Zurcher Kantonalbank Zurich Cantonalbank Has $27.31 Million Stock Position in Marathon Petroleum Co. (NYSE:MPC)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of Marathon Petroleum Co. (NYSE:MPC) by 30.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 167,660 shares of the oil and gas company’s stock after selling 72,468 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.05% of Marathon Petroleum worth $27,313,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. International Assets Investment Management LLC boosted its stake in Marathon Petroleum by 19,153.8% in the 3rd quarter. International Assets Investment Management LLC now owns 1,311,182 shares of the oil and gas company’s stock valued at $213,605,000 after purchasing an additional 1,304,372 shares during the period. Granite Bay Wealth Management LLC acquired a new stake in shares of Marathon Petroleum during the second quarter worth $219,537,000. ING Groep NV bought a new stake in shares of Marathon Petroleum in the third quarter valued at about $114,107,000. Assenagon Asset Management S.A. grew its stake in shares of Marathon Petroleum by 980.3% in the second quarter. Assenagon Asset Management S.A. now owns 684,718 shares of the oil and gas company’s stock valued at $118,785,000 after acquiring an additional 621,336 shares in the last quarter. Finally, Bank of Montreal Can increased its position in Marathon Petroleum by 45.4% during the third quarter. Bank of Montreal Can now owns 1,329,422 shares of the oil and gas company’s stock worth $217,560,000 after acquiring an additional 415,368 shares during the period. Institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Price Performance

Shares of NYSE:MPC opened at $156.15 on Friday. Marathon Petroleum Co. has a one year low of $140.98 and a one year high of $221.11. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.23 and a quick ratio of 0.76. The company has a market cap of $50.18 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 2.70 and a beta of 1.38. The firm has a 50 day simple moving average of $157.98 and a 200 day simple moving average of $166.80.

Marathon Petroleum (NYSE:MPC) last announced its quarterly earnings results 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. 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 during the quarter, compared to analysts’ expectations of $34.34 billion. During the same period in the prior year, the company earned $8.14 EPS. Marathon Petroleum’s revenue was down 14.9% compared to the same quarter last year. Research analysts predict that Marathon Petroleum Co. will post 9.59 earnings per share for the current fiscal year.

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

Marathon Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be paid a $0.91 dividend. The ex-dividend date is Wednesday, November 20th. This represents a $3.64 annualized dividend and a dividend yield of 2.33%. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s dividend payout ratio is currently 28.84%.

Wall Street Analyst Weigh In

MPC has been the subject of a number of recent research reports. Mizuho cut their price objective on shares of Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Citigroup reduced their price target on Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a research report on Thursday, October 10th. Piper Sandler lowered their price objective on Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a research note on Friday, September 20th. Bank of America initiated coverage on Marathon Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $174.00 target price on the stock. Finally, TD Cowen dropped their price target on Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Two 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, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $185.07.

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.