Marathon Petroleum Co. (NYSE:MPC) Shares Bought by Hardy Reed LLC

Hardy Reed LLC grew its holdings in Marathon Petroleum Co. (NYSE:MPC) by 7.8% during the third quarter, HoldingsChannel reports. The fund owned 3,268 shares of the oil and gas company’s stock after purchasing an additional 236 shares during the period. Hardy Reed LLC’s holdings in Marathon Petroleum were worth $532,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Gladius Capital Management LP purchased a new position in Marathon Petroleum in the third quarter valued at approximately $26,000. MeadowBrook Investment Advisors LLC boosted its holdings 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 buying an additional 80 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in shares of Marathon Petroleum in the 3rd quarter valued at $30,000. Darwin Wealth Management LLC acquired a new stake in Marathon Petroleum during the 3rd quarter worth $33,000. Finally, TruNorth Capital Management LLC purchased a new stake in Marathon Petroleum in the second quarter valued at $35,000. Institutional investors and hedge funds own 76.77% of the company’s stock.

Marathon Petroleum Price Performance

Shares of NYSE:MPC opened at $157.13 on Wednesday. The company has a quick ratio of 0.76, a current ratio of 1.23 and a debt-to-equity ratio of 0.94. The company has a 50-day moving average price of $158.55 and a 200 day moving average price of $167.11. Marathon Petroleum Co. has a 52 week low of $140.98 and a 52 week high of $221.11. The company has a market cap of $50.50 billion, a P/E ratio of 12.45, a PEG ratio of 2.72 and a beta of 1.38.

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

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

Marathon Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be paid a $0.91 dividend. 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. This represents a $3.64 annualized dividend and a dividend yield of 2.32%. Marathon Petroleum’s dividend payout ratio (DPR) is 28.84%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Bank of America assumed coverage on Marathon Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $174.00 price objective on the stock. Tudor Pickering lowered Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a research report on Monday, September 9th. Scotiabank reduced their price objective on Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. BMO Capital Markets lowered their target price on shares of Marathon Petroleum from $200.00 to $190.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Finally, Citigroup reduced their price target on shares of Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating for the company in a research report on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus 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.