Allspring Global Investments Holdings LLC Purchases 41,131 Shares of Marathon Petroleum Co. (NYSE:MPC)

Allspring Global Investments Holdings LLC lifted its position in shares of Marathon Petroleum Co. (NYSE:MPC) by 35.1% in the 3rd quarter, Holdings Channel.com reports. The fund owned 158,392 shares of the oil and gas company’s stock after buying an additional 41,131 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Marathon Petroleum were worth $25,804,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in MPC. FinTrust Capital Advisors LLC raised its stake in shares of Marathon Petroleum by 400.0% in the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 100 shares during the last quarter. Crewe Advisors LLC purchased a new position in Marathon Petroleum in the 1st quarter worth about $29,000. TruNorth Capital Management LLC bought a new position in Marathon Petroleum during the 2nd quarter valued at about $35,000. Industrial Alliance Investment Management Inc. purchased a new stake in shares of Marathon Petroleum during the 2nd quarter valued at about $35,000. Finally, Wellington Shields & Co. LLC bought a new stake in shares of Marathon Petroleum in the first quarter worth approximately $40,000. 76.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MPC shares. Piper Sandler dropped their target price on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a report on Friday, September 20th. Mizuho cut their price objective on Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Citigroup lowered their target price on Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. JPMorgan Chase & Co. cut their price target on Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Finally, TD Cowen raised their price objective on shares of Marathon Petroleum from $187.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Marathon Petroleum currently has an average rating of “Moderate Buy” and an average price target of $187.00.

Marathon Petroleum Trading Down 2.8 %

Shares of Marathon Petroleum stock opened at $153.76 on Thursday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.90 and a current ratio of 1.31. The company has a fifty day moving average of $166.48 and a 200 day moving average of $174.39. The company has a market capitalization of $54.17 billion, a P/E ratio of 7.68, a P/E/G ratio of 2.65 and a beta of 1.37. Marathon Petroleum Co. has a fifty-two week low of $140.98 and a fifty-two week high of $221.11.

Marathon Petroleum (NYSE:MPC) last issued its earnings results on Tuesday, August 6th. The oil and gas company reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $1.03. Marathon Petroleum had a return on equity of 24.05% and a net margin of 4.79%. The company had revenue of $38.36 billion for the quarter, compared to the consensus estimate of $36.66 billion. During the same quarter last year, the company earned $5.32 EPS. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. On average, sell-side analysts anticipate that Marathon Petroleum Co. will post 10.22 earnings per share for the current fiscal year.

Marathon Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st were paid a dividend of $0.825 per share. The ex-dividend date was Wednesday, August 21st. This represents a $3.30 annualized dividend and a yield of 2.15%. Marathon Petroleum’s payout ratio is 16.48%.

Marathon Petroleum Profile

Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. The company operates through Refining & Marketing, and Midstream segments. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States; and purchases refined products and ethanol for resale and distributes refined products, including renewable diesel, through transportation, storage, distribution, and marketing services.