Xponance Inc. has decreased its holdings in Marathon Petroleum Corporation (NYSE: MPC) by 1.3% during the first quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), Xponance now owns 61,984 shares of the oil and gas company after selling 808 shares. The remaining shares held by Xponance are valued at approximately $9,030,000.
Several institutional investors have also made significant moves regarding Marathon Petroleum’s stock. Notably, Wellington Management Group LLP increased its stake in the company by 78.1% in the fourth quarter. This move brought their total to 9,961,503 shares, valued at about $1.39 billion after acquiring an additional 4,367,774 shares. Similarly, Demars Financial Group LLC reported a striking 16,338.3% increase in its holdings during the same period, amassing 4,177,133 shares worth approximately $582,710,000.
Further investments included Norges Bank, which established a new position in Marathon Petroleum valued at around $453,427,000. GAMMA Investing LLC significantly boosted its holdings by 14,969.1% in the first quarter, acquiring 1,540,963 shares, bringing their total investment to $224,503,000. Boston Partners also increased its stake by 37.4%, now holding 3,436,704 shares valued at approximately $480,501,000. In total, institutional investors own 76.77% of Marathon Petroleum’s stock.
Current Stock Performance and Financial Metrics
As of the latest trading session, shares of Marathon Petroleum opened at $179.81. The company has seen a one-year low of $115.10 and a high of $183.31. Its market capitalization stands at $55.24 billion, with a price-to-earnings ratio of 25.29 and a beta of 0.88. The firm’s current ratio is 1.19, while the quick ratio is 0.73, and the debt-to-equity ratio is 1.16.
In addition to its stock performance, Marathon Petroleum recently declared a quarterly dividend of $0.91 per share, which was paid on June 10, 2023. Shareholders on record as of May 21, 2023, received a total annualized dividend of $3.64, resulting in a dividend yield of 2.02%. The company’s payout ratio is reported at 51.20%.
Analyst Ratings and Insider Transactions
Recent analyst reports reflect a mixed outlook for Marathon Petroleum. Morgan Stanley lowered its price target from $175.00 to $160.00 while maintaining an “overweight” rating. Conversely, Raymond James Financial reaffirmed a “strong-buy” rating. Barclays increased its target price from $159.00 to $189.00, also assigning an “overweight” rating. Wall Street Zen revised its rating from “sell” to “hold,” while Scotiabank raised its target from $147.00 to $180.00. The consensus rating for Marathon Petroleum is classified as a “Moderate Buy,” with a consensus price target of $184.38.
In insider activity, Director Kim K.W. Rucker sold 7,392 shares of the company on July 3, 2023, at an average price of $175.00. This transaction totaled $1,293,600.00, reducing Rucker’s ownership to 18,944 shares, valued at approximately $3,315,200.
Marathon Petroleum Corporation operates as an integrated downstream energy company, primarily in the United States, focusing on refining and marketing crude oil and other feedstocks. As the company continues to navigate the dynamic energy market, its financial performance and strategic adjustments by institutional investors remain key points of interest for stakeholders.
