Chesapeake Wealth Management Lowers Holdings in Marathon Petroleum Co. (NYSE:MPC)

Chesapeake Wealth Management reduced its holdings in shares of Marathon Petroleum Co. (NYSE:MPC) by 3.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,147 shares of the oil and gas company’s stock after selling 75 shares during the period. Chesapeake Wealth Management’s holdings in Marathon Petroleum were worth $372,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in MPC. Raymond James & Associates increased its position in shares of Marathon Petroleum by 2.6% during the second quarter. Raymond James & Associates now owns 4,286,892 shares of the oil and gas company’s stock worth $743,690,000 after acquiring an additional 107,915 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Marathon Petroleum by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,080,958 shares of the oil and gas company’s stock worth $620,815,000 after purchasing an additional 31,100 shares in the last quarter. Boston Partners increased its holdings in Marathon Petroleum by 0.3% during the 1st quarter. Boston Partners now owns 2,773,050 shares of the oil and gas company’s stock worth $558,390,000 after purchasing an additional 8,476 shares during the period. Pacer Advisors Inc. raised its position in Marathon Petroleum by 8.5% in the 2nd quarter. Pacer Advisors Inc. now owns 2,669,815 shares of the oil and gas company’s stock valued at $463,160,000 after purchasing an additional 209,270 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in shares of Marathon Petroleum by 7.6% in the 1st quarter. Acadian Asset Management LLC now owns 1,663,835 shares of the oil and gas company’s stock valued at $335,241,000 after buying an additional 117,790 shares during the period. 76.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Morgan Stanley cut their target price on shares of Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Wells Fargo & Company reduced their price objective on shares of Marathon Petroleum from $223.00 to $196.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Piper Sandler lowered their target price on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating for the company in a research note on Friday. Scotiabank cut their price target on Marathon Petroleum from $207.00 to $191.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Finally, Wolfe Research started coverage on Marathon Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $200.00 price target for the company. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $197.69.

Marathon Petroleum Stock Down 1.2 %

Shares of NYSE MPC opened at $164.34 on Friday. The stock has a market cap of $57.90 billion, a PE ratio of 8.21, a price-to-earnings-growth ratio of 2.09 and a beta of 1.38. Marathon Petroleum Co. has a 52-week low of $139.32 and a 52-week high of $221.11. The business has a 50-day moving average price of $169.99 and a 200 day moving average price of $179.77. The company has a quick ratio of 0.90, a current ratio of 1.31 and a debt-to-equity ratio of 0.86.

Marathon Petroleum (NYSE:MPC) last announced its earnings results on Tuesday, August 6th. The oil and gas company reported $4.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $1.03. The business had revenue of $38.36 billion for the quarter, compared to analyst estimates of $36.66 billion. Marathon Petroleum had a net margin of 4.79% and a return on equity of 24.05%. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period last year, the firm posted $5.32 earnings per share. Equities research analysts forecast that Marathon Petroleum Co. will post 12.68 earnings per share for the current year.

Marathon Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Wednesday, August 21st were paid a $0.825 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $3.30 dividend on an annualized basis and a yield of 2.01%. Marathon Petroleum’s dividend payout ratio is presently 16.48%.

Marathon Petroleum Company Profile

Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. The company operates through Refining & Marketing, and Midstream segments. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States; and purchases refined products and ethanol for resale and distributes refined products, including renewable diesel, through transportation, storage, distribution, and marketing services.