Marathon Petroleum Corporation (NYSE: MPC) is one of the largest independent refiners in the United States, operating a nationwide refining system and holding a significant ownership stake in MPLX. Shares recently traded near $185.77, giving Marathon Petroleum a market value of roughly $55.8B.
After a strong run over the past year, Marathon Petroleum’s stock has pulled back from recent highs. Examining who owns Marathon Petroleum and how insiders have been trading helps clarify how major institutions and company leadership appear to be positioning around refining margins, capital returns, and longer term earnings visibility.
Who Are Marathon Petroleum’s Top Shareholders?
Marathon Petroleum’s shareholder base is led by large passive and institutional investors. These firms tend to hold through market cycles, which can help support ownership stability, while shifts among active managers may reflect changing views on valuation and energy market conditions.
- The Vanguard Group, Inc.: 38,197,929 shares (12.71%), ~$7.10B value. Reduced holdings by 522,581 shares (-1.35%).
- State Street Investment Management: 17,886,431 shares (5.95%), ~$3.32B value. Reduced holdings by 554,029 shares (-3.00%).
- BlackRock Institutional Trust Company, N.A.: 15,522,710 shares (5.16%), ~$2.88B value. Reduced holdings by 620,808 shares (-3.85%).
- Wellington Management Company, LLP: 9,368,219 shares (3.12%), ~$1.74B value. Reduced holdings by 2,309,074 shares (-19.77%).
- Geode Capital Management, L.L.C.: 7,920,814 shares (2.64%), ~$1.47B value. Reduced holdings by 92,399 shares (-1.15%).
- Boston Partners: 6,305,428 shares (2.10%), ~$1.17B value. Added 141,691 shares (+2.30%).
- Harris Associates L.P.: 4,005,582 shares (1.33%), ~$744.1M value. Reduced holdings by 122,848 shares (-2.98%).
- Raymond James & Associates, Inc.: 3,781,955 shares (1.26%), ~$702.6M value. Added 19,085 shares (+0.51%).
- Fidelity Management & Research Company LLC: 3,702,290 shares (1.23%), ~$687.8M value. Added 653,149 shares (+21.42%).
- Dimensional Fund Advisors, L.P.: 3,410,655 shares (1.13%), ~$633.6M value. Reduced holdings by 287,474 shares (-7.77%).
Overall, ownership remains anchored by long term institutions despite some trimming at the margin, and for investors this suggests Marathon Petroleum continues to be viewed as a core refining name rather than a stock facing broad institutional exits.
Hedge Fund Highlights
One notable move last quarter came from Millennium Management, founded by Israel Englander, which significantly increased its position in Marathon Petroleum, lifting its stake by roughly 943% to about $286M value. The size of the increase suggests it appears the firm has grown more constructive on Marathon Petroleum’s cash generation profile.
Jane Street Group, founded by quantitative traders including Rob Granieri, also sharply expanded its MPC exposure, boosting its position by roughly 700% to approximately $23M value. This move may reflect favorable trading dynamics or improving short term risk reward within the energy sector.
Squarepoint Ops LLC, founded by Arnaud Jobin, raised its stake by nearly 80%, bringing total holdings to roughly $72M value, suggesting Marathon Petroleum continues to attract interest as a liquid large cap energy stock for multi strategy firms.
Meanwhile, Two Sigma Advisers, founded by John Overdeck, increased its position by about 66% to roughly $251M value, indicating that data driven models may be finding improving setups as refining margins normalize, and for investors this cluster of activity points to continued hedge fund engagement rather than disengagement.
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Marathon Petroleum’s Recent Insider Trades
Insider filings can provide context on how executives and directors are managing personal exposure, though motivations are not disclosed and conclusions should remain cautious.
- Molly R. Benson (Officer): Sold 10,879 shares at ~$163 and acquired 10,879 shares at ~$62.68 on 8/14/25.
- Maryann T. Mannen (Officer and Director): Sold 908 shares at ~$166.39 on 7/31/25.
- Kim K. W. Rucker (Director): Sold 7,392 shares at ~$175 on 7/2/25.
- Multiple Directors: Received 1,276 shares each at $0 on 4/30/25, which appears related to equity compensation.
These transactions are small relative to Marathon Petroleum’s total share count and do not materially alter insider ownership, and for investors the activity appears measured rather than directional.
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What the Ownership & Insider Trade Data Tell Us
Marathon Petroleum’s ownership remains anchored by large passive institutions, providing a stable base of capital. While some managers have reduced exposure following strong performance, selective hedge fund and active manager additions suggest continued interest in Marathon Petroleum’s cash flow durability and capital return strategy.
Insider activity appears limited and mixed, offering context but no clear signal. For investors, the combined ownership and insider picture suggests Marathon Petroleum continues to be treated as a mature, cash generating refiner, with positioning that reflects balance rather than aggressive conviction at current price levels.
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