7,532 Shares in Marathon Petroleum Co. (NYSE:MPC) Bought by Keynote Financial Services LLC

Keynote Financial Services LLC purchased a new position in shares of Marathon Petroleum Co. (NYSE:MPC) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 7,532 shares of the oil and gas company’s stock, valued at approximately $1,518,000. Marathon Petroleum makes up 1.3% of Keynote Financial Services LLC’s portfolio, making the stock its 19th largest position.

Other hedge funds have also added to or reduced their stakes in the company. Pinnacle Financial Partners Inc raised its holdings in shares of Marathon Petroleum by 6.6% during the 4th quarter. Pinnacle Financial Partners Inc now owns 5,940 shares of the oil and gas company’s stock worth $881,000 after buying an additional 366 shares in the last quarter. DAVENPORT & Co LLC raised its stake in Marathon Petroleum by 0.8% during the fourth quarter. DAVENPORT & Co LLC now owns 32,653 shares of the oil and gas company’s stock worth $4,837,000 after acquiring an additional 244 shares in the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of Marathon Petroleum by 6.2% in the fourth quarter. Venturi Wealth Management LLC now owns 2,399 shares of the oil and gas company’s stock worth $356,000 after acquiring an additional 140 shares during the last quarter. LVZ Inc. boosted its stake in shares of Marathon Petroleum by 9.1% in the 4th quarter. LVZ Inc. now owns 2,463 shares of the oil and gas company’s stock valued at $365,000 after purchasing an additional 206 shares in the last quarter. Finally, Trust Point Inc. bought a new stake in shares of Marathon Petroleum during the 4th quarter valued at approximately $738,000. 76.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MPC. Jefferies Financial Group raised their target price on shares of Marathon Petroleum from $222.00 to $231.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Mizuho cut their price objective on Marathon Petroleum from $203.00 to $201.00 and set a “neutral” rating on the stock in a report on Thursday, June 20th. JPMorgan Chase & Co. lowered their target price on Marathon Petroleum from $191.00 to $186.00 and set a “neutral” rating for the company in a report on Tuesday, July 2nd. Piper Sandler cut their price target on Marathon Petroleum from $190.00 to $168.00 and set a “neutral” rating on the stock in a research note on Friday, June 14th. Finally, Barclays reduced their price target on Marathon Petroleum from $195.00 to $185.00 and set an “overweight” rating on the stock in a report on Monday, July 1st. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $196.85.

Marathon Petroleum Trading Down 4.9 %

Marathon Petroleum stock traded down $8.54 during mid-day trading on Friday, hitting $164.64. 2,599,758 shares of the stock were exchanged, compared to its average volume of 2,325,567. The firm’s fifty day simple moving average is $171.45 and its two-hundred day simple moving average is $178.69. The company has a quick ratio of 0.99, a current ratio of 1.43 and a debt-to-equity ratio of 0.85. Marathon Petroleum Co. has a 12 month low of $133.65 and a 12 month high of $221.11. The stock has a market capitalization of $58.01 billion, a price-to-earnings ratio of 8.22, a PEG ratio of 2.09 and a beta of 1.40.

Marathon Petroleum (NYSE:MPC) last released its earnings results on Tuesday, April 30th. The oil and gas company reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.25. The business had revenue of $32.71 billion for the quarter, compared to analyst estimates of $32.07 billion. Marathon Petroleum had a net margin of 5.32% and a return on equity of 25.87%. Marathon Petroleum’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.09 earnings per share. Analysts forecast that Marathon Petroleum Co. will post 13.84 EPS for the current year.

Marathon Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Wednesday, August 21st will be paid a $0.825 dividend. This represents a $3.30 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date is Wednesday, August 21st. Marathon Petroleum’s dividend payout ratio is 16.48%.

Marathon Petroleum declared that its Board of Directors has initiated a stock buyback plan on Tuesday, April 30th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase up to 7.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

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.