MRA Advisory Group trimmed its holdings in shares of Marathon Petroleum Co. (NYSE:MPC – Free Report) by 2.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,368 shares of the oil and gas company’s stock after selling 95 shares during the period. MRA Advisory Group’s holdings in Marathon Petroleum were worth $510,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also made changes to their positions in MPC. Soltis Investment Advisors LLC acquired a new stake in shares of Marathon Petroleum in the 3rd quarter worth approximately $2,976,000. Atria Wealth Solutions Inc. grew its holdings in shares of Marathon Petroleum by 22.1% in the 3rd quarter. Atria Wealth Solutions Inc. now owns 18,648 shares of the oil and gas company’s stock worth $2,822,000 after acquiring an additional 3,374 shares during the period. Sowell Financial Services LLC grew its holdings in shares of Marathon Petroleum by 36.0% in the 3rd quarter. Sowell Financial Services LLC now owns 13,647 shares of the oil and gas company’s stock worth $2,065,000 after acquiring an additional 3,613 shares during the period. Argent Trust Co grew its holdings in Marathon Petroleum by 8.3% during the 3rd quarter. Argent Trust Co now owns 15,155 shares of the oil and gas company’s stock valued at $2,294,000 after buying an additional 1,164 shares during the last quarter. Finally, Spinnaker Trust acquired a new stake in Marathon Petroleum during the 3rd quarter valued at $245,000. 74.93% of the stock is owned by hedge funds and other institutional investors.
In other Marathon Petroleum news, VP Carl Kristopher Hagedorn sold 1,436 shares of the stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $146.81, for a total transaction of $210,819.16. Following the completion of the sale, the vice president now directly owns 5,480 shares of the company’s stock, valued at approximately $804,518.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.28% of the company’s stock.
Marathon Petroleum Stock Up 0.5 %
Marathon Petroleum (NYSE:MPC – Get Free Report) last announced its quarterly earnings results on Tuesday, January 30th. The oil and gas company reported $3.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $1.77. Marathon Petroleum had a net margin of 6.44% and a return on equity of 30.21%. The company had revenue of $36.26 billion for the quarter, compared to analysts’ expectations of $34.90 billion. During the same quarter in the previous year, the business posted $6.65 EPS. Marathon Petroleum’s revenue was down 8.9% compared to the same quarter last year. On average, equities analysts expect that Marathon Petroleum Co. will post 14.47 earnings per share for the current fiscal year.
Marathon Petroleum declared that its board has initiated a stock repurchase plan on Wednesday, October 25th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to buy up to 8.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Marathon Petroleum Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 11th. Stockholders of record on Wednesday, February 21st will be given a dividend of $0.825 per share. This represents a $3.30 annualized dividend and a dividend yield of 1.97%. The ex-dividend date is Tuesday, February 20th. Marathon Petroleum’s payout ratio is currently 14.02%.
Wall Street Analyst Weigh In
Several analysts recently issued reports on MPC shares. Barclays increased their price target on Marathon Petroleum from $163.00 to $168.00 and gave the company an “overweight” rating in a report on Monday. Wells Fargo & Company upgraded Marathon Petroleum from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $159.00 to $169.00 in a research note on Thursday, December 14th. TD Cowen lifted their price target on Marathon Petroleum from $168.00 to $170.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 31st. Morgan Stanley lifted their price target on Marathon Petroleum from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Tuesday, October 17th. Finally, Citigroup initiated coverage on shares of Marathon Petroleum in a research report on Wednesday, January 24th. They set a “neutral” rating on the stock. Five research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Marathon Petroleum presently has an average rating of “Moderate Buy” and a consensus price target of $163.00.
Marathon Petroleum Company Profile
Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. It operates in two segments, Refining & Marketing, and Midstream. 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.
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