Marathon Petroleum (NYSE:MPC) Given New $170.00 Price Target at TD Cowen

Marathon Petroleum (NYSE:MPC) had its price objective lowered by TD Cowen from $174.00 to $170.00 in a report published on Wednesday morning, MarketBeat reports. TD Cowen currently has a buy rating on the oil and gas company’s stock.

Several other research analysts have also recently issued reports on the stock. Morgan Stanley cut their target price on shares of Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Scotiabank cut their target price on shares of Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Tudor, Pickering, Holt & Co. cut shares of Marathon Petroleum from a “buy” rating to a “sell” rating in a report on Monday, September 9th. Jefferies Financial Group lifted their price target on shares of Marathon Petroleum from $222.00 to $231.00 and gave the company a “buy” rating in a report on Monday, July 15th. Finally, Citigroup cut their price target on shares of Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $185.67.

Marathon Petroleum Stock Down 0.3 %

Shares of NYSE MPC opened at $153.60 on Wednesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.23 and a quick ratio of 0.90. Marathon Petroleum has a one year low of $140.98 and a one year high of $221.11. The stock has a market capitalization of $49.37 billion, a P/E ratio of 12.17, a PEG ratio of 2.97 and a beta of 1.38. The firm’s 50 day simple moving average is $160.49 and its two-hundred day simple moving average is $169.89.

Marathon Petroleum (NYSE:MPC) last issued its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.90. Marathon Petroleum had a net margin of 3.15% and a return on equity of 16.19%. The firm had revenue of $35.37 billion for the quarter, compared to analysts’ expectations of $34.34 billion. During the same quarter last year, the business earned $8.14 earnings per share. The business’s revenue was down 14.9% on a year-over-year basis. As a group, analysts expect that Marathon Petroleum will post 8.71 EPS for the current fiscal year.

Marathon Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be given a dividend of $0.91 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $3.64 annualized dividend and a yield of 2.37%. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s dividend payout ratio (DPR) is currently 26.15%.

Marathon Petroleum declared that its Board of Directors has approved 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 reacquire up to 10% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Marathon Petroleum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its position in shares of Marathon Petroleum by 19,153.8% in the 3rd quarter. International Assets Investment Management LLC now owns 1,311,182 shares of the oil and gas company’s stock worth $213,605,000 after purchasing an additional 1,304,372 shares during the last quarter. Granite Bay Wealth Management LLC purchased a new position in shares of Marathon Petroleum in the 2nd quarter worth about $219,537,000. Capital Wealth Planning LLC raised its position in shares of Marathon Petroleum by 10,902.9% in the 1st quarter. Capital Wealth Planning LLC now owns 1,110,630 shares of the oil and gas company’s stock worth $223,792,000 after purchasing an additional 1,100,536 shares during the last quarter. ING Groep NV purchased a new position in shares of Marathon Petroleum in the 3rd quarter worth about $114,107,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Marathon Petroleum by 980.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 684,718 shares of the oil and gas company’s stock worth $118,785,000 after purchasing an additional 621,336 shares during the last quarter. Hedge funds and other institutional investors own 76.77% of the company’s stock.

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.