Marathon Petroleum Corp. shares inched 0.44% higher to $63.26 Thursday, on what proved to be an all-around poor trading session for the stock market, with the S&P 500 Index SPX falling 0.36% to 4,192.85 and Dow Jones Industrial Average DJIA falling 0.07% to 34,577.04.
Marathon Petroleum Corp. closed $0.12 short of its 52-week high ($63.38), which the company reached on June 2nd. The stock demonstrated a mixed performance when compared to some of its competitors Thursday, as Exxon Mobil Corp. XOM rose 0.39% to $61.18, Chevron Corp. CVX fell 0.45% to $107.59, and BP PLC ADR BP rose 0.47% to $27.76.
Marathon Petroleum Corp trading volume (7.1 M) eclipsed its 50-day average volume of 6.8 M.This was the stock’s sixth consecutive day of gains. Marathon Petroleum was able to navigate the downturn of 2020 whilst also sustaining its dividends.America based petroleum Corp is a leading independent refiner, transporter and marketer of petroleum products. The company delivered better-than-expected first-quarter 2021 bottom-line performance. It reported an adjusted loss of 20 cents per share, narrower than the Zacks Consensus Estimate of a loss of 72 cents. The company’s bottom line was favourably impacted by cost savings and stronger-than-expected performance from the Midstream segment.
The downstream operator, also carrying a Zacks Rank #3, saw its stock increase 10.28% last month. Marathon Petroleum recently completed the sale of its Speedway business for $21 billion that will provide the downstream operator with its much-needed cash infusion.