Avidian Wealth Increases Stake in Marathon Petroleum to $2.32 Million

Avidian Wealth Enterprises LLC has expanded its investment in Marathon Petroleum Corporation (NYSE: MPC) by 1.9%, bringing its total holdings to a value of approximately $2.32 million. According to a recent filing with the Securities and Exchange Commission, the institutional investor now owns 13,983 shares of the oil and gas company, having acquired an additional 262 shares during the second quarter of 2023.

Several other institutional investors have also adjusted their positions in Marathon Petroleum recently. Activest Wealth Management significantly increased its stake by 290.2%, acquiring 119 additional shares, which now totals 160 shares valued at $27,000. Similarly, CBIZ Investment Advisory Services LLC raised its holdings by an impressive 1,546.2% in the first quarter, now owning 214 shares worth $31,000 after adding 201 shares. Other notable investors include Hughes Financial Services LLC and WPG Advisers LLC, each acquiring new positions valued at approximately $32,000 in the first quarter. Decker Retirement Planning Inc. also increased its stake by 1,621.4%, now holding 241 shares valued at $35,000. Collectively, institutional investors and hedge funds control 76.77% of Marathon Petroleum’s stock.

Analyst Ratings and Company Performance

Equities analysts have recently provided insights into Marathon Petroleum’s performance. Weiss Ratings reiterated a “hold (c)” rating on October 8, 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. Scotiabank reaffirmed an “outperform” rating, and Bank of America adjusted its target price from $184.00 to $192.00, also issuing a “neutral” rating. Currently, one analyst has rated the stock as a Strong Buy, seven have given it a Buy rating, and eight have issued Hold ratings. The consensus rating stands at “Moderate Buy” with a price target of $200.31 according to data from MarketBeat.

In its latest earnings report, Marathon Petroleum announced earnings per share (EPS) of $3.96 for the second quarter, surpassing analysts’ expectations of $3.22. The company reported revenue of $34.10 billion, exceeding the forecast of $31.70 billion. Despite these positive results, revenue dropped 11.1% year-over-year, down from $4.12 EPS in the same period last year.

Insider Transactions and Dividend Announcements

In related news, insider Molly R. Benson sold 10,879 shares of Marathon Petroleum on August 15, 2023, at an average price of $163.00, totaling approximately $1.77 million. Following this transaction, Benson’s holdings decreased by 27.49%, leaving her with 28,700 shares valued at around $4.68 million. Currently, insiders hold 0.21% of the company’s stock.

Marathon Petroleum also declared a quarterly dividend of $0.91 per share, which was paid on September 10, 2023, to stockholders of record as of August 20. This annualizes to $3.64 per share, reflecting a dividend yield of 2.0%. The company’s payout ratio currently stands at 54.01%.

As of the latest trading session, Marathon Petroleum’s stock opened at $186.39. The company has a market capitalization of $56.67 billion, a price-to-earnings (P/E) ratio of 27.65, and a beta of 0.90. The stock has fluctuated between a yearly low of $115.10 and a high of $201.61, with a 50-day simple moving average of $181.17 and a 200-day average of $165.59.

Marathon Petroleum Corporation operates as an integrated downstream energy company primarily in the United States, with key segments in Refining & Marketing and Midstream. The company’s extensive operations include refining crude oil and other feedstocks at various refineries and distributing refined products across the country.