Fmr LLC Sells 131,181 Shares of Marathon Petroleum Co. (NYSE:MPC)

Fmr LLC decreased its position in shares of Marathon Petroleum Co. (NYSE:MPC) by 2.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,671,053 shares of the oil and gas company’s stock after selling 131,181 shares during the period. Fmr LLC owned 1.76% of Marathon Petroleum worth $923,871,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in MPC. Gladius Capital Management LP purchased a new position in shares of Marathon Petroleum during the 3rd quarter valued at $26,000. MeadowBrook Investment Advisors LLC raised its holdings in Marathon Petroleum by 88.9% during the third quarter. MeadowBrook Investment Advisors LLC now owns 170 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 80 shares during the period. Harbor Capital Advisors Inc. purchased a new position in shares of Marathon Petroleum in the third quarter valued at about $30,000. Darwin Wealth Management LLC purchased a new stake in shares of Marathon Petroleum during the third quarter worth about $33,000. Finally, TruNorth Capital Management LLC bought a new stake in Marathon Petroleum during the 2nd quarter valued at approximately $35,000. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Stock Performance

NYSE:MPC opened at $155.33 on Thursday. 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 stock’s fifty day moving average is $158.36 and its 200 day moving average is $167.03. The firm has a market capitalization of $49.92 billion, a PE ratio of 12.31, a PEG ratio of 2.72 and a beta of 1.38. Marathon Petroleum Co. has a fifty-two week low of $140.98 and a fifty-two week high of $221.11.

Marathon Petroleum (NYSE:MPC) last announced its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.90. Marathon Petroleum had a net margin of 3.15% and a return on equity of 16.19%. The business had revenue of $35.37 billion for the quarter, compared to the consensus estimate of $34.34 billion. During the same quarter in the prior year, the firm posted $8.14 earnings per share. The business’s revenue for the quarter was down 14.9% on a year-over-year basis. On average, sell-side analysts anticipate that Marathon Petroleum Co. will post 9.59 earnings per share for the current year.

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

Marathon Petroleum Increases Dividend

The firm also recently declared 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. This represents a $3.64 annualized dividend and a dividend yield of 2.34%. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, November 20th. Marathon Petroleum’s dividend payout ratio is presently 28.84%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MPC shares. Wells Fargo & Company cut their price objective on shares of Marathon Petroleum from $196.00 to $183.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Scotiabank cut their target price on shares of Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Mizuho decreased their price target on shares of Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. JPMorgan Chase & Co. cut their price objective on Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Finally, Morgan Stanley decreased their target price on Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Two equities 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price 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.