Vinva Investment Management Ltd raised its stake in shares of Marathon Petroleum Co. (NYSE:MPC – Free Report) by 5.8% during the third quarter, HoldingsChannel reports. The fund owned 17,327 shares of the oil and gas company’s stock after acquiring an additional 953 shares during the quarter. Vinva Investment Management Ltd’s holdings in Marathon Petroleum were worth $2,836,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Gladius Capital Management LP acquired a new stake in shares of Marathon Petroleum in the 3rd quarter valued at about $26,000. MeadowBrook Investment Advisors LLC raised its stake in Marathon Petroleum by 88.9% during the third quarter. MeadowBrook Investment Advisors LLC now owns 170 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 80 shares in the last quarter. Harbor Capital Advisors Inc. bought a new position in Marathon Petroleum during the 3rd quarter worth approximately $30,000. TruNorth Capital Management LLC acquired a new position in shares of Marathon Petroleum in the 2nd quarter worth approximately $35,000. Finally, Darwin Wealth Management LLC acquired a new position in shares of Marathon Petroleum in the 3rd quarter worth approximately $33,000. 76.77% of the stock is owned by institutional investors and hedge funds.
Marathon Petroleum Trading Down 1.1 %
Shares of MPC stock opened at $155.36 on Friday. The firm 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 company has a debt-to-equity ratio of 0.94, a quick ratio of 0.76 and a current ratio of 1.23. Marathon Petroleum Co. has a 1 year low of $140.98 and a 1 year high of $221.11. The stock has a fifty day moving average of $158.14 and a two-hundred day moving average of $166.95.
Marathon Petroleum declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, November 5th 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 10% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
Marathon Petroleum Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be given a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 2.34%. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, November 20th. Marathon Petroleum’s dividend payout ratio is 28.84%.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on the company. Morgan Stanley reduced their price objective on Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. TD Cowen decreased their price target on shares of Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Scotiabank lowered 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. Piper Sandler cut their target price on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a report on Friday, September 20th. Finally, JPMorgan Chase & Co. lowered their target price on Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $185.07.
Get Our Latest Stock Report on Marathon Petroleum
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.
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