Marathon Petroleum (NYSE:MPC) Announces Earnings Results

Marathon Petroleum (NYSE:MPC) posted its quarterly earnings results on Tuesday. The oil and gas company reported $4.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $1.03, Briefing.com reports. Marathon Petroleum had a net margin of 5.32% and a return on equity of 25.87%. The business had revenue of $38.36 billion during the quarter, compared to analysts’ expectations of $36.66 billion. During the same quarter last year, the company posted $5.32 earnings per share. The business’s quarterly revenue was up 4.2% on a year-over-year basis.

Marathon Petroleum Trading Down 0.9 %

Shares of MPC traded down $1.54 during midday trading on Wednesday, reaching $169.35. The company had a trading volume of 1,697,438 shares, compared to its average volume of 2,649,235. The firm has a 50 day simple moving average of $170.97 and a 200-day simple moving average of $179.08. The company has a quick ratio of 0.99, a current ratio of 1.43 and a debt-to-equity ratio of 0.85. The stock has a market cap of $59.67 billion, a PE ratio of 8.53, a price-to-earnings-growth ratio of 2.09 and a beta of 1.40. Marathon Petroleum has a 1-year low of $137.57 and a 1-year high of $221.11.

Marathon Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st will be given a dividend of $0.825 per share. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $3.30 dividend on an annualized basis and a yield of 1.95%. Marathon Petroleum’s payout ratio is presently 16.48%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Wolfe Research started coverage on Marathon Petroleum in a research note on Thursday, July 18th. They set an “outperform” rating and a $200.00 price target on the stock. JPMorgan Chase & Co. cut their price target on shares of Marathon Petroleum from $191.00 to $186.00 and set a “neutral” rating on the stock in a report on Tuesday, July 2nd. Barclays decreased their price objective on shares of Marathon Petroleum from $195.00 to $185.00 and set an “overweight” rating for the company in a research note on Monday, July 1st. Jefferies Financial Group raised their target price on shares of Marathon Petroleum from $222.00 to $231.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Finally, TD Cowen increased their price target on Marathon Petroleum from $187.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $198.38.

Marathon Petroleum declared that its board has authorized a share buyback program on Tuesday, April 30th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire up to 7.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.