Integrated Wealth Concepts LLC Raises Stock Holdings in Marathon Petroleum Co. (NYSE:MPC)

Posted by Defense World Staff on Aug 2nd, 2023

Integrated Wealth Concepts LLC increased its position in Marathon Petroleum Co. (NYSE:MPC – Free Report) by 206.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,000 shares of the oil and gas company’s stock after acquiring an additional 4,045 shares during the period. Integrated Wealth Concepts LLC’s holdings in Marathon Petroleum were worth $809,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MPC. Sit Investment Associates Inc. purchased a new position in shares of Marathon Petroleum during the 4th quarter valued at about $25,000. James Investment Research Inc. raised its stake in shares of Marathon Petroleum by 65.2% during the 1st quarter. James Investment Research Inc. now owns 228 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 90 shares during the last quarter. Lansing Street Advisors purchased a new position in shares of Marathon Petroleum during the 4th quarter valued at about $32,000. Capital Advisors Ltd. LLC raised its stake in shares of Marathon Petroleum by 199.3% during the 4th quarter. Capital Advisors Ltd. LLC now owns 808 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 538 shares during the last quarter. Finally, Destiny Wealth Partners LLC purchased a new position in shares of Marathon Petroleum during the 4th quarter valued at about $37,000. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Wall Street Analyst Weigh In

MPC has been the topic of a number of analyst reports. Wells Fargo & Company raised their target price on Marathon Petroleum from $113.00 to $120.00 in a research report on Monday, July 10th. Morgan Stanley restated an “overweight” rating and set a $150.00 target price on shares of Marathon Petroleum in a research report on Wednesday, July 19th. Barclays raised their target price on Marathon Petroleum from $124.00 to $132.00 in a research report on Tuesday, July 11th. Mizuho dropped their target price on Marathon Petroleum from $160.00 to $148.00 in a research report on Friday, May 19th. Finally, Piper Sandler lowered their price objective on Marathon Petroleum from $135.00 to $133.00 in a report on Thursday, July 13th. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $144.31.

Marathon Petroleum Stock Up 1.4 %

MPC stock opened at $134.94 on Wednesday. The firm has a market cap of $57.25 billion, a PE ratio of 4.07, a PEG ratio of 1.22 and a beta of 1.63. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.30 and a current ratio of 1.90. The firm’s 50 day moving average price is $116.52 and its 200-day moving average price is $121.27. Marathon Petroleum Co. has a one year low of $88.69 and a one year high of $138.83.

Marathon Petroleum (NYSE:MPC – Get Free Report) last released its quarterly earnings results on Tuesday, May 2nd. The oil and gas company reported $6.09 EPS for the quarter, beating the consensus estimate of $5.23 by $0.86. The firm had revenue of $35.08 billion for 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%. The business’s revenue for the quarter was down 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.49 EPS. On average, equities research analysts anticipate that Marathon Petroleum Co. will post 18.15 EPS for the current year.

Marathon Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Wednesday, August 16th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Tuesday, August 15th. Marathon Petroleum’s payout ratio is 9.04%.

Marathon Petroleum declared that its board has approved a stock buyback program on Tuesday, May 2nd that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the oil and gas company to reacquire up to 10.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Marathon Petroleum

In other Marathon Petroleum news, VP Carl Kristopher Hagedorn sold 5,717 shares of the business’s stock in a transaction that occurred on 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 owns 6,916 shares of the company’s stock, valued at $753,221.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.28% of the stock is owned by corporate insiders.

About Marathon Petroleum

(Free Report)

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.