Manning & Napier Advisors LLC Makes New $21.58 Million Investment in Marathon Petroleum Co. (NYSE:MPC)

Manning & Napier Advisors LLC acquired a new stake in Marathon Petroleum Co. (NYSE:MPC) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 124,409 shares of the oil and gas company’s stock, valued at approximately $21,582,000.

Other large investors have also recently bought and sold shares of the company. NBC Securities Inc. raised its position in shares of Marathon Petroleum by 0.9% in the first quarter. NBC Securities Inc. now owns 6,333 shares of the oil and gas company’s stock valued at $1,276,000 after purchasing an additional 55 shares during the period. Guidance Capital Inc. lifted its position in Marathon Petroleum by 1.1% during the 1st quarter. Guidance Capital Inc. now owns 5,483 shares of the oil and gas company’s stock worth $1,135,000 after acquiring an additional 57 shares during the last quarter. Bruce G. Allen Investments LLC boosted its holdings in Marathon Petroleum by 27.3% during the first quarter. Bruce G. Allen Investments LLC now owns 275 shares of the oil and gas company’s stock valued at $55,000 after acquiring an additional 59 shares during the period. First Financial Corp IN grew its position in shares of Marathon Petroleum by 2.5% in the first quarter. First Financial Corp IN now owns 2,429 shares of the oil and gas company’s stock valued at $489,000 after purchasing an additional 59 shares during the last quarter. Finally, D Orazio & Associates Inc. lifted its position in shares of Marathon Petroleum by 3.2% during the 1st quarter. D Orazio & Associates Inc. now owns 1,894 shares of the oil and gas company’s stock worth $382,000 after purchasing an additional 59 shares during the last quarter. 76.77% of the stock is currently owned by institutional investors.

Marathon Petroleum Price Performance

Marathon Petroleum stock traded up $1.68 during mid-day trading on Friday, hitting $175.83. 2,239,446 shares of the company were exchanged, compared to its average volume of 2,645,106. Marathon Petroleum Co. has a 1-year low of $139.32 and a 1-year high of $221.11. 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 business has a fifty day moving average of $170.94 and a 200 day moving average of $178.98. The company has a market capitalization of $61.95 billion, a PE ratio of 8.70, a price-to-earnings-growth ratio of 2.09 and a beta of 1.40.

Marathon Petroleum (NYSE:MPC) last announced its quarterly earnings results on Tuesday, August 6th. The oil and gas company reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $1.03. The firm had revenue of $38.36 billion during the quarter, compared to the consensus estimate of $36.66 billion. Marathon Petroleum had a net margin of 5.32% and a return on equity of 25.87%. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period last year, the firm posted $5.32 EPS. As a group, sell-side analysts expect that Marathon Petroleum Co. will post 13.84 earnings per share for the current year.

Marathon Petroleum declared that its Board of Directors has initiated a stock buyback 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 reacquire up to 7.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Marathon Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st will be issued a dividend of $0.825 per share. The ex-dividend date is Wednesday, August 21st. This represents a $3.30 dividend on an annualized basis and a yield of 1.88%. Marathon Petroleum’s dividend payout ratio is 16.48%.

Analyst Upgrades and Downgrades

Several research analysts have commented on MPC shares. Raymond James dropped their price target on Marathon Petroleum from $235.00 to $230.00 and set a “strong-buy” rating on the stock in a research report on Thursday, May 30th. Piper Sandler cut their target price on shares of Marathon Petroleum from $190.00 to $168.00 and set a “neutral” rating for the company in a research note on Friday, June 14th. StockNews.com lowered shares of Marathon Petroleum from a “buy” rating to a “hold” rating in a research report on Friday, June 14th. TD Cowen upped their price objective on shares of Marathon Petroleum from $187.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Tudor Pickering raised Marathon Petroleum to a “strong-buy” rating in a research report on Thursday, May 30th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $198.38.

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.