Empowered Funds LLC Boosts Position in Marathon Petroleum Co. (NYSE:MPC)

Empowered Funds LLC raised its stake in Marathon Petroleum Co. (NYSE:MPC) by 25.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 241,707 shares of the oil and gas company’s stock after buying an additional 49,689 shares during the period. Marathon Petroleum makes up about 0.6% of Empowered Funds LLC’s investment portfolio, making the stock its 14th biggest position. Empowered Funds LLC’s holdings in Marathon Petroleum were worth $39,376,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. MeadowBrook Investment Advisors LLC lifted its position in shares of Marathon Petroleum by 88.9% in the 3rd quarter. MeadowBrook Investment Advisors LLC now owns 170 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 80 shares during the period. Crewe Advisors LLC purchased a new stake in Marathon Petroleum during the first quarter worth $29,000. Harbor Capital Advisors Inc. bought a new stake in Marathon Petroleum during the 3rd quarter valued at $30,000. TruNorth Capital Management LLC bought a new stake in Marathon Petroleum during the second quarter valued at about $35,000. Finally, Industrial Alliance Investment Management Inc. purchased a new position in Marathon Petroleum in the second quarter valued at about $35,000. 76.77% of the stock is owned by hedge funds and other institutional investors.

Marathon Petroleum Trading Down 0.2 %

Shares of NYSE:MPC opened at $157.79 on Friday. The company has a market capitalization of $50.71 billion, a PE ratio of 12.53, a PEG ratio of 2.82 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. The business has a 50 day moving average of $159.44 and a two-hundred day moving average of $168.80. The company has a current ratio of 1.23, a quick ratio of 0.76 and a debt-to-equity ratio of 0.94.

Marathon Petroleum (NYSE:MPC) last released 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. Marathon Petroleum had a net margin of 3.15% and a return on equity of 16.19%. The company had revenue of $35.37 billion during the quarter, compared to analysts’ expectations of $34.34 billion. During the same quarter in the previous year, the company earned $8.14 earnings per share. The firm’s revenue for the quarter was down 14.9% on a year-over-year basis. As a group, analysts forecast that Marathon Petroleum Co. will post 9.41 EPS for the current year.

Marathon Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be given 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 dividend on an annualized basis and a dividend yield of 2.31%. Marathon Petroleum’s payout ratio is 26.15%.

Marathon Petroleum declared that its board has authorized a share buyback program on Tuesday, November 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the oil and gas company to purchase up to 10% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

MPC has been the subject of several recent analyst reports. TD Cowen lowered their target price on shares of Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. BMO Capital Markets lowered their price objective on Marathon Petroleum from $200.00 to $190.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Bank of America started coverage on Marathon Petroleum in a research note on Thursday, October 17th. They issued a “neutral” rating and a $174.00 price target for the company. Mizuho dropped their price target on Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Finally, Scotiabank decreased their price objective on shares of Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” 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 issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Marathon Petroleum presently has an average rating of “Moderate Buy” and an average price target of $185.07.

Marathon Petroleum 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.