Short interest has dropped 33% over the past month while analysts lift price targets. MPC reports Tuesday morning with positioning notably lighter than March.
Short interest sits at 5.81 million shares, or 1.93% of the free float, as of April 23. That's down 33% from a month ago and down 4.2% over the past week. Days to cover stands at 2.93 based on recent volume. Cost to borrow ticked up to 0.45% from 0.36% a week earlier, though it remains down 3.1% from a month ago. Utilization has fallen to just 1.4%, well below the 52-week high of 7.32%, indicating ample shares available to borrow.
The put/call ratio closed at 0.64 on April 24, slightly below the 20-day mean of 0.64. The z-score of -0.29 suggests neutral sentiment. PCR sits in the middle of its 52-week range of 0.57 to 1.18. Options traders show no unusual directional bias heading into the print.
Wall Street has turned increasingly bullish in recent weeks. The average price target is $247.18, roughly 10% above the current $224 close. Morgan Stanley's Joe Laetsch raised his target to $233 from $200 on April 24 while maintaining Overweight. Wells Fargo made the most aggressive move, lifting its target to $331 from $217 on March 31. UBS raised to $280 from $221 on April 2. Barclays, Raymond James, and Goldman Sachs all boosted targets in the past six weeks. Ten recent changes show unanimous target increases with no downgrades.
The P/E ratio of 10.57 has compressed 3.37 points over the past 30 days despite the stock's recent gains. EV/EBITDA sits at 6.71, down 0.81 from a month ago. The stock ranks in the 84th percentile for 30-day EPS momentum and 85th for 90-day EPS momentum. EPS surprise scores in the 87th percentile. Dividend score ranks in the 91st percentile.
Insiders sold $3.69 million net over the past 90 days, with Chief Commercial Officer Rick Hessling accounting for most of the selling in March. Charles Schwab increased its position by 1.35 million shares in early April. Vanguard and BlackRock hold 13.0% and 7.6% respectively, with minimal recent changes.
MPC last reported on February 3, 2026. Prior earnings dates were also in early February. The stock traded near $206 in early March before rallying to current levels around $224, up 4.9% over the past week.
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