Marathon Petroleum Co. (NYSE:MPC) Shares Sold by Counterweight Ventures LLC

Counterweight Ventures LLC decreased its holdings in shares of Marathon Petroleum Co. (NYSE:MPC) by 15.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,797 shares of the oil and gas company’s stock after selling 1,780 shares during the quarter. Counterweight Ventures LLC’s holdings in Marathon Petroleum were worth $1,596,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MPC. Gladius Capital Management LP purchased a new position in shares of Marathon Petroleum during the 3rd quarter worth $26,000. MeadowBrook Investment Advisors LLC raised its stake in shares of Marathon Petroleum by 88.9% in the 3rd quarter. MeadowBrook Investment Advisors LLC now owns 170 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 80 shares during the period. Crewe Advisors LLC purchased a new stake in shares of Marathon Petroleum in the 1st quarter valued at approximately $29,000. Harbor Capital Advisors Inc. purchased a new stake in shares of Marathon Petroleum in the 3rd quarter valued at approximately $30,000. Finally, TruNorth Capital Management LLC purchased a new stake in shares of Marathon Petroleum in the 2nd quarter valued at approximately $35,000. 76.77% of the stock is currently owned by institutional investors and hedge funds.

Marathon Petroleum Stock Performance

Shares of MPC opened at $159.50 on Tuesday. The company’s 50 day simple moving average is $159.00 and its 200-day simple moving average is $168.10. Marathon Petroleum Co. has a 12-month low of $140.98 and a 12-month high of $221.11. The firm has a market cap of $51.26 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 2.74 and a beta of 1.38. The company has a current ratio of 1.23, a quick ratio of 0.76 and a debt-to-equity ratio of 0.94.

Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.90. Marathon Petroleum had a net margin of 3.15% and a return on equity of 16.19%. The company had revenue of $35.37 billion for the quarter, compared to analyst estimates of $34.34 billion. During the same period in the previous year, the business posted $8.14 earnings per share. Marathon Petroleum’s quarterly revenue was down 14.9% on a year-over-year basis. As a group, equities analysts predict that Marathon Petroleum Co. will post 9.59 EPS for the current year.

Marathon Petroleum announced that its Board of Directors has authorized a stock buyback program on Tuesday, November 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the oil and gas company to repurchase up to 10% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Marathon Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be paid a dividend of $0.91 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 annualized dividend and a yield of 2.28%. Marathon Petroleum’s dividend payout ratio is currently 26.15%.

Analysts Set New Price Targets

MPC has been the topic of a number of research analyst reports. Piper Sandler reduced their price target on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a research note on Friday, September 20th. Bank of America began coverage on shares of Marathon Petroleum in a research note on Thursday, October 17th. They set a “neutral” rating and a $174.00 target price on the stock. Wells Fargo & Company lowered their price target on shares of Marathon Petroleum from $196.00 to $183.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Morgan Stanley lowered their price target on shares of Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Marathon Petroleum has an average rating of “Moderate Buy” and a consensus 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.