Joseph Group Capital Management Raises Position in Marathon Petroleum Co. (NYSE:MPC)

by · The Markets Daily

Joseph Group Capital Management increased its stake in shares of Marathon Petroleum Co. (NYSE:MPC – Free Report) by 23.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,955 shares of the oil and gas company’s stock after buying an additional 2,609 shares during the quarter. Joseph Group Capital Management’s holdings in Marathon Petroleum were worth $2,273,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of MPC. Oppenheimer Asset Management Inc. lifted its position 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 purchasing an additional 9,355 shares in the last quarter. Founders Financial Securities LLC grew its holdings in shares of Marathon Petroleum by 22.8% in the second quarter. Founders Financial Securities LLC now owns 4,972 shares of the oil and gas company’s stock valued at $863,000 after acquiring an additional 924 shares in the last quarter. Holistic Planning LLC purchased a new stake in shares of Marathon Petroleum during the third quarter valued at approximately $912,000. LRI Investments LLC bought a new stake in Marathon Petroleum during the first quarter worth $97,000. Finally, Magnolia Capital Advisors LLC boosted its position in Marathon Petroleum by 353.4% in the second quarter. Magnolia Capital Advisors LLC now owns 55,989 shares of the oil and gas company’s stock worth $9,713,000 after purchasing an additional 43,639 shares during the last quarter. 76.77% of the stock is owned by hedge funds and other institutional investors.

Marathon Petroleum Stock Up 1.6 %

Shares of NYSE:MPC opened at $159.98 on Tuesday. The firm has a fifty day moving average price of $159.00 and a two-hundred day moving average price of $168.10. The company has a market cap of $51.42 billion, a price-to-earnings ratio of 12.68, a PEG ratio of 2.74 and a beta of 1.38. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.23 and a quick ratio of 0.76. Marathon Petroleum Co. has a one year low of $140.98 and a one year high of $221.11.

Marathon Petroleum (NYSE:MPC – Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.90. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. The company had revenue of $35.37 billion during the quarter, compared to analyst estimates of $34.34 billion. During the same quarter last year, the company earned $8.14 earnings per share. The firm’s quarterly revenue was down 14.9% on a year-over-year basis. Analysts anticipate that Marathon Petroleum Co. will post 9.59 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. Shareholders of record on Wednesday, November 20th will be given a dividend of $0.91 per share. The ex-dividend date is Wednesday, November 20th. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 annualized dividend and a yield of 2.28%. Marathon Petroleum’s payout ratio is presently 26.15%.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Bank of America began coverage on Marathon Petroleum in a research note on Thursday, October 17th. They set a “neutral” rating and a $174.00 target price on the stock. Mizuho decreased their price target on shares of Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Morgan Stanley reduced their price objective on Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Tudor Pickering lowered Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, September 9th. Finally, JPMorgan Chase & Co. cut their price target on Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $185.07.

Get Our Latest Analysis on Marathon Petroleum

About Marathon Petroleum

(Free Report)

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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