Marathon Petroleum (NYSE:MPC) Given New $170.00 Price Target at TD Cowen

Marathon Petroleum (NYSE:MPC) had its price target lowered by TD Cowen from $174.00 to $170.00 in a report issued on Wednesday, Marketbeat.com reports. TD Cowen currently has a buy rating on the oil and gas company’s stock.

Several other research analysts also recently issued reports on the stock. Tudor Pickering downgraded shares of Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, September 9th. Piper Sandler decreased their price target on Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating for the company in a research note on Friday, September 20th. Tudor, Pickering, Holt & Co. cut Marathon Petroleum from a “buy” rating to a “sell” rating in a research report on Monday, September 9th. Barclays lowered their target price on shares of Marathon Petroleum from $180.00 to $168.00 and set an “overweight” rating on the stock in a research note on Thursday, October 10th. Finally, Morgan Stanley reduced their price target 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 investment analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $185.67.

Marathon Petroleum Stock Down 1.1 %

Shares of MPC traded down $1.66 during mid-day trading on Wednesday, reaching $153.59. The company had a trading volume of 243,927 shares, compared to its average volume of 2,664,387. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.90 and a current ratio of 1.31. The company has a market capitalization of $51.40 billion, a price-to-earnings ratio of 8.16, a price-to-earnings-growth ratio of 2.77 and a beta of 1.38. The firm has a 50-day moving average price of $161.30 and a 200 day moving average price of $170.32. Marathon Petroleum has a 52 week low of $140.98 and a 52 week high of $221.11.

Marathon Petroleum (NYSE:MPC) last released its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.90. The firm had revenue of $35.37 billion for the quarter, compared to analysts’ expectations of $34.34 billion. Marathon Petroleum had a return on equity of 24.05% and a net margin of 4.79%. The company’s quarterly revenue was down 14.9% on a year-over-year basis. During the same period in the prior year, the firm posted $8.14 earnings per share. On average, sell-side analysts forecast that Marathon Petroleum will post 8.71 EPS for the current year.

Marathon Petroleum announced that its board has approved a share repurchase program 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 reacquire up to 10% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Marathon Petroleum Increases Dividend

The business 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 dividend of $0.91 per share. This is a boost from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Wednesday, November 20th. Marathon Petroleum’s payout ratio is presently 17.34%.

Institutional Investors Weigh In On Marathon Petroleum

Institutional investors and hedge funds have recently bought and sold shares of the business. Crewe Advisors LLC bought a new stake in Marathon Petroleum during the 1st quarter valued at approximately $29,000. Gladius Capital Management LP bought a new stake in shares of Marathon Petroleum during the third quarter valued at approximately $26,000. MeadowBrook Investment Advisors LLC lifted its holdings in shares of Marathon Petroleum by 88.9% in the third quarter. MeadowBrook Investment Advisors LLC now owns 170 shares of the oil and gas company’s stock worth $28,000 after buying an additional 80 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in Marathon Petroleum during the third quarter valued at $30,000. Finally, Wellington Shields & Co. LLC bought a new stake in Marathon Petroleum in the 1st quarter valued at $40,000. 76.77% of the stock is owned by institutional investors.

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.