Marathon Petroleum Corporation (NYSE:MPC) declared a quarterly dividend on Thursday, July 27th, Zacks reports. Shareholders of record on Wednesday, August 16th will be given a dividend of 0.40 per share by the oil and gas company on Monday, September 11th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend is Monday, August 14th. This is an increase from Marathon Petroleum Corporation’s previous quarterly dividend of $0.36.
Marathon Petroleum Corporation has increased its dividend by an average of 20.9% per year over the last three years and has increased its dividend annually for the last 6 consecutive years. Marathon Petroleum Corporation has a dividend payout ratio of 58.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Marathon Petroleum Corporation to earn $2.90 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 55.2%.
Marathon Petroleum Corporation (NYSE:MPC) opened at 52.16 on Friday. The firm has a 50 day moving average of $54.14 and a 200-day moving average of $51.64. Marathon Petroleum Corporation has a 12-month low of $39.29 and a 12-month high of $56.81. The stock has a market cap of $26.41 billion, a PE ratio of 31.10 and a beta of 1.56.
Marathon Petroleum Corporation (NYSE:MPC) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas company reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.04 by $0.01. The company had revenue of $18.35 billion for the quarter, compared to analysts’ expectations of $19.98 billion. Marathon Petroleum Corporation had a return on equity of 5.52% and a net margin of 1.34%. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.07 EPS. On average, analysts expect that Marathon Petroleum Corporation will post $2.74 earnings per share for the current year.
Several analysts have recently weighed in on MPC shares. Jefferies Group LLC restated a “buy” rating and set a $61.00 price objective on shares of Marathon Petroleum Corporation in a research report on Wednesday, April 19th. Citigroup Inc. restated a “buy” rating and set a $67.00 price objective (down previously from $68.50) on shares of Marathon Petroleum Corporation in a research report on Saturday, April 22nd. Scotiabank restated a “hold” rating and set a $54.00 price objective on shares of Marathon Petroleum Corporation in a research report on Friday, April 28th. US Capital Advisors restated a “buy” rating on shares of Marathon Petroleum Corporation in a research report on Monday, May 22nd. Finally, Piper Jaffray Companies restated an “overweight” rating and set a $62.00 price objective on shares of Marathon Petroleum Corporation in a research report on Thursday, May 25th. Three analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $58.62.
In other Marathon Petroleum Corporation news, insider Thomas M. Kelley sold 25,000 shares of the company’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $54.33, for a total transaction of $1,358,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP C. Michael Palmer sold 4,000 shares of the company’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $53.25, for a total transaction of $213,000.00. Following the transaction, the vice president now owns 61,757 shares of the company’s stock, valued at approximately $3,288,560.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,568 shares of company stock valued at $1,808,969. 1.05% of the stock is owned by insiders.
About Marathon Petroleum Corporation
Marathon Petroleum Corporation is engaged in refining, marketing, retail and transportation businesses in the United States and the largest east of the Mississippi. The Company operates through three segments: Refining & Marketing; Speedway; and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at the Company’s seven refineries in the Gulf Coast and Midwest regions of the United States.
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