Marathon Petroleum Corp. shares slipped 1.73% to $57.95 Wednesday. This proved to be an all-around favourable trading session for the stock market, with the S&P 500 Index SPX rising 0.34% to 4,358.13 and the Dow Jones Industrial Average DJIA rising 0.30% to 34,681.79.
Marathon Petroleum Corp. closed $6.89 short of its 52-week high ($64.84), which the company reached on June 10th. The stock underperformed when compared to some of its competitors Wednesday, as Exxon Mobil Corp. XOM fell 1.56% to $60.41, Chevron Corp. CVX fell 1.02% to $102.93, and BP PLC ADR BP fell 0.92% to $25.73.
Marathon Petroleum Corp trading volume (4.2 M) remained 3.3 million below its 50-day average volume of 7.5 M.This was the stock’s third consecutive day of losses. On June 9, Marathon’s stock was at $64.52. However, later on, June 18, it suddenly dropped to $58.88, resulting in an 8.8% loss. Then, on July 6, it plans to rise to $62, resulting in a 5% gain. Marathon Petroleum in Texas, a 7-Eleven convenience store chain, has agreed to sell hundreds of gasoline and diesel points of sale in 293 local markets in 20 states. The decision was made to resolve a Federal Trade Commission (FTC) claim that the acquisition of 7-Eleven by Speedway Marathon Petroleum violated federal antitrust laws.
Marathon Petroleum is an integrated, downstream energy company. It got its current form from the 2011 spin-off of Houston, TX-based Marathon Oil Corporation’s refining/sales business into a separate, independent, and publicly traded entity.