Covestor Ltd Increases Stock Holdings in Marathon Petroleum Co. (NYSE:MPC)

Covestor Ltd raised its holdings in Marathon Petroleum Co. (NYSE:MPC) by 44.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 294 shares of the oil and gas company’s stock after buying an additional 91 shares during the quarter. Covestor Ltd’s holdings in Marathon Petroleum were worth $48,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Founders Financial Securities LLC grew its position in Marathon Petroleum by 22.8% during the 2nd quarter. Founders Financial Securities LLC now owns 4,972 shares of the oil and gas company’s stock worth $863,000 after purchasing an additional 924 shares during the last quarter. Holistic Planning LLC acquired a new position in shares of Marathon Petroleum in the 3rd quarter valued at $912,000. LRI Investments LLC purchased a new position in Marathon Petroleum in the 1st quarter worth $97,000. Magnolia Capital Advisors LLC lifted its position in Marathon Petroleum by 353.4% during the 2nd quarter. Magnolia Capital Advisors LLC now owns 55,989 shares of the oil and gas company’s stock worth $9,713,000 after acquiring an additional 43,639 shares during the period. Finally, Granite Bay Wealth Management LLC acquired a new position in shares of Marathon Petroleum in the second quarter valued at about $4,075,000. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Trading Down 0.6 %

Shares of MPC stock opened at $158.14 on Friday. The stock has a 50 day simple moving average of $159.44 and a 200-day simple moving average of $168.80. Marathon Petroleum Co. has a 1-year low of $140.98 and a 1-year high of $221.11. The company has a market cap of $50.82 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 2.75 and a beta of 1.38. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.23 and a quick ratio of 0.76.

Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $34.34 billion. The company’s revenue was down 14.9% compared to the same quarter last year. During the same period last year, the firm posted $8.14 earnings per share. On average, equities research analysts expect that Marathon Petroleum Co. will post 9.41 EPS for the current fiscal year.

Marathon Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be issued a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 2.30%. This is a boost from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, November 20th. Marathon Petroleum’s payout ratio is presently 26.15%.

Marathon Petroleum declared that its board has authorized a stock repurchase plan 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 buy up to 10% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Tudor, Pickering, Holt & Co. downgraded Marathon Petroleum from a “buy” rating to a “sell” rating in a report on Monday, September 9th. Morgan Stanley dropped their price objective on shares of Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Mizuho decreased their target price on shares of Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Tudor Pickering downgraded Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a research report on Monday, September 9th. Finally, Wells Fargo & Company decreased their price objective on Marathon Petroleum from $196.00 to $183.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Marathon Petroleum presently has an average rating of “Moderate Buy” and an average target price of $185.07.

About Marathon Petroleum

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.