Corebridge Financial Inc. Decreases Stock Holdings in Marathon Petroleum Co. (NYSE:MPC)

Corebridge Financial Inc. lowered its holdings in Marathon Petroleum Co. (NYSE:MPC) by 9.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 73,866 shares of the oil and gas company’s stock after selling 7,934 shares during the period. Corebridge Financial Inc.’s holdings in Marathon Petroleum were worth $10,304,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MPC. Wellington Management Group LLP raised its position in Marathon Petroleum by 342.1% in the third quarter. Wellington Management Group LLP now owns 5,593,729 shares of the oil and gas company’s stock worth $911,274,000 after acquiring an additional 4,328,470 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Marathon Petroleum by 7.0% in the 4th quarter. Bank of New York Mellon Corp now owns 4,803,951 shares of the oil and gas company’s stock worth $670,151,000 after purchasing an additional 315,786 shares during the period. Pacer Advisors Inc. lifted its stake in Marathon Petroleum by 22.3% in the fourth quarter. Pacer Advisors Inc. now owns 3,552,655 shares of the oil and gas company’s stock valued at $495,595,000 after purchasing an additional 647,045 shares during the last quarter. Boston Partners grew its holdings in Marathon Petroleum by 37.4% during the fourth quarter. Boston Partners now owns 3,436,704 shares of the oil and gas company’s stock valued at $480,501,000 after purchasing an additional 935,042 shares during the period. Finally, Amundi increased its position in Marathon Petroleum by 18.0% in the fourth quarter. Amundi now owns 2,807,566 shares of the oil and gas company’s stock worth $398,388,000 after buying an additional 428,708 shares during the last quarter. 76.77% of the stock is owned by hedge funds and other institutional investors.

Marathon Petroleum Price Performance

Marathon Petroleum stock opened at $149.63 on Thursday. The business has a 50-day simple moving average of $149.01 and a 200 day simple moving average of $151.76. Marathon Petroleum Co. has a 52 week low of $130.54 and a 52 week high of $221.11. The stock has a market cap of $46.62 billion, a price-to-earnings ratio of 15.07, a PEG ratio of 3.11 and a beta of 1.39. The company has a quick ratio of 0.76, a current ratio of 1.23 and a debt-to-equity ratio of 0.94.

Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings data on Tuesday, February 4th. The oil and gas company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.71. Marathon Petroleum had a net margin of 2.45% and a return on equity of 12.07%. The company had revenue of $33.47 billion for the quarter, compared to analysts’ expectations of $31.94 billion. During the same period in the prior year, the business earned $3.98 earnings per share. Marathon Petroleum’s revenue for the quarter was down 9.1% compared to the same quarter last year. On average, research analysts forecast that Marathon Petroleum Co. will post 8.47 earnings per share for the current fiscal year.

Marathon Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Wednesday, February 19th were issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend was Wednesday, February 19th. Marathon Petroleum’s dividend payout ratio is currently 36.66%.

Insider Buying and Selling

In other news, Director Evan Bayh bought 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The stock was bought at an average price of $133.70 per share, for a total transaction of $133,700.00. Following the transaction, the director now directly owns 69,305 shares of the company’s stock, valued at $9,266,078.50. This represents a 1.46 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ricky D. Hessling purchased 2,000 shares of Marathon Petroleum stock in a transaction on Tuesday, March 11th. The shares were acquired at an average price of $134.72 per share, for a total transaction of $269,440.00. Following the completion of the transaction, the insider now directly owns 12,162 shares of the company’s stock, valued at approximately $1,638,464.64. The trade was a 19.68 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.21% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Mizuho cut their price target on Marathon Petroleum from $175.00 to $174.00 and set a “neutral” rating for the company in a research note on Monday, December 16th. TD Cowen reiterated a “buy” rating and issued a $170.00 target price on shares of Marathon Petroleum in a research note on Tuesday, December 10th. Raymond James upped their price target on shares of Marathon Petroleum from $190.00 to $192.00 and gave the company a “strong-buy” rating in a research note on Friday, January 17th. Barclays raised their price objective on shares of Marathon Petroleum from $159.00 to $161.00 and gave the stock an “overweight” rating in a report on Friday, March 14th. Finally, Tudor Pickering raised shares of Marathon Petroleum from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Marathon Petroleum presently has an average rating of “Moderate Buy” and a consensus target price of $180.21.

Marathon Petroleum 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.