Rockport Wealth LLC Buys Shares of 1,053 Marathon Petroleum Co. (NYSE:MPC)

Rockport Wealth LLC bought a new stake in Marathon Petroleum Co. (NYSE:MPC) in the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 1,053 shares of the oil and gas company’s stock, valued at approximately $212,000.

Several other institutional investors also recently bought and sold shares of MPC. Scarborough Advisors LLC boosted its stake in shares of Marathon Petroleum by 10.7% in the 4th quarter. Scarborough Advisors LLC now owns 2,174 shares of the oil and gas company’s stock valued at $323,000 after buying an additional 210 shares during the period. Global Assets Advisory LLC purchased a new position in shares of Marathon Petroleum in the 1st quarter valued at about $36,823,000. First Horizon Advisors Inc. boosted its stake in shares of Marathon Petroleum by 8.9% in the 4th quarter. First Horizon Advisors Inc. now owns 1,174 shares of the oil and gas company’s stock valued at $174,000 after buying an additional 96 shares during the period. Canoe Financial LP purchased a new position in shares of Marathon Petroleum in the 4th quarter valued at about $33,604,000. Finally, Allworth Financial LP lifted its stake in Marathon Petroleum by 3.2% in the fourth quarter. Allworth Financial LP now owns 10,899 shares of the oil and gas company’s stock valued at $1,617,000 after buying an additional 340 shares during the last quarter. 76.77% of the stock is owned by institutional investors and hedge funds.

Marathon Petroleum Price Performance

MPC stock traded down $1.93 on Tuesday, reaching $163.97. 2,004,027 shares of the company’s stock were exchanged, compared to its average volume of 2,689,380. The stock has a fifty day moving average of $172.32 and a 200-day moving average of $177.83. 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 $57.77 billion, a PE ratio of 8.27, a P/E/G ratio of 1.99 and a beta of 1.40. Marathon Petroleum Co. has a twelve month low of $126.21 and a twelve month high of $221.11.

Marathon Petroleum (NYSE:MPC) last posted its earnings results on Tuesday, April 30th. The oil and gas company reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.25. The company had revenue of $32.71 billion for the quarter, compared to the consensus estimate of $32.07 billion. Marathon Petroleum had a return on equity of 25.87% and a net margin of 5.32%. Marathon Petroleum’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same period in the previous year, the business earned $6.09 earnings per share. As a group, equities analysts predict that Marathon Petroleum Co. will post 13.84 EPS for the current fiscal year.

Marathon Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Thursday, May 16th were given a dividend of $0.825 per share. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $3.30 dividend on an annualized basis and a yield of 2.01%. Marathon Petroleum’s payout ratio is 16.48%.

Marathon Petroleum announced that its board has approved a share buyback program on Tuesday, April 30th 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 7.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on MPC shares. Wolfe Research started coverage on Marathon Petroleum in a research note on Thursday, July 18th. They issued an “outperform” rating and a $200.00 price objective for the company. Mizuho reduced their price objective on Marathon Petroleum from $203.00 to $201.00 and set a “neutral” rating for the company in a research note on Thursday, June 20th. Piper Sandler dropped their target price on Marathon Petroleum from $190.00 to $168.00 and set a “neutral” rating on the stock in a report on Friday, June 14th. Wells Fargo & Company dropped their target price on Marathon Petroleum from $223.00 to $196.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Finally, JPMorgan Chase & Co. dropped their target price on Marathon Petroleum from $191.00 to $186.00 and set a “neutral” rating on the stock in a report on Tuesday, July 2nd. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $193.64.

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.