Confluence Wealth Services Inc. Trims Position in Marathon Petroleum Co. (NYSE:MPC)

Confluence Wealth Services Inc. reduced its position in Marathon Petroleum Co. (NYSE:MPC) by 0.8% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 24,404 shares of the oil and gas company’s stock after selling 200 shares during the period. Confluence Wealth Services Inc.’s holdings in Marathon Petroleum were worth $3,976,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its position in Marathon Petroleum by 5.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 138,789 shares of the oil and gas company’s stock worth $27,966,000 after buying an additional 7,092 shares during the period. Norden Group LLC boosted its position in shares of Marathon Petroleum by 20.8% in the first quarter. Norden Group LLC now owns 4,694 shares of the oil and gas company’s stock worth $946,000 after acquiring an additional 808 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Marathon Petroleum by 18.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 129,206 shares of the oil and gas company’s stock worth $26,035,000 after acquiring an additional 20,262 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in Marathon Petroleum by 2.7% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 10,723 shares of the oil and gas company’s stock valued at $2,161,000 after purchasing an additional 277 shares during the period. Finally, Goelzer Investment Management Inc. increased its position in Marathon Petroleum by 47.5% during the first quarter. Goelzer Investment Management Inc. now owns 3,104 shares of the oil and gas company’s stock worth $625,000 after purchasing an additional 1,000 shares during the last quarter. 76.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on MPC shares. Morgan Stanley decreased their price target on shares of Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. JPMorgan Chase & Co. lowered their price target on Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Jefferies Financial Group raised their price objective on Marathon Petroleum from $222.00 to $231.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Piper Sandler reduced their price objective on Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a research note on Friday, September 20th. Finally, Barclays dropped their target price on shares of Marathon Petroleum from $180.00 to $168.00 and set an “overweight” rating for the company in a research report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $187.00.

Marathon Petroleum Stock Performance

Shares of MPC stock opened at $143.13 on Friday. The company’s fifty day moving average price is $162.57 and its two-hundred day moving average price is $171.33. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.31 and a quick ratio of 0.90. The firm has a market capitalization of $47.90 billion, a P/E ratio of 7.52, a P/E/G ratio of 2.78 and a beta of 1.38. Marathon Petroleum Co. has a 12 month low of $140.98 and a 12 month high of $221.11.

Marathon Petroleum (NYSE:MPC) last issued its quarterly earnings data on Tuesday, August 6th. The oil and gas company reported $4.12 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $1.03. Marathon Petroleum had a return on equity of 24.05% and a net margin of 4.79%. The firm had revenue of $38.36 billion during the quarter, compared to analyst estimates of $36.66 billion. During the same quarter last year, the firm earned $5.32 EPS. Marathon Petroleum’s quarterly revenue was up 4.2% on a year-over-year basis. On average, research analysts anticipate that Marathon Petroleum Co. will post 8.71 earnings per share for the current fiscal year.

Marathon Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be issued a $0.91 dividend. The ex-dividend date is Wednesday, November 20th. This is a boost from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 annualized dividend and a yield of 2.54%. Marathon Petroleum’s dividend payout ratio is currently 17.34%.

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.