America based Marathon Petroleum Corp. shares inched 0.77% higher to $62.98 Wednesday. This proves to be an all-around positive trading session for the stock market, with the S&P 500 Index SPX rising 0.14% to 4,208.12 and the Dow Jones Industrial Average DJIA rising 0.07% to 34,600.38.
Marathon Petroleum Corp. closed $0.07 below its 52-week high ($63.05), which the company achieved on June 1st. The stock underperformed when compared to some of its competitors Wednesday, as Exxon Mobil Corp. XOM rose 0.79% to $60.94, Chevron Corp. CVX rose 1.34% to $108.08, and BP PLC ADR BP rose 2.26% to $27.63. Marathon Petroleum reported $22.88 billion in the first quarter of 2021, down 5% from the same quarter a year ago.Marathon Petroleum Corp trading volume (7.5 M) eclipsed its 50-day average volume of 6.7 M.This was the stock’s fifth consecutive day of gains. Marathon Petroleum Corporation is a leading, integrated, downstream energy company headquartered in Findlay, Ohio.
The company operates the nation’s largest refining system. marketing system includes branded locations across the United States, including Marathon brand retail outlets. America based petroleum company also owns the partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure.
Marathon Petroleum Corp. announced that it commenced a modified Dutch auction tender offer to purchase up to $4.0 billion of shares of its common stock, or such a lesser number of shares of its common stock. They are properly tendered and not properly withdrawn, at a price not greater than $63.00 and not less than $56.00 per share of common stock, to the tendering shareholder in cash, less any applicable withholding taxes and without interest.