Summit Global Investments Takes $5.44 Million Position in Marathon Petroleum Co. (NYSE:MPC)

Summit Global Investments bought a new stake in shares of Marathon Petroleum Co. (NYSE:MPC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 31,372 shares of the oil and gas company’s stock, valued at approximately $5,442,000.

A number of other institutional investors have also recently modified their holdings of MPC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in Marathon Petroleum in the 4th quarter worth about $25,000. FinTrust Capital Advisors LLC boosted its holdings in Marathon Petroleum by 400.0% in the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the oil and gas company’s stock worth $25,000 after buying an additional 100 shares during the last quarter. Crewe Advisors LLC acquired a new stake in Marathon Petroleum in the 1st quarter worth about $29,000. ICA Group Wealth Management LLC acquired a new stake in Marathon Petroleum in the 4th quarter worth about $30,000. Finally, Vima LLC acquired a new stake in Marathon Petroleum in the 4th quarter worth about $30,000. 76.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Barclays lowered their price objective on Marathon Petroleum from $195.00 to $185.00 and set an “overweight” rating on the stock in a report on Monday, July 1st. TD Cowen boosted their target price on Marathon Petroleum from $187.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Wells Fargo & Company lowered their target price on Marathon Petroleum from $223.00 to $196.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Raymond James lowered their target price on Marathon Petroleum from $235.00 to $230.00 and set a “strong-buy” rating on the stock in a report on Thursday, May 30th. Finally, Wolfe Research started coverage on Marathon Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $200.00 target price on the stock. Six investment analysts have rated the stock with a hold rating, eight have issued 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 an average rating of “Moderate Buy” and an average price target of $198.38.

Marathon Petroleum Trading Down 4.1 %

NYSE MPC traded down $7.29 on Tuesday, reaching $171.61. The stock had a trading volume of 2,700,326 shares, compared to its average volume of 2,640,019. The firm has a market capitalization of $60.46 billion, a price-to-earnings ratio of 8.57, a P/E/G ratio of 2.09 and a beta of 1.40. The company has a quick ratio of 0.99, a current ratio of 1.43 and a debt-to-equity ratio of 0.85. Marathon Petroleum Co. has a 12-month low of $139.32 and a 12-month high of $221.11. The stock has a fifty day moving average price of $171.31 and a two-hundred day moving average price of $180.14.

Marathon Petroleum (NYSE:MPC) last announced its earnings results on Tuesday, August 6th. The oil and gas company reported $4.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $1.03. The company had revenue of $38.36 billion for the quarter, compared to analyst estimates of $36.66 billion. Marathon Petroleum had a return on equity of 25.87% and a net margin of 5.32%. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.32 earnings per share. As a group, sell-side analysts forecast that Marathon Petroleum Co. will post 13.84 EPS for the current fiscal year.

Marathon Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Wednesday, August 21st will be paid a $0.825 dividend. This represents a $3.30 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Wednesday, August 21st. Marathon Petroleum’s payout ratio is currently 16.48%.

Marathon Petroleum announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, April 30th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 7.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are 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.