Meridian Wealth Management LLC Boosts Holdings in Marathon Petroleum Co. (NYSE:MPC)

Meridian Wealth Management LLC increased its holdings in shares of Marathon Petroleum Co. (NYSE:MPC) by 3.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 13,217 shares of the oil and gas company’s stock after purchasing an additional 457 shares during the period. Meridian Wealth Management LLC’s holdings in Marathon Petroleum were worth $1,953,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Haverford Trust Co raised its stake in shares of Marathon Petroleum by 5.1% in the fourth quarter. Haverford Trust Co now owns 5,803 shares of the oil and gas company’s stock valued at $861,000 after acquiring an additional 281 shares in the last quarter. Quadrant Capital Group LLC raised its position in Marathon Petroleum by 2.1% in the 4th quarter. Quadrant Capital Group LLC now owns 6,759 shares of the oil and gas company’s stock valued at $1,003,000 after purchasing an additional 138 shares in the last quarter. Foundations Investment Advisors LLC boosted its stake in shares of Marathon Petroleum by 11.1% in the 4th quarter. Foundations Investment Advisors LLC now owns 3,365 shares of the oil and gas company’s stock valued at $499,000 after buying an additional 335 shares during the period. Vanguard Personalized Indexing Management LLC grew its position in shares of Marathon Petroleum by 0.9% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 39,971 shares of the oil and gas company’s stock worth $5,930,000 after buying an additional 353 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in Marathon Petroleum by 17.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 164,261 shares of the oil and gas company’s stock valued at $24,370,000 after acquiring an additional 24,959 shares in the last quarter. 76.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Raymond James increased their price objective on shares of Marathon Petroleum from $175.00 to $185.00 and gave the company a “strong-buy” rating in a research report on Wednesday, January 31st. Barclays cut their price target on Marathon Petroleum from $221.00 to $195.00 and set an “overweight” rating on the stock in a research note on Monday, May 6th. TD Cowen upped their price objective on Marathon Petroleum from $168.00 to $170.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 31st. Citigroup assumed coverage on Marathon Petroleum in a research report on Wednesday, January 24th. They set a “neutral” rating on the stock. Finally, Piper Sandler dropped their price target on shares of Marathon Petroleum from $204.00 to $190.00 and set a “neutral” rating on the stock in a research note on Tuesday. Five equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $190.77.

Insider Activity

In related news, Director Kim K.W. Rucker sold 1,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $170.35, for a total value of $170,350.00. Following the completion of the sale, the director now owns 23,446 shares in the company, valued at $3,994,026.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.21% of the company’s stock.

Marathon Petroleum Stock Performance

NYSE MPC opened at $179.67 on Friday. The business’s 50-day moving average price is $195.19 and its 200 day moving average price is $170.11. The company has a quick ratio of 0.99, a current ratio of 1.43 and a debt-to-equity ratio of 0.85. The firm has a market cap of $63.30 billion, a P/E ratio of 8.97, a P/E/G ratio of 1.49 and a beta of 1.55. Marathon Petroleum Co. has a 52-week low of $104.32 and a 52-week high of $221.11.

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 analysts’ consensus estimates of $2.53 by $0.25. Marathon Petroleum had a return on equity of 25.87% and a net margin of 5.32%. The business had revenue of $32.71 billion for the quarter, compared to analyst estimates of $32.07 billion. During the same quarter in the previous year, the company posted $6.09 earnings per share. The company’s revenue for the quarter was down 6.2% compared to the same quarter last year. On average, equities research analysts expect that Marathon Petroleum Co. will post 19.53 earnings per share for the current year.

Marathon Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Thursday, May 16th will be paid a $0.825 dividend. This represents a $3.30 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Wednesday, May 15th. Marathon Petroleum’s dividend payout ratio (DPR) is presently 16.48%.

Marathon Petroleum declared that its Board of Directors has authorized a stock repurchase program on Tuesday, April 30th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to repurchase up to 7.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is 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.