Huntington National Bank Increases Holdings in Marathon Petroleum Co. (NYSE:MPC)

Huntington National Bank lifted its stake in Marathon Petroleum Co. (NYSE:MPC) by 1.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,256 shares of the oil and gas company’s stock after purchasing an additional 558 shares during the quarter. Huntington National Bank’s holdings in Marathon Petroleum were worth $4,929,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of MPC. Oppenheimer Asset Management Inc. grew its holdings in shares of Marathon Petroleum by 27.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 43,174 shares of the oil and gas company’s stock valued at $7,033,000 after buying an additional 9,355 shares during the last quarter. Pinnacle Financial Partners Inc boosted its stake in Marathon Petroleum by 6.3% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 6,315 shares of the oil and gas company’s stock valued at $1,029,000 after purchasing an additional 374 shares during the last quarter. Haverford Trust Co increased its holdings in shares of Marathon Petroleum by 6.6% in the 3rd quarter. Haverford Trust Co now owns 6,279 shares of the oil and gas company’s stock worth $1,023,000 after purchasing an additional 391 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Marathon Petroleum by 11.5% during the third quarter. Victory Capital Management Inc. now owns 478,876 shares of the oil and gas company’s stock valued at $78,014,000 after purchasing an additional 49,523 shares in the last quarter. Finally, Savvy Advisors Inc. bought a new stake in Marathon Petroleum in the 3rd quarter worth about $225,000. Institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Trading Down 0.6 %

Shares of MPC stock opened at $158.14 on Friday. The stock’s 50-day moving average price is $159.44 and its 200-day moving average price is $168.80. Marathon Petroleum Co. has a 12-month low of $140.98 and a 12-month high of $221.11. The stock has a market capitalization of $50.82 billion, a price-to-earnings ratio of 12.53, a price-to-earnings-growth ratio of 2.82 and a beta of 1.38. The company has a current ratio of 1.23, a quick ratio of 0.76 and a debt-to-equity ratio of 0.94.

Marathon Petroleum (NYSE:MPC) last posted its 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 firm had revenue of $35.37 billion during the quarter, compared to the consensus estimate of $34.34 billion. During the same period in the prior year, the company earned $8.14 EPS. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. Equities research analysts predict that Marathon Petroleum Co. will post 9.41 EPS for the current fiscal year.

Marathon Petroleum declared that its board has approved a stock buyback program on Tuesday, November 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the oil and gas company to buy up to 10% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Marathon Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be issued a $0.91 dividend. The ex-dividend date is Wednesday, November 20th. This is an increase 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 2.30%. Marathon Petroleum’s payout ratio is 26.15%.

Analyst Ratings Changes

A number of analysts have recently issued reports on MPC shares. Bank of America began coverage on shares of Marathon Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $174.00 price target on the stock. TD Cowen decreased their target price on shares of Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Wolfe Research initiated coverage on Marathon Petroleum in a research note on Thursday, July 18th. They issued an “outperform” rating and a $200.00 price target on the stock. BMO Capital Markets reduced their target price on shares of Marathon Petroleum from $200.00 to $190.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Marathon Petroleum presently has a consensus rating of “Moderate Buy” and a consensus price target of $185.07.

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.