Corebridge Financial Inc. Sells 7,934 Shares of Marathon Petroleum Co. (NYSE:MPC)

Corebridge Financial Inc. decreased its position in Marathon Petroleum Co. (NYSE:MPC) by 9.7% during the 4th quarter, according to its most recent disclosure with the SEC. 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.

Several other hedge funds also recently made changes to their positions in the company. Kohmann Bosshard Financial Services LLC bought a new stake in Marathon Petroleum in the 4th quarter worth $27,000. True Wealth Design LLC grew its stake in shares of Marathon Petroleum by 672.7% in the third quarter. True Wealth Design LLC now owns 170 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 148 shares during the last quarter. Asset Planning Inc purchased a new position in Marathon Petroleum during the 4th quarter valued at about $28,000. Sierra Ocean LLC bought a new position in Marathon Petroleum during the 4th quarter valued at approximately $31,000. Finally, Cape Investment Advisory Inc. grew its position in shares of Marathon Petroleum by 762.9% in the 4th quarter. Cape Investment Advisory Inc. now owns 302 shares of the oil and gas company’s stock worth $42,000 after buying an additional 267 shares during the last quarter. 76.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on MPC. Piper Sandler dropped their price target on Marathon Petroleum from $160.00 to $156.00 and set a “neutral” rating for the company in a research note on Friday, March 7th. Barclays raised their target price on shares of Marathon Petroleum from $159.00 to $161.00 and gave the stock an “overweight” rating in a research report on Friday, March 14th. Wells Fargo & Company boosted their price target on shares of Marathon Petroleum from $183.00 to $185.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. Mizuho lowered their price objective on shares of Marathon Petroleum from $175.00 to $174.00 and set a “neutral” rating for the company in a report on Monday, December 16th. Finally, TD Cowen reiterated a “buy” rating and set a $170.00 target price on shares of Marathon Petroleum in a report on Tuesday, December 10th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Marathon Petroleum currently has an average rating of “Moderate Buy” and a consensus price target of $180.21.

Marathon Petroleum Price Performance

Shares of NYSE:MPC opened at $149.63 on Thursday. The company has a market capitalization of $46.62 billion, a PE ratio of 15.07, a PEG ratio of 3.11 and a beta of 1.39. The business has a fifty day moving average price of $149.01 and a 200-day moving average price of $151.76. Marathon Petroleum Co. has a 1-year low of $130.54 and a 1-year high of $221.11. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.23 and a quick ratio of 0.76.

Marathon Petroleum (NYSE:MPC) last issued its earnings results on Tuesday, February 4th. The oil and gas company reported $0.77 earnings per share (EPS) 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 business had revenue of $33.47 billion during the quarter, compared to analysts’ expectations of $31.94 billion. During the same period in the previous year, the company earned $3.98 earnings per share. The business’s revenue for the quarter was down 9.1% compared to the same quarter last year. As a group, equities analysts expect that Marathon Petroleum Co. will post 8.47 EPS for the current fiscal year.

Marathon Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Wednesday, February 19th were issued a $0.91 dividend. 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 payout ratio is 36.66%.

Insider Transactions at Marathon Petroleum

In other Marathon Petroleum news, insider Ricky D. Hessling bought 2,000 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was acquired at an average price of $134.72 per share, with a total value of $269,440.00. Following the transaction, the insider now owns 12,162 shares in the company, valued at $1,638,464.64. This represents a 19.68 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Evan Bayh purchased 1,000 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were bought at an average cost of $133.70 per share, for a total transaction of $133,700.00. Following the acquisition, the director now owns 69,305 shares in the company, valued at approximately $9,266,078.50. The trade was a 1.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.21% of the company’s stock.

Marathon Petroleum Company 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.