Jeffrey C. Campbell, a director at Marathon Petroleum Corp (NYSE:MPC), has recently acquired 6,000 shares of the company’s common stock. The purchase, executed on December 4, 2024, was made at a weighted average price of $149.6074 per share, amounting to a total transaction value of approximately $897,644.
According to the SEC filing, these shares were acquired through the Campbell Living Trust. Following this transaction, Campbell holds a total of 6,090 shares indirectly through the trust. The acquisition comes as part of Campbell's ongoing involvement with the company, where he serves as a director. InvestingPro data shows this insider purchase aligns with a broader pattern of management confidence, with the company maintaining strong financial health and trading at an attractive P/E ratio of 11.8x. For deeper insights into MPC's valuation and 13 additional ProTips, visit InvestingPro's comprehensive research platform.
In other recent news, Marathon Petroleum Corporation (NYSE:MPC) reported strong third-quarter 2024 results, with earnings per share of $1.87 and a refining utilization rate of 94%. The company also announced a $5 billion share repurchase authorization and projects a crude throughput of over 2.6 million barrels per day for Q4 2024. TD Cowen, following these results, adjusted the stock price target for MPC to $170 from $174, while maintaining a Buy rating. In terms of recent developments, MPC expects a distribution of $2.5 billion from MPLX (NYSE:MPLX) by 2025, covering dividends and capital programs. Investment plans are also underway in Los Angeles and Galveston Bay refineries, which are expected to yield returns around 20%. TD Cowen projects a 16% return yield for the fourth quarter of 2024 and anticipates an attractive return yield of 9% for fiscal years 2025 and 2026. Lastly, TD Cowen estimates that Marathon Petroleum's capital expenditures at the parent company level will be around $0.9 billion in fiscal year 2025.
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