Atlantic Union Bankshares Corp Buys 1,843 Shares of Marathon Petroleum Co. (NYSE:MPC)

Atlantic Union Bankshares Corp boosted its stake in shares of Marathon Petroleum Co. (NYSE:MPC) by 6.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 28,477 shares of the oil and gas company’s stock after acquiring an additional 1,843 shares during the period. Atlantic Union Bankshares Corp’s holdings in Marathon Petroleum were worth $4,639,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. WR Wealth Planners LLC lifted its holdings in shares of Marathon Petroleum by 15.2% during the 2nd quarter. WR Wealth Planners LLC now owns 431 shares of the oil and gas company’s stock valued at $75,000 after purchasing an additional 57 shares during the last quarter. Legacy Advisors LLC lifted its holdings in shares of Marathon Petroleum by 5.0% during the 2nd quarter. Legacy Advisors LLC now owns 1,238 shares of the oil and gas company’s stock valued at $215,000 after purchasing an additional 59 shares during the last quarter. Latitude Advisors LLC lifted its holdings in shares of Marathon Petroleum by 3.6% during the 2nd quarter. Latitude Advisors LLC now owns 1,714 shares of the oil and gas company’s stock valued at $297,000 after purchasing an additional 60 shares during the last quarter. SouthState Corp lifted its holdings in shares of Marathon Petroleum by 1.5% during the 2nd 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 last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Marathon Petroleum by 0.9% during the 2nd 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 during the last quarter. 76.77% of the stock is currently owned by institutional investors.

Marathon Petroleum Price Performance

NYSE:MPC opened at $155.36 on Friday. Marathon Petroleum Co. has a 52 week low of $140.98 and a 52 week high of $221.11. The company has a quick ratio of 0.76, a current ratio of 1.23 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $49.93 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 2.70 and a beta of 1.38. The stock’s 50-day moving average price is $158.14 and its 200-day moving average price is $166.95.

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

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

Marathon Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 2.34%. 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 dividend payout ratio (DPR) is 28.84%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Morgan Stanley decreased their price objective on Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating for the company in a report on Monday, September 16th. JPMorgan Chase & Co. reduced their target price on Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Mizuho reduced their target price on Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Tudor Pickering lowered Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, September 9th. Finally, Wells Fargo & Company reduced their target price on Marathon Petroleum from $196.00 to $183.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Two 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 stock. According to MarketBeat, Marathon Petroleum has an average rating of “Moderate Buy” and an average target price of $185.07.

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.