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here’s why — TradingView News

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marathon petroleum q1 earnings report
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Marathon Petroleum Corp MPC says solid demand for refined products and tightened fuel supply helped it beat Street estimates in its fiscal Q1. Shares of the oil company are in the green at writing.

Institutional investors have been buying $MPC

The financial results it reported today bode well for institutional investors considering many of them have recently secured or increased stake in $MPC.

Norges Bank, for instance, loaded up on about half-a-billion-dollar worth of Marathon Petroleum this year. Other notable names that have recently bought the oil stock include JPMorgan, Acadian Asset Management, and Assenagon.

Note that hedge funds currently own some 77% of $MPC. So, their recent moves suggest bullish momentum and potential for continued upside moving forward.

You can read the full earnings report of Marathon Petroleum on this link.

Marathon Petroleum boosts stock buybacks

Marathon Petroleum turned all the more attractive after its Q1 earnings report because it increased its stock repurchase authorisation by a whopping $5.0 billion on Tuesday as well.

It is also worth mentioning that the $73 billion company based out of Findlay, Ohio pays a dividend yield of 1.65% at writing which makes up for another reason to own it.

That’s partly why analysts at Morgan Stanley recently raised their price target on $MPC from $170 a share to $209 per share.

Marathon Petroleum expects to refine 2,775 million barrels of crude oil per day in the current financial quarter on $4.95 of refining operating costs per barrel, as per its earnings report.

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