Marathon Petroleum Co. (NYSE:MPC) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems lowered its holdings in Marathon Petroleum Co. (NYSE:MPC) by 12.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,316 shares of the oil and gas company’s stock after selling 3,234 shares during the quarter. Kentucky Retirement Systems’ holdings in Marathon Petroleum were worth $3,798,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in MPC. Crewe Advisors LLC purchased a new stake in Marathon Petroleum during the first quarter worth about $29,000. MeadowBrook Investment Advisors LLC boosted its stake in shares of Marathon Petroleum by 88.9% during the 3rd quarter. MeadowBrook Investment Advisors LLC now owns 170 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 80 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of Marathon Petroleum in the 3rd quarter worth approximately $30,000. Wellington Shields & Co. LLC purchased a new position in Marathon Petroleum in the 1st quarter valued at approximately $40,000. Finally, TruNorth Capital Management LLC acquired a new position in Marathon Petroleum during the second quarter worth $35,000. 76.77% of the stock is currently owned by hedge funds and other institutional investors.

Marathon Petroleum Stock Performance

NYSE MPC opened at $157.52 on Friday. The company has a current ratio of 1.23, a quick ratio of 0.76 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $50.63 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 2.74 and a beta of 1.38. The business’s 50-day moving average price is $159.06 and its 200 day moving average price is $168.33. Marathon Petroleum Co. has a twelve month low of $140.98 and a twelve month high of $221.11.

Marathon Petroleum (NYSE:MPC) last issued its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.90. The company had revenue of $35.37 billion during the quarter, compared to the consensus estimate of $34.34 billion. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. The company’s revenue was down 14.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $8.14 earnings per share. On average, research analysts predict that Marathon Petroleum Co. will post 9.59 earnings per share for the current year.

Marathon Petroleum declared that its Board of Directors has approved a stock repurchase program on Tuesday, November 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the oil and gas company to buy up to 10% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Marathon Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be issued a $0.91 dividend. 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 2.31%. The ex-dividend date is Wednesday, November 20th. Marathon Petroleum’s payout ratio is currently 26.15%.

Wall Street Analysts Forecast Growth

MPC has been the topic of several research reports. Morgan Stanley lowered their target price on Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Mizuho dropped their target price on shares of Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Tudor, Pickering, Holt & Co. downgraded shares of Marathon Petroleum from a “buy” rating to a “sell” rating in a report on Monday, September 9th. JPMorgan Chase & Co. dropped their price objective on shares of Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Finally, Piper Sandler reduced their target price on Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a research note on Friday, September 20th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Marathon Petroleum currently has a consensus rating of “Moderate Buy” and a consensus price target of $185.07.

About Marathon Petroleum

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.