Wright Investors Service Inc. reduced its position in shares of Marathon Petroleum Corp (NYSE:MPC) by 43.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 27,223 shares of the oil and gas company’s stock after selling 21,171 shares during the quarter. Wright Investors Service Inc.’s holdings in Marathon Petroleum were worth $1,521,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Alpha Omega Wealth Management LLC grew its stake in shares of Marathon Petroleum by 135.1% during the 1st quarter. Alpha Omega Wealth Management LLC now owns 435 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 250 shares during the period. Wealthcare Advisory Partners LLC grew its stake in shares of Marathon Petroleum by 345.6% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 508 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 394 shares during the period. Bay Harbor Wealth Management LLC bought a new stake in shares of Marathon Petroleum during the 1st quarter valued at about $31,000. AllSquare Wealth Management LLC bought a new stake in shares of Marathon Petroleum during the 1st quarter valued at about $32,000. Finally, CNB Bank grew its stake in shares of Marathon Petroleum by 1,650.0% during the 1st quarter. CNB Bank now owns 560 shares of the oil and gas company’s stock valued at $50,000 after purchasing an additional 528 shares during the period. Institutional investors and hedge funds own 76.94% of the company’s stock.
Shares of NYSE:MPC traded up $0.30 during mid-day trading on Thursday, reaching $44.93. 190,409 shares of the company traded hands, compared to its average volume of 5,592,954. The stock’s 50 day simple moving average is $53.84. The company has a market capitalization of $30.55 billion, a price-to-earnings ratio of 6.63, a PEG ratio of 1.29 and a beta of 1.68. The company has a current ratio of 1.24, a quick ratio of 0.63 and a debt-to-equity ratio of 0.69. Marathon Petroleum Corp has a 52 week low of $44.27 and a 52 week high of $88.45.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st will be paid a dividend of $0.53 per share. The ex-dividend date is Tuesday, August 20th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.72%. Marathon Petroleum’s dividend payout ratio (DPR) is presently 31.27%.
In other Marathon Petroleum news, Director James E. Rohr purchased 12,500 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were bought at an average cost of $48.14 per share, with a total value of $601,750.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 1.06% of the stock is currently owned by insiders.
A number of equities research analysts have issued reports on the company. Cowen downgraded Marathon Petroleum from an “outperform” rating to a “market perform” rating and cut their price target for the company from $90.00 to $65.00 in a research note on Friday, May 10th. Credit Suisse Group cut their price objective on Marathon Petroleum from $95.00 to $80.00 and set an “outperform” rating for the company in a research note on Monday, May 13th. Zacks Investment Research downgraded Marathon Petroleum from a “hold” rating to a “strong sell” rating in a research note on Friday, May 17th. ValuEngine upgraded Marathon Petroleum from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 22nd. Finally, Morgan Stanley cut their price objective on Marathon Petroleum from $82.00 to $75.00 and set an “overweight” rating for the company in a research note on Friday, May 17th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Marathon Petroleum presently has a consensus rating of “Buy” and an average price target of $82.62.
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; 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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