WBI Investments Inc. acquired a new position in Marathon Petroleum Co. (NYSE:MPC – Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 36,487 shares of the oil and gas company’s stock, valued at approximately $5,522,000. Marathon Petroleum comprises approximately 1.1% of WBI Investments Inc.’s holdings, making the stock its 16th largest position.
Several other hedge funds also recently modified their holdings of MPC. Morgan Stanley grew its holdings in Marathon Petroleum by 1.1% during the fourth quarter. Morgan Stanley now owns 7,851,320 shares of the oil and gas company’s stock valued at $913,815,000 after purchasing an additional 85,809 shares during the last quarter. Moneta Group Investment Advisors LLC grew its stake in shares of Marathon Petroleum by 121,130.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,942,426 shares of the oil and gas company’s stock valued at $458,859,000 after purchasing an additional 3,939,174 shares during the period. Norges Bank acquired a new position in Marathon Petroleum during the fourth quarter worth $453,190,000. Price T Rowe Associates Inc. MD increased its position in shares of Marathon Petroleum by 23.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,750,108 shares of the oil and gas company’s stock worth $370,799,000 after purchasing an additional 527,601 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Marathon Petroleum by 1.4% during the third quarter. Principal Financial Group Inc. now owns 2,746,614 shares of the oil and gas company’s stock worth $415,673,000 after buying an additional 36,987 shares in the last quarter. Institutional investors and hedge funds own 74.93% of the company’s stock.
Marathon Petroleum Stock Performance
Shares of NYSE MPC opened at $169.58 on Monday. Marathon Petroleum Co. has a 12 month low of $104.32 and a 12 month high of $173.32. The stock has a 50 day moving average of $154.78 and a 200-day moving average of $149.95. The company has a current ratio of 1.67, a quick ratio of 1.20 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $64.39 billion, a P/E ratio of 7.22, a P/E/G ratio of 1.97 and a beta of 1.51.
Marathon Petroleum declared that its board has authorized a stock repurchase program on Wednesday, October 25th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 8.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Marathon Petroleum Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, March 11th. Stockholders of record on Wednesday, February 21st will be given a $0.825 dividend. This represents a $3.30 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Tuesday, February 20th. Marathon Petroleum’s payout ratio is 14.02%.
Analyst Ratings Changes
A number of research analysts recently issued reports on MPC shares. TD Cowen lifted their price target on Marathon Petroleum from $168.00 to $170.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. Morgan Stanley boosted their target price on Marathon Petroleum from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 17th. Barclays raised their price objective on Marathon Petroleum from $163.00 to $168.00 and gave the stock an “overweight” rating in a research note on Monday, February 5th. Citigroup began coverage on shares of Marathon Petroleum in a research note on Wednesday, January 24th. They issued a “neutral” rating on the stock. Finally, Raymond James raised their price target on shares of Marathon Petroleum from $175.00 to $185.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, January 31st. Five research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Marathon Petroleum has a consensus rating of “Moderate Buy” and a consensus target price of $163.00.
Marathon Petroleum Profile
Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. It operates in two segments, Refining & Marketing, and Midstream. 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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