Xponance Inc. has decreased its holdings in Marathon Petroleum Corporation (NYSE: MPC) by 1.3%, according to the firm’s latest filing with the Securities and Exchange Commission (SEC). After selling 808 shares during the first quarter, Xponance now controls 61,984 shares of the oil and gas giant, valued at approximately $9,030,000.
Several other institutional investors have also adjusted their positions in Marathon Petroleum recently. Notably, Wellington Management Group LLP increased its stake by 78.1% in the fourth quarter, now owning 9,961,503 shares worth around $1.39 billion after acquiring an additional 4,367,774 shares. Similarly, Demars Financial Group LLC remarkably raised its holdings by 16,338.3% during the same period, amassing 4,177,133 shares valued at $582.71 million.
Norges Bank made a significant investment, purchasing a new position in Marathon Petroleum worth about $453.43 million in the fourth quarter. In the first quarter, GAMMA Investing LLC increased its stake by an astonishing 14,969.1%, now owning 1,540,963 shares valued at approximately $224.50 million. Boston Partners also raised its holdings by 37.4%, acquiring an additional 935,042 shares, bringing its total to 3,436,704 shares worth about $480.50 million. Collectively, institutional investors own 76.77% of Marathon Petroleum’s stock.
Market Performance and Dividend Announcement
As of the latest trading session, shares of Marathon Petroleum opened at $179.81. The stock has experienced a low of $115.10 and a high of $183.31 over the past year. The company’s market capitalization stands at $55.24 billion, with a price-to-earnings ratio of 25.29 and a PEG ratio of 3.58. Furthermore, Marathon Petroleum has a current ratio of 1.19 and a debt-to-equity ratio of 1.16.
Marathon Petroleum has also announced a quarterly dividend of $0.91 per share, paid on June 10, 2024. Stockholders of record on May 21, 2024, received this dividend, which represents an annualized total of $3.64 and a dividend yield of 2.02%. The company’s payout ratio is reported at 51.20%.
Analyst Ratings and Insider Activity
Recent reports from various analysts indicate mixed sentiments regarding Marathon Petroleum’s stock. Morgan Stanley lowered its price target from $175.00 to $160.00, maintaining an “overweight” rating. Conversely, Raymond James Financial reiterated a “strong-buy” rating. Barclays raised its target price from $159.00 to $189.00, also assigning an “overweight” rating. MarketBeat notes that consensus ratings show one sell, eight hold, nine buy, and one strong buy.
In related insider activity, Director Kim K.W. Rucker sold 7,392 shares on July 3, 2024, at an average price of $175.00, totaling $1,293,600.00. Following this transaction, Rucker holds 18,944 shares valued at approximately $3.32 million, marking a 28.07% decrease in ownership.
Marathon Petroleum Corporation, headquartered in the United States, operates as an integrated downstream energy company. Its business segments include Refining & Marketing and Midstream, focusing on refining crude oil and distributing refined products across various regions, including the Gulf Coast, Mid-Continent, and West Coast.
The financial maneuvers and market positioning of Marathon Petroleum indicate a dynamic landscape as institutional investors reassess their strategies in the energy sector. As the company continues to navigate challenges and opportunities, its performance will be closely monitored by analysts and investors alike.