Marathon Petroleum (NYSE:MPC) Issues Quarterly Earnings Results

Marathon Petroleum (NYSE:MPC) released its quarterly earnings data on Tuesday. The oil and gas company reported $3.01 EPS for the quarter, beating analysts’ consensus estimates of $3.00 by $0.01, Zacks reports. Marathon Petroleum had a net margin of 2.13% and a return on equity of 9.79%. The business had revenue of $34.81 billion during the quarter, compared to analysts’ expectations of $31.06 billion.

Marathon Petroleum Trading Up 4.9%

Shares of NYSE:MPC traded up $9.12 on Thursday, hitting $195.30. The company had a trading volume of 1,475,140 shares, compared to its average volume of 2,430,586. Marathon Petroleum has a 1 year low of $115.10 and a 1 year high of $201.61. The firm has a market capitalization of $59.37 billion, a price-to-earnings ratio of 20.86, a P/E/G ratio of 3.85 and a beta of 0.90. The firm’s 50-day simple moving average is $187.31 and its two-hundred day simple moving average is $171.26. The company has a quick ratio of 0.71, a current ratio of 1.23 and a debt-to-equity ratio of 1.15.

Marathon Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Wednesday, November 19th will be given a $1.00 dividend. The ex-dividend date is Wednesday, November 19th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.0%. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.91. Marathon Petroleum’s dividend payout ratio is 54.01%.

Insiders Place Their Bets

In related news, insider Molly R. Benson sold 10,879 shares of the firm’s stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $163.00, for a total transaction of $1,773,277.00. Following the completion of the transaction, the insider owned 28,700 shares of the company’s stock, valued at $4,678,100. This trade represents a 27.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On Marathon Petroleum

Institutional investors and hedge funds have recently bought and sold shares of the business. WFA of San Diego LLC bought a new stake in shares of Marathon Petroleum in the 2nd quarter worth about $33,000. McIlrath & Eck LLC lifted its stake in shares of Marathon Petroleum by 15.8% during the 2nd quarter. McIlrath & Eck LLC now owns 792 shares of the oil and gas company’s stock worth $132,000 after purchasing an additional 108 shares during the last quarter. MUFG Securities EMEA plc purchased a new position in Marathon Petroleum in the second quarter worth $151,000. Lazard Asset Management LLC raised its stake in Marathon Petroleum by 7.1% in the second quarter. Lazard Asset Management LLC now owns 1,037 shares of the oil and gas company’s stock valued at $172,000 after buying an additional 69 shares during the last quarter. Finally, Alaethes Wealth LLC purchased a new stake in Marathon Petroleum during the 2nd quarter worth approximately $218,000. 76.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Citigroup increased their price objective on shares of Marathon Petroleum from $144.00 to $182.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 16th. Wolfe Research cut Marathon Petroleum from an “outperform” rating to a “peer perform” rating in a report on Monday, July 14th. Dbs Bank raised shares of Marathon Petroleum to a “moderate buy” rating in a report on Monday, July 28th. Piper Sandler raised their price target on shares of Marathon Petroleum from $184.00 to $222.00 and gave the company a “neutral” rating in a research note on Thursday, September 11th. Finally, Wells Fargo & Company lowered their price objective on Marathon Petroleum from $214.00 to $213.00 and set an “overweight” rating for the company in a research report on Wednesday. Eight research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $200.00.

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.