Lord, Abbett Adds $93M in Marathon Petroleum Corporation ($MPC)
Key Points
- Lord, Abbett changed its Marathon Petroleum Corporation ($MPC) stake by 62.5% last quarter, boosting to 917,711 shares worth $241.77 million.
- Wall Street's consensus rating on $MPC is Buy and an average price target of $268.17.
- $MPC last traded around $263.45.
Lord, Abbett increased its position in Marathon Petroleum Corporation ($MPC) by 62.5% during the most recent quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 917,711 shares of Marathon Petroleum Corporation after buying 353,041 shares during the quarter. Lord, Abbett's holdings in Marathon Petroleum Corporation were worth $241.77 million as of its most recent filing.
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About Marathon Petroleum Corporation
Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company in the United States. The company operates through three segments: Refining & Marketing; Midstream; and Renewable Diesel. 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 through transportation, storage, distribution, and marketing services. Its refined products include transportation fuels, such as reformulated gasolines and blend-grade gasolines; heavy fuel oil; and asphalt. This segment also manufactures propane and petrochemicals. The company sells refined products to wholesale marketing customers in the United States and internationally, buyers on the spot market, and independent entrepreneurs who operate primarily Marathon branded outlets, as well as through long-term fuel supply contracts to direct dealer locations primarily under the ARCO brand. The Midstream segment gathers, transports, stores, distributes, and markets crude oil and refined products, including renewable diesel and other hydrocarbon-based products through refining logistics assets, pipelines, terminals, towboats, and barges; gathers, processes, and transports natural gas; and transports, fractionates, stores, and markets natural gas liquids. The Renewable Diesel segment processes renewable feedstocks into renewable diesel, markets, and distributes renewable diesel through its Midstream segment and third parties. It sells renewable diesel to wholesale marketing customers, buyers on the spot market, and through long-term supply contracts to direct dealers under the ARCO brand. Marathon Petroleum Corporation was founded in 1887 and is headquartered in Findlay, Ohio.
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