Harbour Investments Inc. Sells 70 Shares of Marathon Petroleum Co. (NYSE:MPC)

Harbour Investments Inc. lowered its holdings in shares of Marathon Petroleum Co. (NYSE:MPC) by 1.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,407 shares of the oil and gas company’s stock after selling 70 shares during the period. Harbour Investments Inc.’s holdings in Marathon Petroleum were worth $718,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. WR Wealth Planners LLC increased its stake in shares of 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 valued at $75,000 after acquiring an additional 57 shares in the last quarter. Legacy Advisors LLC increased its stake in Marathon Petroleum by 5.0% in the second quarter. Legacy Advisors LLC now owns 1,238 shares of the oil and gas company’s stock valued at $215,000 after purchasing an additional 59 shares in the last quarter. Latitude Advisors LLC raised its holdings in shares of Marathon Petroleum by 3.6% during the second quarter. Latitude Advisors LLC now owns 1,714 shares of the oil and gas company’s stock valued at $297,000 after purchasing an additional 60 shares during the period. SouthState Corp boosted its position in shares of Marathon Petroleum by 1.5% during the 2nd quarter. SouthState Corp now owns 4,122 shares of the oil and gas company’s stock worth $715,000 after purchasing an additional 61 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Marathon Petroleum by 0.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 7,165 shares of the oil and gas company’s stock valued at $1,268,000 after buying an additional 61 shares during the period. 76.77% of the stock is currently owned by institutional investors.

Marathon Petroleum Price Performance

Marathon Petroleum stock opened at $157.51 on Friday. Marathon Petroleum Co. has a 52 week low of $140.98 and a 52 week high of $221.11. The company’s 50 day moving average price is $159.23 and its two-hundred day moving average price is $168.73. The stock has a market cap of $50.62 billion, a P/E ratio of 12.48, a P/E/G ratio of 2.82 and a beta of 1.38. The company has a quick ratio of 0.76, a current ratio of 1.23 and a debt-to-equity ratio of 0.94.

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, topping analysts’ consensus estimates of $0.97 by $0.90. The business 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%. Marathon Petroleum’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same period last year, the company posted $8.14 earnings per share. On average, equities analysts predict that Marathon Petroleum Co. will post 9.41 earnings per share for the current year.

Marathon Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be given a dividend of $0.91 per share. The ex-dividend date is Wednesday, November 20th. This represents a $3.64 annualized dividend and a yield of 2.31%. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s dividend payout ratio is presently 26.15%.

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

Analyst Ratings Changes

MPC has been the topic of a number of research reports. Scotiabank dropped their price target on Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. 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 research report on Monday, September 16th. TD Cowen cut their target price on Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Piper Sandler decreased their price target on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating for the company in a research note on Friday, September 20th. Finally, BMO Capital Markets dropped their price objective on shares of Marathon Petroleum from $200.00 to $190.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $185.07.

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.