Marathon Petroleum (NYSE:MPC) Downgraded by Zacks Investment Research

Marathon Petroleum (NYSE:MPCGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports. They presently have a $102.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 5.73% from the stock’s previous close.

According to Zacks, “Marathon Petroleum’s sale of its Speedway retail business for $21 billion provided the downstream operator with a much-needed cash infusion. The deal also comes with a 15-year fuel supply agreement per which Marathon Petroleum will supply 7.7 billion gallons of gasoline per year to 7-Eleven, thus ensuring a steady revenue stream. But while refining fundamentals have certainly brightened from the covid lows, the sector is not out of the woods yet in terms of cash flows that remain anaemic and well below the pre-crisis levels. In particular, the weakness in business travel demand remains a complicating factor. The continued increase in costs and expenses over the past few quarters and execution risks related to renewables foray are other negatives in the Marathon Petroleum story. As such, the stock warrants a cautious stance.”

MPC has been the subject of several other research reports. StockNews.com assumed coverage on shares of Marathon Petroleum in a research note on Thursday, March 31st. They issued a “buy” rating for the company. Raymond James raised their target price on shares of Marathon Petroleum from $98.00 to $110.00 and gave the company a “strong-buy” rating in a report on Friday, April 8th. The Goldman Sachs Group lowered shares of Marathon Petroleum from a “buy” rating to a “neutral” rating and raised their target price for the company from $90.00 to $102.00 in a report on Monday. Cowen lifted their price target on shares of Marathon Petroleum from $83.00 to $90.00 in a report on Thursday, February 3rd. Finally, Wells Fargo & Company lifted their price target on shares of Marathon Petroleum from $91.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday, April 21st. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $98.85.

NYSE MPC opened at $96.47 on Tuesday. The firm has a 50-day moving average of $85.71 and a 200-day moving average of $75.06. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.07 and a current ratio of 1.45. The stock has a market cap of $52.19 billion, a PE ratio of 5.73, a P/E/G ratio of 0.53 and a beta of 1.77. Marathon Petroleum has a 52-week low of $50.19 and a 52-week high of $97.93.

Marathon Petroleum (NYSE:MPCGet Rating) last posted its earnings results on Tuesday, May 3rd. The oil and gas company reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.10. The company had revenue of $38.38 billion during the quarter, compared to analysts’ expectations of $32.46 billion. Marathon Petroleum had a net margin of 7.93% and a return on equity of 7.60%. Marathon Petroleum’s quarterly revenue was up 67.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.20) EPS. As a group, analysts predict that Marathon Petroleum will post 9.67 EPS for the current fiscal year.

In other news, Director Kim K.W. Rucker sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, March 11th. The shares were sold at an average price of $79.75, for a total value of $398,750.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.28% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Eaton Vance Management lifted its position in shares of Marathon Petroleum by 7.6% during the 1st quarter. Eaton Vance Management now owns 297,319 shares of the oil and gas company’s stock valued at $25,421,000 after acquiring an additional 20,896 shares during the period. Eudaimonia Advisors LLC acquired a new position in shares of Marathon Petroleum during the 1st quarter valued at $230,000. Evergreen Capital Management LLC acquired a new position in shares of Marathon Petroleum during the 1st quarter valued at $237,000. Ensign Peak Advisors Inc lifted its position in shares of Marathon Petroleum by 2.9% during the 1st quarter. Ensign Peak Advisors Inc now owns 381,114 shares of the oil and gas company’s stock valued at $32,585,000 after acquiring an additional 10,896 shares during the period. Finally, Eudaimonia Partners LLC acquired a new position in shares of Marathon Petroleum during the 1st quarter valued at $1,304,000. Hedge funds and other institutional investors own 80.91% of the company’s stock.

About Marathon Petroleum (Get Rating)

Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. It operates in two segments, Refining & Marketing, and Midstream. 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.

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