In a recent transaction, Lee M. Tillman, the Chairman, President, and CEO of Marathon Oil Corp (NYSE:MRO), sold a significant number of shares in the company. The transaction, which took place on March 19, 2024, involved the sale of 80,647 shares at a weighted average price of $26.9411 per share, totaling approximately $2,172,718.
The sale was executed in multiple transactions with prices ranging from $26.875 to $26.985 per share. Following the sale, Tillman still owns a substantial number of shares directly, with a reported 596,330 shares remaining in his possession. Additionally, there are 604,173 shares owned indirectly through 3Bears Investments Limited Partnership.
The reported transaction provides Marathon Oil's shareholders and potential investors with insight into the trading activities of the company's top executive. It is not uncommon for executives to sell portions of their stock holdings for various personal financial strategies. The details of the transaction, including the exact number of shares sold at each price within the reported range, are available upon request to Marathon Oil Corporation (NYSE:MRO), its security holders, or the staff of the Securities and Exchange Commission.
The transaction was officially signed off by John D. Montanti, Attorney-in-Fact for Lee M. Tillman, on March 21, 2024. As of the latest reports, Marathon Oil Corporation has not issued any public statement regarding the CEO's stock sale.
InvestingPro Insights
As investors digest news of Marathon Oil Corp's (NYSE:MRO) CEO Lee M. Tillman's recent share sale, it's important to consider the company's financial health and market performance to better understand the context of such transactions. According to InvestingPro data, Marathon Oil boasts a market capitalization of $15.69 billion, signaling a substantial presence in the industry. Furthermore, the company's P/E ratio stands at an attractive 10.6, with an adjusted P/E ratio for the last twelve months as of Q4 2023 at 10.18, reflecting a potentially undervalued stock in comparison to earnings.
Adding to the financial picture, Marathon Oil has experienced a strong return over the last month, with a 1-month price total return of 14.59%. This performance is coupled with a consistent commitment to shareholders, as evidenced by the company's track record of raising its dividend for three consecutive years, with a notable dividend growth of 22.22% in the last twelve months as of Q4 2023.
InvestingPro Tips highlight two key aspects: management's aggressive share buyback initiative and the maintenance of dividend payments for an impressive 54 consecutive years. These actions suggest a management team confident in the company's value and dedicated to returning capital to shareholders. However, it's worth noting that 10 analysts have revised their earnings downwards for the upcoming period, which could be a point of consideration for potential investors.
For those looking to delve deeper into Marathon Oil's financials and stock performance, there are additional tips available on InvestingPro. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to comprehensive analysis and insights that could further inform investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.