Intech Investment Management LLC Raises Stake in Marathon Petroleum Co. (NYSE:MPC)

Intech Investment Management LLC boosted its position in Marathon Petroleum Co. (NYSE:MPC) by 4.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 169,906 shares of the oil and gas company’s stock after purchasing an additional 7,165 shares during the period. Intech Investment Management LLC’s holdings in Marathon Petroleum were worth $27,679,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of MPC. Gladius Capital Management LP purchased a new stake in Marathon Petroleum in the third quarter valued at approximately $26,000. MeadowBrook Investment Advisors LLC boosted its position in Marathon Petroleum by 88.9% in the third 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 during the last quarter. Crewe Advisors LLC purchased a new stake in Marathon Petroleum in the 1st quarter worth approximately $29,000. Harbor Capital Advisors Inc. purchased a new stake in Marathon Petroleum in the 3rd quarter worth approximately $30,000. Finally, Darwin Wealth Management LLC purchased a new stake in Marathon Petroleum in the 3rd quarter worth approximately $33,000. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Stock Up 0.9 %

Marathon Petroleum stock opened at $159.38 on Thursday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.23 and a quick ratio of 0.76. Marathon Petroleum Co. has a 1-year low of $140.98 and a 1-year high of $221.11. The company has a market cap of $51.22 billion, a PE ratio of 12.63, a price-to-earnings-growth ratio of 2.76 and a beta of 1.38. The stock’s 50 day moving average price is $158.92 and its 200 day moving average price is $167.87.

Marathon Petroleum (NYSE:MPC) last posted its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 EPS for the quarter, topping 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 company had revenue of $35.37 billion for the quarter, compared to the consensus estimate of $34.34 billion. During the same period in the previous year, the business earned $8.14 earnings per share. Marathon Petroleum’s quarterly revenue was down 14.9% compared to the same quarter last year. On average, sell-side analysts predict that Marathon Petroleum Co. will post 9.59 EPS for the current fiscal year.

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

Marathon Petroleum Increases Dividend

The firm also recently announced 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 positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend is Wednesday, November 20th. Marathon Petroleum’s dividend payout ratio is presently 26.15%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Scotiabank lowered their price objective 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. Morgan Stanley lowered their price objective on Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Piper Sandler lowered their price objective on Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a research report on Friday, September 20th. TD Cowen reduced their target price on Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, Barclays reduced their target price on Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating for the company in a research note on Monday, November 11th. 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 issued a strong buy rating to the stock. According to MarketBeat, Marathon Petroleum currently has a consensus rating of “Moderate Buy” and a consensus price target 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.