon Petroleum in the second quarter valued at about $35,000. Finally, Buckingham Asset Management LLC grew its stake in shares of Marathon Petroleum by 86.2% in the second quarter. Buckingham Asset Management LLC now owns 7,523 shares of the oil and gas company’s stock valued at $420,000 after acquiring an additional 3,482 shares in the last quarter. Institutional investors and hedge funds own 76.50% of the company’s stock.
MPC has been the topic of several research reports. JPMorgan Chase & Co. decreased their price target on shares of Marathon Petroleum from $74.00 to $62.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 10th. Jefferies Financial Group began coverage on shares of Marathon Petroleum in a research note on Tuesday, September 3rd. They set a “buy” rating and a $75.00 price objective on the stock. ValuEngine upgraded shares of Marathon Petroleum from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 22nd. Finally, Raymond James increased their price objective on shares of Marathon Petroleum from $72.00 to $75.00 and gave the stock a “strong-buy” rating in a research note on Friday, August 2nd. Two analysts have rated the stock with a sell rating, two have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. Marathon Petroleum currently has an average rating of “Buy” and a consensus price target of $80.27.
Marathon Petroleum (NYSE:MPC) last posted its earnings results on Thursday, August 1st. The oil and gas company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.40. The firm had revenue of $33.70 billion during the quarter, compared to analysts’ expectations of $33.26 billion. Marathon Petroleum had a net margin of 2.36% and a return on equity of 9.55%. The business’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.27 earnings per share. On average, analysts expect that Marathon Petroleum Corp will post 3.93 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Wednesday, August 21st were issued a $0.53 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.94%. Marathon Petroleum’s dividend payout ratio (DPR) is currently 31.27%.
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; Retail; 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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