Teacher Retirement System of Texas trimmed its stake in shares of Marathon Petroleum Co. (NYSE:MPC) by 41.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 135,744 shares of the oil and gas company’s stock after selling 97,397 shares during the period. Teacher Retirement System of Texas’ holdings in Marathon Petroleum were worth $8,390,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the company. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new stake in shares of Marathon Petroleum in the second quarter worth about $25,000. Jacobi Capital Management LLC lifted its position in shares of Marathon Petroleum by 131.0% in the second quarter. Jacobi Capital Management LLC now owns 462 shares of the oil and gas company’s stock worth $28,000 after buying an additional 262 shares in the last quarter. Activest Wealth Management lifted its position in shares of Marathon Petroleum by 99.6% in the third quarter. Activest Wealth Management now owns 481 shares of the oil and gas company’s stock worth $30,000 after buying an additional 240 shares in the last quarter. Capital Directions Investment Advisors LLC purchased a new stake in shares of Marathon Petroleum in the third quarter worth about $31,000. Finally, Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Marathon Petroleum in the second quarter worth about $38,000. 76.76% of the stock is currently owned by hedge funds and other institutional investors.
In other Marathon Petroleum news, Director Charles E. Bunch bought 1,000 shares of the company’s stock in a transaction dated Wednesday, November 24th. The shares were purchased at an average cost of $64.30 per share, for a total transaction of $64,300.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.30% of the stock is owned by company insiders.
Marathon Petroleum (NYSE:MPC) last released its quarterly earnings data on Monday, November 1st. The oil and gas company reported $0.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.02. The business had revenue of $32.61 billion during the quarter, compared to analyst estimates of $17.12 billion. Marathon Petroleum had a return on equity of 0.50% and a net margin of 8.85%. During the same quarter last year, the business posted ($1.00) EPS. As a group, analysts forecast that Marathon Petroleum Co. will post 1.69 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 10th. Stockholders of record on Wednesday, November 17th were given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date was Tuesday, November 16th. Marathon Petroleum’s dividend payout ratio (DPR) is presently 16.56%.
MPC has been the topic of a number of research analyst reports. Raymond James boosted their target price on Marathon Petroleum from $75.00 to $85.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, November 2nd. Credit Suisse Group upped their price objective on Marathon Petroleum from $74.00 to $78.00 and gave the company an “outperform” rating in a research report on Monday, November 8th. Barclays upped their price objective on Marathon Petroleum from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday. Cowen upped their price objective on Marathon Petroleum from $72.00 to $75.00 and gave the company an “outperform” rating in a research report on Tuesday, December 28th. Finally, Citigroup upped their price objective on Marathon Petroleum from $67.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, October 7th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $73.43.
About Marathon Petroleum
Marathon Petroleum Corp. is an independent company, which engages in refining, marketing, and transportation of petroleum products in the United States. Itoperates through the following segments: Refining and Marketing; Retail; and Midstream. The Refining and Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast and Midwest regions of the United States; purchases ethanol and refined products for resale and distributes refined products through various means, including barges, terminals, and trucks that the company owns or operates.
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