Marathon Petroleum Co. (NYSE:MPC – Get Rating) – Zacks Research boosted their Q1 2023 earnings per share estimates for Marathon Petroleum in a report issued on Tuesday, November 15th. Zacks Research analyst N. Choudhury now expects that the oil and gas company will post earnings of $2.46 per share for the quarter, up from their prior forecast of $2.28. The consensus estimate for Marathon Petroleum’s current full-year earnings is $25.27 per share. Zacks Research also issued estimates for Marathon Petroleum’s Q3 2023 earnings at $2.99 EPS and FY2023 earnings at $12.00 EPS.
MPC has been the topic of a number of other reports. Royal Bank of Canada boosted their price target on Marathon Petroleum from $126.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, November 2nd. StockNews.com started coverage on Marathon Petroleum in a report on Wednesday, October 12th. They set a “strong-buy” rating on the stock. Jefferies Financial Group started coverage on Marathon Petroleum in a report on Wednesday, October 19th. They set a “hold” rating and a $119.00 target price on the stock. Piper Sandler upped their target price on Marathon Petroleum from $111.00 to $153.00 and gave the stock a “neutral” rating in a report on Wednesday, November 9th. Finally, Barclays upped their target price on Marathon Petroleum from $112.00 to $126.00 and gave the stock an “overweight” rating in a report on Monday, October 10th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Marathon Petroleum presently has an average rating of “Moderate Buy” and a consensus price target of $124.71.
Marathon Petroleum Stock Performance
Marathon Petroleum Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, December 12th. Investors of record on Wednesday, November 16th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Tuesday, November 15th. This represents a $3.00 dividend on an annualized basis and a yield of 2.48%. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.58. Marathon Petroleum’s dividend payout ratio is currently 13.18%.
Insider Buying and Selling
In related news, VP Carl Kristopher Hagedorn sold 14,353 shares of the stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $105.41, for a total transaction of $1,512,949.73. Following the sale, the vice president now owns 7,873 shares of the company’s stock, valued at $829,892.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Marathon Petroleum news, CEO Michael J. Hennigan sold 80,149 shares of the company’s stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $118.73, for a total transaction of $9,516,090.77. Following the completion of the sale, the chief executive officer now directly owns 248,596 shares in the company, valued at $29,515,803.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Carl Kristopher Hagedorn sold 14,353 shares of the company’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $105.41, for a total value of $1,512,949.73. Following the sale, the vice president now owns 7,873 shares of the company’s stock, valued at $829,892.93. The disclosure for this sale can be found here. Insiders have sold 242,067 shares of company stock valued at $28,008,832 over the last 90 days. 0.28% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of MPC. Credit Agricole S A bought a new position in shares of Marathon Petroleum in the 2nd quarter valued at $25,000. Herold Advisors Inc. bought a new position in shares of Marathon Petroleum in the 1st quarter valued at $26,000. Moisand Fitzgerald Tamayo LLC acquired a new stake in Marathon Petroleum in the second quarter valued at $29,000. Ten Capital Wealth Advisors LLC acquired a new stake in Marathon Petroleum in the third quarter valued at $29,000. Finally, Hazlett Burt & Watson Inc. acquired a new stake in Marathon Petroleum in the first quarter valued at $30,000. 78.69% of the stock is currently owned by institutional investors.
About Marathon Petroleum
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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