Avidian Wealth Enterprises LLC has increased its investment in Marathon Petroleum Corporation (NYSE: MPC) by 1.9%, bringing its total stock position to approximately $2.32 million. According to a recent filing with the Securities and Exchange Commission, the institutional investor now holds 13,983 shares of the oil and gas company after acquiring an additional 262 shares during the second quarter of 2023.
This adjustment comes as part of a broader trend among institutional investors. For instance, Activest Wealth Management significantly raised its holdings in Marathon Petroleum by an impressive 290.2% during the same quarter, now owning 160 shares valued at $27,000. Similarly, CBIZ Investment Advisory Services LLC increased its stake by 1,546.2% in the first quarter, acquiring 214 shares worth approximately $31,000.
Large-scale investments continue to flow into Marathon Petroleum, with various firms making substantial changes to their portfolios. For example, Hughes Financial Services LLC and WPG Advisers LLC both acquired new positions in the first quarter with similar valuations of around $32,000. Decker Retirement Planning Inc. also significantly increased its stake by 1,621.4%, now holding 241 shares valued at $35,000. Overall, institutional investors and hedge funds own 76.77% of the company’s stock.
Analyst Ratings and Stock Performance
Recent reports from equities analysts indicate a predominantly positive outlook for Marathon Petroleum. Weiss Ratings reiterated a “hold (c)” rating on the stock, while Citigroup raised its target price from $144.00 to $182.00, maintaining a “neutral” rating. Mizuho also increased its target price from $184.00 to $188.00, reflecting confidence in the company’s performance.
Scotiabank reaffirmed an “outperform” rating, and Bank of America raised its target from $184.00 to $192.00. Currently, one analyst has rated the stock as a Strong Buy, seven have issued Buy ratings, and eight have given it a Hold rating. According to data from MarketBeat, Marathon Petroleum holds a consensus rating of “Moderate Buy” with a price target of $200.31.
In the stock market, Marathon Petroleum’s shares opened at $186.39 on Tuesday. The company boasts a market capitalization of $56.67 billion, with a price-to-earnings ratio of 27.65 and a beta of 0.90. Over the past year, the stock has fluctuated between a low of $115.10 and a high of $201.61.
Insider Trading Activity
In addition to institutional movements, insider trading activity has also marked recent developments at Marathon Petroleum. On August 15, 2023, insider Molly R. Benson sold 10,879 shares of company stock at an average price of $163.00, totaling $1,773,277.00. Following this transaction, Benson retained 28,700 shares, valued at approximately $4,678,100. This sale represented a 27.49% decrease in her ownership.
Currently, insiders hold 0.21% of the company’s stock, reflecting a modest level of insider ownership.
Company Financials and Future Outlook
Marathon Petroleum recently reported its quarterly earnings, revealing earnings per share (EPS) of $3.96 for the quarter ending on August 5, 2023. This result exceeded analysts’ consensus estimates of $3.22 by a notable $0.74. The company garnered revenue of $34.10 billion, surpassing forecasts of $31.70 billion.
Despite these positive figures, the company’s revenue showed a decline of 11.1% compared to the previous year, where it reported an EPS of $4.12. Analysts predict that Marathon Petroleum will post an EPS of $8.47 for the current fiscal year.
The company also declared a quarterly dividend of $0.91 per share, which was paid on September 10, 2023. Shareholders of record on August 20, 2023 received this dividend, representing an annualized total of $3.64 and a yield of 2.0%. Marathon Petroleum’s payout ratio currently stands at 54.01%.
Marathon Petroleum Corporation primarily operates as an integrated downstream energy company in the United States, engaging in refining and marketing activities, as well as midstream operations. The company refines crude oil and distributes various refined products through its extensive network across the Gulf Coast, Mid-Continent, and West Coast regions.
