Harbour Investments Inc. Sells 70 Shares of Marathon Petroleum Co. (NYSE:MPC)

Harbour Investments Inc. cut its holdings in Marathon Petroleum Co. (NYSE:MPC) by 1.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 4,407 shares of the oil and gas company’s stock after selling 70 shares during the period. Harbour Investments Inc.’s holdings in Marathon Petroleum were worth $718,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. WR Wealth Planners LLC lifted its position in shares of Marathon Petroleum by 15.2% during the second quarter. WR Wealth Planners LLC now owns 431 shares of the oil and gas company’s stock worth $75,000 after acquiring an additional 57 shares in the last quarter. Legacy Advisors LLC lifted its holdings in Marathon Petroleum by 5.0% during the 2nd quarter. Legacy Advisors LLC now owns 1,238 shares of the oil and gas company’s stock worth $215,000 after purchasing an additional 59 shares in the last quarter. Latitude Advisors LLC boosted its stake in Marathon Petroleum by 3.6% in the 2nd quarter. Latitude Advisors LLC now owns 1,714 shares of the oil and gas company’s stock worth $297,000 after purchasing an additional 60 shares during the period. SouthState Corp increased its position in shares of Marathon Petroleum by 1.5% during the second quarter. SouthState Corp now owns 4,122 shares of the oil and gas company’s stock valued at $715,000 after buying an additional 61 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Marathon Petroleum by 0.9% in the second quarter. EverSource Wealth Advisors LLC now owns 7,165 shares of the oil and gas company’s stock worth $1,268,000 after buying an additional 61 shares in the last quarter. 76.77% of the stock is currently owned by hedge funds and other institutional investors.

Marathon Petroleum Trading Down 0.4 %

Shares of MPC opened at $157.51 on Friday. Marathon Petroleum Co. has a fifty-two week low of $140.98 and a fifty-two week high of $221.11. The firm has a market cap of $50.62 billion, a price-to-earnings ratio of 12.48, a PEG ratio of 2.82 and a beta of 1.38. The firm has a 50 day moving average price of $159.23 and a 200-day moving average price of $168.73. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.76 and a current ratio of 1.23.

Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.90. Marathon Petroleum had a net margin of 3.15% and a return on equity of 16.19%. The business had revenue of $35.37 billion during the quarter, compared to the consensus estimate of $34.34 billion. During the same period in the previous year, the firm posted $8.14 earnings per share. The firm’s revenue for the quarter was down 14.9% on a year-over-year basis. As a group, equities research analysts forecast that Marathon Petroleum Co. will post 9.41 earnings per share for the current year.

Marathon Petroleum declared that its Board of Directors has initiated a stock repurchase program on Tuesday, November 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to reacquire up to 10% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Marathon Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be given a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 2.31%. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, November 20th. Marathon Petroleum’s dividend payout ratio (DPR) is presently 26.15%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MPC shares. Mizuho decreased their target price on shares of Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. JPMorgan Chase & Co. decreased their price target on shares of Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Tudor, Pickering, Holt & Co. lowered Marathon Petroleum from a “buy” rating to a “sell” rating in a research note on Monday, September 9th. Citigroup decreased their target price on Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a research note on Thursday, October 10th. Finally, Wells Fargo & Company lowered their price target on Marathon Petroleum from $196.00 to $183.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Marathon Petroleum has a consensus rating of “Moderate Buy” and an average target price of $185.07.

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.