Veracity Capital LLC Cuts Stake in Marathon Petroleum Co. (NYSE:MPC)

Veracity Capital LLC decreased its stake in shares of Marathon Petroleum Co. (NYSE:MPC) by 25.9% in the first quarter, Holdings Channel.com reports. The fund owned 5,071 shares of the oil and gas company’s stock after selling 1,770 shares during the period. Veracity Capital LLC’s holdings in Marathon Petroleum were worth $1,022,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its position in shares of Marathon Petroleum by 2.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,153,636 shares of the oil and gas company’s stock valued at $764,526,000 after purchasing an additional 137,341 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Marathon Petroleum by 2.4% in the fourth quarter. Raymond James & Associates now owns 4,102,057 shares of the oil and gas company’s stock valued at $608,581,000 after purchasing an additional 96,753 shares in the last quarter. Norges Bank purchased a new stake in Marathon Petroleum during the fourth quarter valued at $500,685,000. Pacer Advisors Inc. lifted its position in Marathon Petroleum by 8.3% during the fourth quarter. Pacer Advisors Inc. now owns 2,341,364 shares of the oil and gas company’s stock valued at $347,365,000 after purchasing an additional 178,502 shares during the last quarter. Finally, National Pension Service increased its holdings in shares of Marathon Petroleum by 2.9% in the 4th quarter. National Pension Service now owns 969,120 shares of the oil and gas company’s stock worth $143,779,000 after buying an additional 26,941 shares during the last quarter. 76.77% of the stock is owned by hedge funds and other institutional investors.

Marathon Petroleum Stock Up 0.5 %

NYSE MPC traded up $0.85 during midday trading on Thursday, hitting $174.99. 1,344,597 shares of the company traded hands, compared to its average volume of 2,601,003. Marathon Petroleum Co. has a 52 week low of $112.82 and a 52 week high of $221.11. The company’s 50-day simple moving average is $177.24 and its 200-day simple moving average is $176.30. The company has a market cap of $61.65 billion, a PE ratio of 8.74, a price-to-earnings-growth ratio of 1.63 and a beta of 1.40. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.43 and a quick ratio of 0.99.

Marathon Petroleum (NYSE:MPC) last issued its quarterly earnings data on Tuesday, April 30th. The oil and gas company reported $2.78 earnings per share for the quarter, beating analysts’ consensus estimates of $2.53 by $0.25. The company had revenue of $32.71 billion for the quarter, compared to the consensus estimate of $32.07 billion. Marathon Petroleum had a return on equity of 25.87% and a net margin of 5.32%. The firm’s revenue for the quarter was down 6.2% compared to the same quarter last year. During the same quarter last year, the company earned $6.09 earnings per share. As a group, equities research analysts forecast that Marathon Petroleum Co. will post 17.85 earnings per share for the current year.

Marathon Petroleum declared that its Board of Directors has initiated a share repurchase program on Tuesday, April 30th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 7.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Marathon Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Thursday, May 16th were paid a dividend of $0.825 per share. The ex-dividend date was Wednesday, May 15th. This represents a $3.30 annualized dividend and a dividend yield of 1.89%. Marathon Petroleum’s dividend payout ratio (DPR) is presently 16.48%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. StockNews.com cut Marathon Petroleum from a “buy” rating to a “hold” rating in a research note on Friday, June 14th. Piper Sandler reduced their target price on shares of Marathon Petroleum from $190.00 to $168.00 and set a “neutral” rating on the stock in a research note on Friday, June 14th. JPMorgan Chase & Co. dropped their price target on shares of Marathon Petroleum from $191.00 to $186.00 and set a “neutral” rating for the company in a research note on Tuesday. Barclays dropped their target price on Marathon Petroleum from $195.00 to $185.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Wells Fargo & Company reduced their price target on Marathon Petroleum from $227.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, June 6th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $191.31.

Marathon Petroleum 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.