Move aims to make shares more accessible for a more diverse range of investors.
Marathon Petroleum Corp. is planning a two-for-one stock split after more than doubling in value since being spun off by Marathon Oil Corp. four years ago, Bloomberg reported.
The company said it believes the stock split would make its shares more affordable for a wider range of investors.
The split is expected to be distributed on June 10 to shareholders of record as of the end of May 20. The company’s board also approved maintaining its 50-cent dividend, on a pre-split business, according to Bloomberg.