Marathon Petroleum Co. (NYSE:MPC) Expected to Earn Q1 2024 Earnings of $2.09 Per Share

Posted by Defense World Staff on Jun 12th, 2023

Marathon Petroleum Co. (NYSE:MPC – Get Rating) – Zacks Research increased their Q1 2024 EPS estimates for Marathon Petroleum in a research note issued on Thursday, June 8th. Zacks Research analyst T. Saha now forecasts that the oil and gas company will post earnings per share of $2.09 for the quarter, up from their prior estimate of $2.02. The consensus estimate for Marathon Petroleum’s current full-year earnings is $19.10 per share. Zacks Research also issued estimates for Marathon Petroleum’s Q3 2024 earnings at $1.76 EPS, Q4 2024 earnings at $1.90 EPS, FY2024 earnings at $9.59 EPS and FY2025 earnings at $12.67 EPS.

Marathon Petroleum (NYSE:MPC – Get Rating) last posted its earnings results on Tuesday, May 2nd. The oil and gas company reported $6.09 earnings per share for the quarter, beating analysts’ consensus estimates of $5.23 by $0.86. The firm had revenue of $35.08 billion during the quarter, compared to analyst estimates of $35.17 billion. Marathon Petroleum had a net margin of 9.28% and a return on equity of 46.49%. Marathon Petroleum’s revenue for the quarter was down 8.6% compared to the same quarter last year. During the same period last year, the firm posted $1.49 earnings per share.

Other analysts also recently issued reports about the company. StockNews.com downgraded Marathon Petroleum from a “buy” rating to a “hold” rating in a research report on Thursday. UBS Group began coverage on Marathon Petroleum in a research report on Wednesday, March 8th. They issued a “buy” rating and a $165.00 price target for the company. Wells Fargo & Company decreased their target price on Marathon Petroleum from $124.00 to $113.00 in a research report on Friday, June 2nd. Jefferies Financial Group upgraded Marathon Petroleum from a “hold” rating to a “buy” rating and lifted their target price for the stock from $134.00 to $157.00 in a research report on Friday, March 3rd. Finally, Piper Sandler decreased their target price on Marathon Petroleum from $154.00 to $138.00 in a research report on Thursday, May 18th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Marathon Petroleum has an average rating of “Moderate Buy” and a consensus price target of $142.21.

Marathon Petroleum Stock Up 0.5 %

Shares of MPC opened at $113.01 on Monday. The company has a market cap of $47.95 billion, a PE ratio of 3.40, a P/E/G ratio of 0.99 and a beta of 1.64. The business has a fifty day moving average of $117.22 and a 200 day moving average of $120.29. Marathon Petroleum has a 52-week low of $77.62 and a 52-week high of $138.83. The company has a quick ratio of 1.30, a current ratio of 1.90 and a debt-to-equity ratio of 0.83.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Morgan Stanley raised its stake in shares of Marathon Petroleum by 1.1% during the 4th quarter. Morgan Stanley now owns 7,851,320 shares of the oil and gas company’s stock worth $913,815,000 after buying an additional 85,809 shares during the period. FMR LLC raised its stake in shares of Marathon Petroleum by 15.1% during the 1st quarter. FMR LLC now owns 6,281,751 shares of the oil and gas company’s stock worth $846,968,000 after buying an additional 821,891 shares during the period. Dimensional Fund Advisors LP raised its stake in Marathon Petroleum by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,594,517 shares of the oil and gas company’s stock valued at $651,119,000 after purchasing an additional 123,745 shares during the last quarter. Amundi raised its stake in Marathon Petroleum by 31.5% in the 4th quarter. Amundi now owns 4,966,996 shares of the oil and gas company’s stock valued at $582,375,000 after purchasing an additional 1,189,288 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC raised its stake in Marathon Petroleum by 121,130.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,942,426 shares of the oil and gas company’s stock valued at $458,859,000 after purchasing an additional 3,939,174 shares during the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Marathon Petroleum

In other news, SVP Suzanne Gagle sold 60,019 shares of the business’s stock in a transaction dated Tuesday, April 4th. The stock was sold at an average price of $134.28, for a total transaction of $8,059,351.32. Following the sale, the senior vice president now owns 45,997 shares in the company, valued at $6,176,477.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Suzanne Gagle sold 60,019 shares of Marathon Petroleum stock in a transaction dated Tuesday, April 4th. The stock was sold at an average price of $134.28, for a total transaction of $8,059,351.32. Following the completion of the sale, the senior vice president now owns 45,997 shares of the company’s stock, valued at $6,176,477.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Carl Kristopher Hagedorn sold 5,717 shares of Marathon Petroleum stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $108.91, for a total value of $622,638.47. Following the sale, the vice president now directly owns 6,916 shares of the company’s stock, valued at approximately $753,221.56. The disclosure for this sale can be found here. 0.28% of the stock is owned by insiders.

Marathon Petroleum declared that its board has approved a stock buyback plan on Tuesday, May 2nd that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the oil and gas company to purchase up to 10.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Marathon Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 12th. Shareholders of record on Wednesday, May 17th will be paid a $0.75 dividend. The ex-dividend date is Tuesday, May 16th. This represents a $3.00 annualized dividend and a yield of 2.65%. Marathon Petroleum’s dividend payout ratio (DPR) is presently 9.04%.

About Marathon Petroleum

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Marathon Petroleum Corp. is an independent company, which engages in the refining, marketing, and transportation of petroleum products in the United States. It operates through the following segments: Refining and Marketing, and Midstream. The Refining and 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.