Summit Global Investments Has $224,000 Stock Holdings in Marathon Petroleum Co. (NYSE:MPC)

Summit Global Investments reduced its position in shares of Marathon Petroleum Co. (NYSE:MPC) by 95.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,377 shares of the oil and gas company’s stock after selling 29,995 shares during the period. Summit Global Investments’ holdings in Marathon Petroleum were worth $224,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Crewe Advisors LLC bought a new position in shares of Marathon Petroleum in the first quarter valued at about $29,000. Harbor Capital Advisors Inc. acquired a new position in shares of Marathon Petroleum during the third quarter worth approximately $30,000. TruNorth Capital Management LLC bought a new stake in shares of Marathon Petroleum during the second quarter valued at approximately $35,000. Industrial Alliance Investment Management Inc. acquired a new stake in shares of Marathon Petroleum in the second quarter valued at approximately $35,000. Finally, Wellington Shields & Co. LLC acquired a new position in Marathon Petroleum during the 1st quarter worth $40,000. 76.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Tudor, Pickering, Holt & Co. lowered Marathon Petroleum from a “buy” rating to a “sell” rating in a research note on Monday, September 9th. Morgan Stanley lowered their price target on shares of Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Barclays cut their price objective on shares of Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating on the stock in a report on Monday. Tudor Pickering cut shares of Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a research report on Monday, September 9th. Finally, Jefferies Financial Group raised their price target on Marathon Petroleum from $222.00 to $231.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Marathon Petroleum currently has an average rating of “Moderate Buy” and an average target price of $185.07.

Marathon Petroleum Trading Up 1.5 %

MPC opened at $156.06 on Tuesday. The stock has a market capitalization of $50.16 billion, a P/E ratio of 12.26, a P/E/G ratio of 2.75 and a beta of 1.38. The company has a current ratio of 1.23, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94. Marathon Petroleum Co. has a 12 month low of $140.98 and a 12 month high of $221.11. The firm’s fifty day simple moving average is $160.49 and its 200 day simple moving average is $169.48.

Marathon Petroleum (NYSE:MPC) last issued its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.90. The company had revenue of $35.37 billion for the quarter, compared to analyst estimates of $34.34 billion. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same period in the previous year, the company posted $8.14 earnings per share. As a group, research analysts anticipate that Marathon Petroleum Co. will post 9.41 EPS for the current fiscal year.

Marathon Petroleum declared that its board has authorized a share buyback plan on Tuesday, November 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the oil and gas company to purchase up to 10% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Marathon Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be issued a $0.91 dividend. The ex-dividend date is Wednesday, November 20th. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.33%. Marathon Petroleum’s dividend payout ratio (DPR) is 26.15%.

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.