The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Marathon Petroleum Corp shares valued at $170,350 were sold by Rucker Kim K.W. on Mar 01 ’24. At $170.35 per share, Rucker Kim K.W. sold 1,000 shares. The insider’s holdings dropped to 23,446 shares worth approximately $4.67 million following the completion of this transaction.
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Also, Aydt Timothy J sold 7,955 shares, netting a total of over 1,375,284 in proceeds. Following the sale of shares at $172.88 each, the insider now holds 9,801 shares.
Before that, HAGEDORN CARL KRISTOPHER had sold 1,436 shares from its account. In a trade valued at $210,819, the Senior VP and Controller traded Marathon Petroleum Corp shares for $146.81 each. Upon closing the transaction, the insider’s holdings decreased to 1,436 shares, worth approximately $1.09 million.
As published in a research note from TD Cowen on January 31, 2024, Marathon Petroleum Corp [MPC] has been retained to an Outperform and the price target has been revised to $170. Analysts at Citigroup started covering the stock with ‘”a Neutral”‘ outlook in a report released in late January. As of December 14, 2023, Wells Fargo has increased its “an Equal weight” rating to a “an Overweight” for MPC. Earlier on August 16, 2023, Mizuho downgraded its rating. Their new recommendation was “a Neutral” for MPC stock which previously was a “a Buy”.
Analyzing MPC Stock Performance
During the last five days, there has been a surge of approximately 5.41%. Over the course of the year, Marathon Petroleum Corp shares have jumped approximately 34.27%. Shares of the company reached a 52-week high of $199.89 on 03/21/24 and a 52-week low of $148.46 on 01/08/24. A 50-day SMA is recorded $170.18, while a 200-day SMA reached $148.04. Nevertheless, trading volume fell to 1.67 million shares from 1.96 million shares the previous day.
Support And Resistance Levels for Marathon Petroleum Corp (MPC)
According to the 24-hour chart, there is a support level at 197.06, which, if violated, would cause prices to drop to 194.92. In the upper region, resistance lies at 200.62. The next price resistance is at 202.04. RSI (Relative Strength Index) is 83.19 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 11.85, which suggests the price will increase in the coming days. Percent R is at 2.38%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Marathon Petroleum Corp subject to short interest?
Stocks of Marathon Petroleum Corp saw a sharp steep in short interest on Feb 29, 2024 dropping by -0.31 million shares to 7.77 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 8.08 million shares. A decline of -3.99% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.77 of the overall float, the days-to-cover ratio (short ratio) decline to 2.77.
