Marathon Petroleum Co. (NYSE:MPC) Shares Acquired by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc increased its stake in shares of Marathon Petroleum Co. (NYSE:MPC) by 6.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,315 shares of the oil and gas company’s stock after purchasing an additional 374 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Marathon Petroleum were worth $1,029,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Raymond James & Associates grew its position in shares of Marathon Petroleum by 2.6% during the second quarter. Raymond James & Associates now owns 4,286,892 shares of the oil and gas company’s stock worth $743,690,000 after buying an additional 107,915 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Marathon Petroleum by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,080,958 shares of the oil and gas company’s stock worth $620,815,000 after acquiring an additional 31,100 shares in the last quarter. Boston Partners increased its position in shares of Marathon Petroleum by 0.3% in the 1st quarter. Boston Partners now owns 2,773,050 shares of the oil and gas company’s stock valued at $558,390,000 after purchasing an additional 8,476 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Marathon Petroleum by 8.5% during the 2nd quarter. Pacer Advisors Inc. now owns 2,669,815 shares of the oil and gas company’s stock worth $463,160,000 after purchasing an additional 209,270 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its position in shares of Marathon Petroleum by 7.6% during the 1st quarter. Acadian Asset Management LLC now owns 1,663,835 shares of the oil and gas company’s stock worth $335,241,000 after purchasing an additional 117,790 shares during the last quarter. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MPC. Morgan Stanley cut their price target on Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Scotiabank cut their target price on Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Barclays lowered their price target on Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating for the company in a report on Monday. Citigroup cut their price objective on shares of Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Finally, Piper Sandler dropped their target price on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a research report on Friday, September 20th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Marathon Petroleum presently has an average rating of “Moderate Buy” and an average target price of $185.07.

Marathon Petroleum Stock Performance

NYSE MPC opened at $158.14 on Friday. The business’s 50-day moving average price is $159.44 and its 200 day moving average price is $168.80. 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 firm has a market cap of $50.82 billion, a P/E ratio of 12.53, a P/E/G ratio of 2.75 and a beta of 1.38. Marathon Petroleum Co. has a 52-week low of $140.98 and a 52-week high of $221.11.

Marathon Petroleum (NYSE:MPC) last released its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $34.34 billion. During the same quarter in the previous year, the company posted $8.14 earnings per share. The company’s revenue for the quarter was down 14.9% compared to the same quarter last year. On average, equities research analysts expect that Marathon Petroleum Co. will post 9.41 earnings per share for the current year.

Marathon Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be paid a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Wednesday, November 20th. This is a boost from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s dividend payout ratio (DPR) is 26.15%.

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

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.