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Wednesday, October 5, 2022

Marathon Petroleum Corp. (MPC) Stock Depicting Fluctuations, Here’s Why

Marathon Petroleum Corp. (MPC), a company engaged in the business of petroleum products, is having fluctuating times in the aftermarket trading session. Hours ago, the stock slumped by 13%, but has gained the momentum back and is trading at $81.25 at the time of the writing. During Friday’s regular trading session, the stock had a nominal increase of 1.82% and closed the day at $81.19. Since last one month, MPC stock has shot up approximately 9%, the reason being rising oil prices globally as a result of increased geopolitical tensions.

MPC Q4 2021 Results

In early February, MPC announced the results for Q4 2021, which ended December 31st, 2021. The company reported a net income of $774 million (or $1.27 per diluted share) for Q4 2021 when compared with $285 million of net income (or $0.44 per diluted share) the company generated during Q4 2020. The adjusted net income for the quarter was $794 million (or $1.30 per diluted share) against an adjusted net loss of $608 million (or $0.94 per diluted share) for the same quarter of 2020.

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Financial Metrics

MPC also provided an update regarding its financial position. The company had $10.8 billion in terms of cash and cash equivalents on 31st December 2021. The debt payable by the company on the said date was $7 billion, while the debt to capital ratio was 21% (excluding MPLX) on 31st December 2021. The company also said that it redeemed $1.25 billion outstanding aggregate amount of the senior notes which would be due in May of 2023.

Executive Commentary

While commenting on the results, President and Chief Executive Officer of MPC Michael J. Hennigan said that the company has progressed all of its strategic goals during the fiscal year 2021. The company has maintained $1.5 billion on cost reductions throughout the year. The announcement of the 2022 capital outlook is reflecting upon the commitment toward the discipline by the company.

Future Outlook for MPC

Looking forward, the analysts believe that MPC stock holds several positive signals at this point. Also, the stock is in great shape keeping in view the technical indicators. Hence, the stock should be considered as a strong buy candidate.

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