Marathon Petroleum Co. (NYSE:MPC) Shares Sold by Avidian Wealth Enterprises LLC

Avidian Wealth Enterprises LLC trimmed its position in Marathon Petroleum Co. (NYSE:MPC) by 8.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,428 shares of the oil and gas company’s stock after selling 1,007 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Marathon Petroleum were worth $1,699,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in MPC. WR Wealth Planners LLC lifted its holdings in Marathon Petroleum by 15.2% in the 2nd quarter. WR Wealth Planners LLC now owns 431 shares of the oil and gas company’s stock worth $75,000 after buying an additional 57 shares in the last quarter. D Orazio & Associates Inc. raised its position in shares of Marathon Petroleum by 3.2% in the 1st quarter. D Orazio & Associates Inc. now owns 1,894 shares of the oil and gas company’s stock valued at $382,000 after purchasing an additional 59 shares in the last quarter. Legacy Advisors LLC grew its holdings in Marathon Petroleum by 5.0% during the 2nd quarter. Legacy Advisors LLC now owns 1,238 shares of the oil and gas company’s stock worth $215,000 after acquiring an additional 59 shares in the last quarter. Latitude Advisors LLC grew its stake in Marathon Petroleum by 3.6% in the second quarter. Latitude Advisors LLC now owns 1,714 shares of the oil and gas company’s stock worth $297,000 after purchasing an additional 60 shares in the last quarter. Finally, SouthState Corp grew its position in shares of Marathon Petroleum by 1.5% in the 2nd quarter. SouthState Corp now owns 4,122 shares of the oil and gas company’s stock worth $715,000 after acquiring an additional 61 shares in the last quarter. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Trading Up 3.1 %

NYSE MPC opened at $149.41 on Wednesday. The firm’s 50 day moving average price is $161.59 and its two-hundred day moving average price is $170.42. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.90 and a current ratio of 1.31. Marathon Petroleum Co. has a twelve month low of $140.98 and a twelve month high of $221.11. The stock has a market cap of $50.00 billion, a price-to-earnings ratio of 7.85, a PEG ratio of 2.74 and a beta of 1.38.

Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings results on Tuesday, August 6th. The oil and gas company reported $4.12 earnings per share for the quarter, beating the consensus estimate of $3.09 by $1.03. Marathon Petroleum had a return on equity of 24.05% and a net margin of 4.79%. The firm had revenue of $38.36 billion for the quarter, compared to analyst estimates of $36.66 billion. During the same period in the previous year, the firm earned $5.32 earnings per share. Marathon Petroleum’s quarterly revenue was up 4.2% on a year-over-year basis. Equities analysts anticipate that Marathon Petroleum Co. will post 8.71 EPS for the current year.

Marathon Petroleum declared that its board has authorized a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Marathon Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be given a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.44%. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, November 20th. Marathon Petroleum’s dividend payout ratio is 17.34%.

Analyst Ratings Changes

Several analysts recently commented on the company. Tudor Pickering cut Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a research report on Monday, September 9th. Wolfe Research initiated coverage on Marathon Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $200.00 target price on the stock. JPMorgan Chase & Co. lowered their price target on Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. TD Cowen cut their price objective on Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Bank of America began coverage on Marathon Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $174.00 target price on the stock. 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 given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $185.67.

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.