Highbridge Capital Management LLC Takes Position in Marathon Petroleum Corp (MPC)

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Highbridge Capital Management LLC purchased a new stake in shares of Marathon Petroleum Corp (NYSE:MPC) in the third quarter, HoldingsChannel reports. The institutional investor purchased 22,795 shares of the oil and gas company’s stock, valued at approximately $1,823,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Polaris Greystone Financial Group LLC boosted its holdings in Marathon Petroleum by 40,590.6% during the third quarter. Polaris Greystone Financial Group LLC now owns 310,062 shares of the oil and gas company’s stock valued at $24,796,000 after acquiring an additional 309,300 shares during the period. Steward Partners Investment Advisory LLC boosted its holdings in Marathon Petroleum by 27.6% during the third quarter. Steward Partners Investment Advisory LLC now owns 81,964 shares of the oil and gas company’s stock valued at $6,555,000 after acquiring an additional 17,733 shares during the period. Cypress Capital Group boosted its holdings in Marathon Petroleum by 184.3% during the second quarter. Cypress Capital Group now owns 27,957 shares of the oil and gas company’s stock valued at $1,961,000 after acquiring an additional 18,124 shares during the period. First Trust Advisors LP boosted its holdings in Marathon Petroleum by 60.2% during the third quarter. First Trust Advisors LP now owns 624,380 shares of the oil and gas company’s stock valued at $49,932,000 after acquiring an additional 234,641 shares during the period. Finally, Quadrant Capital Group LLC boosted its holdings in Marathon Petroleum by 170.3% during the third quarter. Quadrant Capital Group LLC now owns 3,209 shares of the oil and gas company’s stock valued at $244,000 after acquiring an additional 2,022 shares during the period. Institutional investors own 83.16% of the company’s stock.

NYSE MPC opened at $61.56 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.65 and a quick ratio of 1.09. Marathon Petroleum Corp has a twelve month low of $60.64 and a twelve month high of $88.45. The stock has a market capitalization of $43.90 billion, a P/E ratio of 12.46, a P/E/G ratio of 0.78 and a beta of 1.43.

Marathon Petroleum (NYSE:MPC) last released its earnings results on Thursday, November 1st. The oil and gas company reported $1.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.68 by $0.02. Marathon Petroleum had a net margin of 4.48% and a return on equity of 12.28%. The business had revenue of $23.13 billion during the quarter, compared to analysts’ expectations of $23.20 billion. During the same quarter last year, the company earned $1.77 earnings per share. The firm’s revenue was up 19.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Marathon Petroleum Corp will post 5.14 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Wednesday, November 21st will be paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend is Tuesday, November 20th. Marathon Petroleum’s payout ratio is presently 48.42%.

In related news, Director Steven A. Davis bought 2,500 shares of Marathon Petroleum stock in a transaction that occurred on Monday, November 19th. The stock was acquired at an average price of $62.20 per share, for a total transaction of $155,500.00. Following the completion of the purchase, the director now owns 16,462 shares in the company, valued at $1,023,936.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.09% of the stock is currently owned by company insiders.

A number of equities research analysts have issued reports on the stock. Citigroup upped their price target on shares of Marathon Petroleum from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, September 7th. Tudor Pickering upgraded shares of Marathon Petroleum from a “hold” rating to a “buy” rating in a report on Thursday, October 11th. Morgan Stanley set a $110.00 price target on shares of Marathon Petroleum and gave the company a “buy” rating in a report on Friday, October 12th. Zacks Investment Research cut shares of Marathon Petroleum from a “buy” rating to a “hold” rating in a report on Tuesday, September 11th. Finally, Cowen decreased their price target on shares of Marathon Petroleum from $111.00 to $97.00 and set an “outperform” rating for the company in a report on Wednesday, November 28th. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $92.93.

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Marathon Petroleum Profile

Marathon Petroleum Corporation, together with its subsidiaries, engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates through three segments: Refining & Marketing, Speedway, and Midstream. It refines crude oil and other feed stocks at its six refineries in the Gulf Coast and Midwest regions of the United States; and purchases refined products and ethanol for resale.

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Want to see what other hedge funds are holding MPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marathon Petroleum Corp (NYSE:MPC).

Institutional Ownership by Quarter for Marathon Petroleum (NYSE:MPC)

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