Prospera Private Wealth LLC Purchases Shares of 350 Marathon Petroleum Co. (NYSE:MPC)

Prospera Private Wealth LLC acquired a new position in Marathon Petroleum Co. (NYSE:MPC) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 350 shares of the oil and gas company’s stock, valued at approximately $57,000.

Other hedge funds have also recently made changes to their positions in the company. WR Wealth Planners LLC boosted its position in shares of Marathon Petroleum by 15.2% during the second quarter. WR Wealth Planners LLC now owns 431 shares of the oil and gas company’s stock worth $75,000 after buying an additional 57 shares during the period. Legacy Advisors LLC grew its position in Marathon Petroleum by 5.0% in the 2nd quarter. Legacy Advisors LLC now owns 1,238 shares of the oil and gas company’s stock valued at $215,000 after acquiring an additional 59 shares in the last quarter. Latitude Advisors LLC lifted its position in shares of Marathon Petroleum by 3.6% during the second quarter. Latitude Advisors LLC now owns 1,714 shares of the oil and gas company’s stock worth $297,000 after purchasing an additional 60 shares in the last quarter. SouthState Corp boosted its stake in shares of Marathon Petroleum by 1.5% in the second quarter. SouthState Corp now owns 4,122 shares of the oil and gas company’s stock valued at $715,000 after purchasing an additional 61 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Marathon Petroleum by 0.9% in the second quarter. EverSource Wealth Advisors LLC now owns 7,165 shares of the oil and gas company’s stock valued at $1,268,000 after purchasing an additional 61 shares in the last quarter. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Citigroup reduced their target price on shares of Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Piper Sandler lowered their target price on Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating for the company in a research note on Friday, September 20th. Bank of America assumed coverage on Marathon Petroleum in a research report on Thursday, October 17th. They issued a “neutral” rating and a $174.00 price target on the stock. Mizuho lowered their price objective on Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Finally, Tudor Pickering cut shares of Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a report on Monday, September 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Marathon Petroleum has a consensus rating of “Moderate Buy” and an average target price of $185.07.

Marathon Petroleum Stock Up 0.1 %

Marathon Petroleum stock opened at $159.49 on Friday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.76 and a current ratio of 1.23. The company has a market capitalization of $51.26 billion, a P/E ratio of 12.64, a PEG ratio of 2.76 and a beta of 1.38. Marathon Petroleum Co. has a fifty-two week low of $140.98 and a fifty-two week high of $221.11. The stock has a 50-day simple moving average of $158.88 and a 200-day simple moving average of $167.81.

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

Marathon Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.28%. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, November 20th. Marathon Petroleum’s payout ratio is presently 26.15%.

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

Marathon Petroleum Company 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.