53,458 Shares in Marathon Petroleum Co. (NYSE:MPC) Bought by FORA Capital LLC

FORA Capital LLC acquired a new position in Marathon Petroleum Co. (NYSE:MPC) in the third quarter, Holdings Channel reports. The institutional investor acquired 53,458 shares of the oil and gas company’s stock, valued at approximately $8,709,000. Marathon Petroleum makes up approximately 1.0% of FORA Capital LLC’s portfolio, making the stock its 16th largest position.

A number of other large investors have also recently made changes to their positions in the business. First Commonwealth Financial Corp PA purchased a new position in shares of Marathon Petroleum in the 3rd quarter worth approximately $288,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Marathon Petroleum during the third quarter worth $4,073,000. Cynosure Group LLC increased its position in Marathon Petroleum by 6.3% during the third quarter. Cynosure Group LLC now owns 6,973 shares of the oil and gas company’s stock valued at $1,136,000 after acquiring an additional 412 shares during the last quarter. Hardy Reed LLC raised its stake in shares of Marathon Petroleum by 7.8% in the third quarter. Hardy Reed LLC now owns 3,268 shares of the oil and gas company’s stock valued at $532,000 after acquiring an additional 236 shares during the period. Finally, Townsquare Capital LLC lifted its holdings in shares of Marathon Petroleum by 14.8% in the 3rd quarter. Townsquare Capital LLC now owns 46,365 shares of the oil and gas company’s stock worth $7,553,000 after acquiring an additional 5,972 shares during the last quarter. 76.77% of the stock is currently owned by institutional investors.

Marathon Petroleum Stock Down 0.3 %

NYSE:MPC traded down $0.53 during trading hours on Wednesday, reaching $156.61. The company’s stock had a trading volume of 157,029 shares, compared to its average volume of 2,623,022. 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 $50.33 billion, a P/E ratio of 12.45, a price-to-earnings-growth ratio of 2.72 and a beta of 1.38. The stock has a 50 day moving average price of $158.55 and a two-hundred day moving average price of $167.11. Marathon Petroleum Co. has a 12 month low of $140.98 and a 12 month high of $221.11.

Marathon Petroleum (NYSE:MPC) last issued its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share for the quarter, topping 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 firm 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 business posted $8.14 EPS. The firm’s quarterly revenue was down 14.9% on a year-over-year basis. Equities analysts predict that Marathon Petroleum Co. will post 9.59 EPS for the current fiscal year.

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 given a $0.91 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.32%. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s payout ratio is presently 28.84%.

Marathon Petroleum announced that its Board of Directors has approved a stock repurchase plan on Tuesday, November 5th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the oil and gas company to buy up to 10% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

MPC has been the topic of several analyst reports. Piper Sandler cut their price target 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. Mizuho cut their target price 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. BMO Capital Markets decreased their price target on Marathon Petroleum from $200.00 to $190.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Bank of America initiated coverage on Marathon Petroleum in a research report on Thursday, October 17th. They issued a “neutral” rating and a $174.00 price objective on the stock. Finally, Morgan Stanley lowered their target price on shares of Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently 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.