Xponance Inc. has reduced its stake in Marathon Petroleum Corporation (NYSE: MPC) by 1.3% during the first quarter of 2023. According to a filing with the Securities and Exchange Commission (SEC), the firm now holds 61,984 shares of the oil and gas company, valued at approximately $9,030,000 after selling 808 shares during the quarter.
Several other institutional investors have also adjusted their positions in Marathon Petroleum recently. Notably, Wellington Management Group LLP significantly increased its holdings by 78.1% in the fourth quarter, acquiring an additional 4,367,774 shares. This brings its total ownership to 9,961,503 shares, valued at around $1.39 billion.
In an extraordinary move, Demars Financial Group LLC raised its investment in Marathon Petroleum by an astonishing 16,338.3% during the same period, now possessing 4,177,133 shares worth approximately $582.7 million. Additionally, Norges Bank initiated a new position in the company valued at around $453.4 million.
The trend continued into the first quarter of 2023, with GAMMA Investing LLC increasing its stake by 14,969.1%, now owning 1,540,963 shares valued at around $224.5 million. Boston Partners also raised its holdings by 37.4%, acquiring an additional 935,042 shares and bringing its total to 3,436,704 shares, valued at approximately $480.5 million. Overall, institutional investors now own 76.77% of Marathon Petroleum’s stock.
Market Performance and Dividend Announcement
As of the last trading session, shares of Marathon Petroleum opened at $179.81. The company has experienced a one-year low of $115.10 and a high of $183.31. Its 50-day moving average stands at $163.74, while the 200-day moving average is at $149.90. With a market capitalization of $55.24 billion, the firm maintains a price-to-earnings ratio of 25.29 and a beta of 0.88.
On June 10, 2023, Marathon Petroleum announced a quarterly dividend of $0.91 per share, which was paid to stockholders of record as of May 21, 2023. This translates to an annualized dividend of $3.64 and a dividend yield of 2.02%. The company’s payout ratio stands at 51.20%, indicating a balanced approach to returning value to shareholders.
Analyst Insights and Insider Activity
Recent reports from various analysts provide mixed outlooks on Marathon Petroleum’s stock. Morgan Stanley reduced its price target from $175.00 to $160.00 but maintained an “overweight” rating. Conversely, Raymond James Financial reaffirmed a “strong-buy” rating in a research note dated June 30, 2023. Barclays raised its target price from $159.00 to $189.00, also assigning an “overweight” rating.
The consensus among analysts indicates a “Moderate Buy” rating, with a consensus price target set at $184.38. Among investment analysts, one has rated the stock as a sell, eight as hold, nine as buy, and one as a strong buy.
In related news, Kim K.W. Rucker, a director at Marathon Petroleum, sold 7,392 shares at an average price of $175.00 on July 3, 2023, totaling $1,293,600.00. Following this transaction, Rucker retains 18,944 shares valued at approximately $3.32 million. Insider ownership of the company’s stock is currently at 0.21%.
Marathon Petroleum Corporation operates primarily in the United States as an integrated downstream energy company, focusing on refining and marketing, as well as midstream services. The company has established a substantial presence in refining crude oil and other feedstocks across various U.S. regions, ensuring a robust operational framework to support its performance in the energy sector.
