Wells Fargo & Company Issues Pessimistic Forecast for Marathon Petroleum (NYSE:MPC) Stock Price

Marathon Petroleum (NYSE:MPC) had its price objective lowered by Wells Fargo & Company from $186.00 to $182.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an overweight rating on the oil and gas company’s stock.

Several other analysts have also recently commented on MPC. Piper Sandler reduced their target price on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating for the company in a research note on Friday, September 20th. Barclays reduced their price objective on shares of Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating for the company in a research report on Monday, November 11th. JPMorgan Chase & Co. dropped their target price on Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Mizuho reduced their price target on Marathon Petroleum from $175.00 to $174.00 and set a “neutral” rating for the company in a report on Monday, December 16th. Finally, TD Cowen reaffirmed a “buy” rating and set a $170.00 price objective on shares of Marathon Petroleum in a report on Tuesday, December 10th. 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 given a strong buy rating to the company. According to MarketBeat.com, Marathon Petroleum has an average rating of “Moderate Buy” and a consensus price target of $183.73.

Marathon Petroleum Stock Up 0.2 %

MPC opened at $142.55 on Friday. Marathon Petroleum has a 52 week low of $130.54 and a 52 week high of $221.11. The business has a 50 day moving average price of $147.84 and a two-hundred day moving average price of $160.13. 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 market cap of $45.81 billion, a PE ratio of 11.30, a P/E/G ratio of 2.56 and a beta of 1.42.

Marathon Petroleum (NYSE:MPC) last released its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 EPS for the quarter, topping the consensus estimate of $0.97 by $0.90. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. The business had revenue of $35.37 billion during the quarter, compared to analysts’ expectations of $34.34 billion. During the same quarter in the prior year, the business earned $8.14 earnings per share. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. As a group, research analysts anticipate that Marathon Petroleum will post 9.47 EPS for the current year.

Marathon Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th were given a $0.91 dividend. The ex-dividend date was Wednesday, November 20th. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 annualized dividend and a dividend yield of 2.55%. Marathon Petroleum’s payout ratio is currently 28.84%.

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

Insiders Place Their Bets

In other Marathon Petroleum news, Director Jeffrey C. Campbell acquired 6,000 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was acquired at an average cost of $149.61 per share, with a total value of $897,660.00. Following the purchase, the director now directly owns 6,090 shares in the company, valued at approximately $911,124.90. This trade represents a 6,666.67 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 0.21% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marathon Petroleum

A number of large investors have recently bought and sold shares of MPC. Oppenheimer Asset Management Inc. lifted its position in shares of Marathon Petroleum by 27.7% in the third quarter. Oppenheimer Asset Management Inc. now owns 43,174 shares of the oil and gas company’s stock valued at $7,033,000 after acquiring an additional 9,355 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in Marathon Petroleum by 747.3% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 21,275 shares of the oil and gas company’s stock valued at $3,466,000 after purchasing an additional 18,764 shares in the last quarter. Holistic Planning LLC acquired a new stake in shares of Marathon Petroleum during the 3rd quarter worth about $912,000. World Investment Advisors LLC grew its holdings in shares of Marathon Petroleum by 4,227.5% during the third quarter. World Investment Advisors LLC now owns 69,759 shares of the oil and gas company’s stock worth $11,364,000 after buying an additional 68,147 shares in the last quarter. Finally, Magnolia Capital Advisors LLC raised its position in shares of Marathon Petroleum by 353.4% in the second quarter. Magnolia Capital Advisors LLC now owns 55,989 shares of the oil and gas company’s stock valued at $9,713,000 after buying an additional 43,639 shares during the last quarter. Institutional investors and hedge funds own 76.77% of the company’s stock.

Marathon Petroleum Company 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.