Pinnacle Associates Ltd. grew its position in shares of Marathon Petroleum Co. (NYSE:MPC – Free Report) by 20.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,389 shares of the oil and gas company’s stock after purchasing an additional 7,196 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Marathon Petroleum were worth $6,289,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in MPC. Allspring Global Investments Holdings LLC raised its stake in shares of Marathon Petroleum by 5.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 138,789 shares of the oil and gas company’s stock valued at $27,966,000 after acquiring an additional 7,092 shares during the last quarter. Accel Wealth Management acquired a new position in Marathon Petroleum during the 1st quarter worth about $262,000. Retirement Guys Formula LLC acquired a new stake in shares of Marathon Petroleum in the first quarter valued at about $212,000. Norden Group LLC raised its position in shares of Marathon Petroleum by 20.8% during the first quarter. Norden Group LLC now owns 4,694 shares of the oil and gas company’s stock worth $946,000 after acquiring an additional 808 shares during the last quarter. Finally, J.W. Cole Advisors Inc. lifted its stake in shares of Marathon Petroleum by 6.3% in the first quarter. J.W. Cole Advisors Inc. now owns 3,160 shares of the oil and gas company’s stock worth $637,000 after acquiring an additional 188 shares during the period. 76.77% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on the stock. Piper Sandler decreased their target price on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating for the company in a research report on Friday, September 20th. Citigroup lowered their target price on shares of Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Scotiabank cut their price target on shares of Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Tudor, Pickering, Holt & Co. lowered Marathon Petroleum from a “buy” rating to a “sell” rating in a research report on Monday, September 9th. Finally, Mizuho cut their target price on Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $187.00.
Marathon Petroleum Stock Performance
MPC opened at $144.77 on Thursday. Marathon Petroleum Co. has a 1-year low of $140.98 and a 1-year high of $221.11. The company has a market cap of $51.01 billion, a price-to-earnings ratio of 7.23, a PEG ratio of 3.03 and a beta of 1.37. The company’s fifty day moving average price is $163.74 and its two-hundred day moving average price is $172.18. The company has a current ratio of 1.31, a quick ratio of 0.90 and a debt-to-equity ratio of 0.86.
Marathon Petroleum (NYSE:MPC – Get Free Report) last posted its earnings results on Tuesday, August 6th. The oil and gas company reported $4.12 earnings per share for the quarter, topping analysts’ consensus estimates of $3.09 by $1.03. The company had revenue of $38.36 billion for the quarter, compared to analyst estimates of $36.66 billion. Marathon Petroleum had a net margin of 4.79% and a return on equity of 24.05%. The firm’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.32 EPS. On average, analysts expect that Marathon Petroleum Co. will post 8.71 EPS for the current fiscal year.
Marathon Petroleum Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors 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 annualized dividend and a dividend yield of 2.51%. Marathon Petroleum’s payout ratio is presently 16.48%.
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.
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