PNC Financial Services Group Inc. Reduces Stock Holdings in Marathon Oil Co. (NYSE:MRO)

PNC Financial Services Group Inc. lowered its holdings in Marathon Oil Co. (NYSE:MRO) by 1.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 196,409 shares of the oil and gas producer’s stock after selling 2,959 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Marathon Oil were worth $5,230,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in MRO. Los Angeles Capital Management LLC purchased a new stake in shares of Marathon Oil in the second quarter worth about $64,061,000. Magnetar Financial LLC acquired a new position in Marathon Oil in the second quarter valued at approximately $63,556,000. Pacer Advisors Inc. boosted its position in Marathon Oil by 13.1% in the 2nd quarter. Pacer Advisors Inc. now owns 13,369,821 shares of the oil and gas producer’s stock worth $383,313,000 after purchasing an additional 1,552,210 shares in the last quarter. Slotnik Capital LLC acquired a new stake in shares of Marathon Oil during the 2nd quarter worth approximately $40,779,000. Finally, Water Island Capital LLC purchased a new position in shares of Marathon Oil during the 2nd quarter valued at approximately $33,273,000. 77.24% of the stock is owned by hedge funds and other institutional investors.

Marathon Oil Stock Performance

NYSE MRO opened at $28.55 on Friday. Marathon Oil Co. has a fifty-two week low of $21.81 and a fifty-two week high of $30.06. The firm has a market capitalization of $15.97 billion, a P/E ratio of 12.25 and a beta of 2.16. The stock’s fifty day moving average is $27.62 and its two-hundred day moving average is $27.64. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.61 and a current ratio of 0.69.

Marathon Oil (NYSE:MRO) last posted its quarterly earnings results on Wednesday, November 6th. The oil and gas producer reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.01. The business had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Marathon Oil had a net margin of 19.73% and a return on equity of 12.80%. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.77 EPS. On average, research analysts anticipate that Marathon Oil Co. will post 2.34 earnings per share for the current year.

Marathon Oil Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be given a $0.11 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.44 dividend on an annualized basis and a yield of 1.54%. Marathon Oil’s dividend payout ratio is currently 18.88%.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Truist Financial dropped their price target on shares of Marathon Oil from $35.00 to $27.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Wells Fargo & Company dropped their target price on Marathon Oil from $29.00 to $27.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 1st. Barclays reduced their price target on Marathon Oil from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Susquehanna dropped their price objective on Marathon Oil from $39.00 to $37.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Finally, Citigroup reduced their target price on Marathon Oil from $29.00 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Marathon Oil presently has a consensus rating of “Moderate Buy” and an average target price of $30.94.

Insider Activity

In other Marathon Oil news, VP Michael A. Henderson sold 38,000 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $27.21, for a total value of $1,033,980.00. Following the transaction, the vice president now owns 76,828 shares of the company’s stock, valued at $2,090,489.88. This represents a 33.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Dane E. Whitehead sold 52,008 shares of Marathon Oil stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $27.50, for a total transaction of $1,430,220.00. Following the sale, the insider now owns 100,000 shares of the company’s stock, valued at approximately $2,750,000. This represents a 34.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 382,693 shares of company stock valued at $10,964,251 in the last quarter. Insiders own 0.35% of the company’s stock.

Marathon Oil Profile

Marathon Oil Corporation, an independent exploration and production company, engages in exploration, production, and marketing of crude oil and condensate, natural gas liquids, and natural gas in the United States and internationally. The company also produces and markets products manufactured from natural gas, such as liquefied natural gas and methanol.