Marathon Petroleum (MPC) Tops Q2 Earnings and Revenue Estimates

Company Performance - Marathon Petroleum reported quarterly earnings of $4.12 per share, exceeding the Zacks Consensus Estimate of $3.04 per share, but down from $5.32 per share a year ago, representing an earnings surprise of 35.53% [1] - The company posted revenues of $38.36 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 19.75% and up from $36.82 billion year-over-year [2] - Over the last four quarters, Marathon Petroleum has consistently surpassed consensus EPS and revenue estimates [2] Stock Outlook - The stock has gained approximately 9.2% since the beginning of the year, outperforming the S&P 500's gain of 8.7% [3] - The current consensus EPS estimate for the upcoming quarter is $4.34 on revenues of $32.55 billion, and for the current fiscal year, it is $13.71 on revenues of $134.66 billion [7] Industry Context - The Oil and Gas - Refining and Marketing industry is currently ranked in the bottom 11% of over 250 Zacks industries, indicating potential challenges for stocks within this sector [8] - The performance of Marathon Petroleum's stock may be influenced by the overall outlook for the industry, as empirical research shows a strong correlation between stock movements and earnings estimate revisions [5][8]