Eagle Asset Management Inc. Reduces Holdings in Marathon Petroleum Co. (NYSE:MPC)

Eagle Asset Management Inc. lowered its position in Marathon Petroleum Co. (NYSE:MPC) by 18.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,829 shares of the oil and gas company’s stock after selling 13,119 shares during the quarter. Eagle Asset Management Inc.’s holdings in Marathon Petroleum were worth $9,199,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in MPC. Smithfield Trust Co boosted its position in shares of Marathon Petroleum by 17.7% during the third quarter. Smithfield Trust Co now owns 2,329 shares of the oil and gas company’s stock valued at $379,000 after buying an additional 350 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Marathon Petroleum by 8.8% during the 3rd quarter. Pacer Advisors Inc. now owns 2,905,610 shares of the oil and gas company’s stock worth $473,353,000 after acquiring an additional 235,795 shares during the last quarter. Intech Investment Management LLC boosted its holdings in Marathon Petroleum by 4.4% during the 3rd quarter. Intech Investment Management LLC now owns 169,906 shares of the oil and gas company’s stock valued at $27,679,000 after acquiring an additional 7,165 shares during the period. Citizens Financial Group Inc. RI grew its holdings in shares of Marathon Petroleum by 1.3% in the third quarter. Citizens Financial Group Inc. RI now owns 18,630 shares of the oil and gas company’s stock worth $3,035,000 after purchasing an additional 244 shares during the last quarter. Finally, Darwin Wealth Management LLC purchased a new position in shares of Marathon Petroleum during the third quarter worth approximately $33,000. 76.77% of the stock is owned by hedge funds and other institutional investors.

Marathon Petroleum Stock Performance

Shares of Marathon Petroleum stock opened at $158.48 on Friday. The firm has a market capitalization of $50.93 billion, a P/E ratio of 12.56, a PEG ratio of 2.77 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. 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 50 day moving average price of $158.78 and a 200 day moving average price of $167.55.

Marathon Petroleum (NYSE:MPC) last announced its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.90. The firm had revenue of $35.37 billion for the quarter, compared to analyst estimates of $34.34 billion. Marathon Petroleum had a net margin of 3.15% and a return on equity of 16.19%. The business’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same period in the previous year, the company earned $8.14 earnings per share. Sell-side analysts expect that Marathon Petroleum Co. will post 9.59 EPS for the current year.

Marathon Petroleum announced that its Board of Directors has approved a share buyback plan on Tuesday, November 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to buy up to 10% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Marathon Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be issued a $0.91 dividend. The ex-dividend date is Wednesday, November 20th. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.30%. Marathon Petroleum’s dividend payout ratio is currently 28.84%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Tudor, Pickering, Holt & Co. downgraded Marathon Petroleum from a “buy” rating to a “sell” rating in a research report on Monday, September 9th. Piper Sandler reduced their price target on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating for the company in a report on Friday, September 20th. Morgan Stanley dropped their price objective on shares of Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. BMO Capital Markets reduced their price objective on shares of Marathon Petroleum from $200.00 to $190.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Finally, TD Cowen cut their price target on Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $185.07.

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.