Ingalls & Snyder LLC Has $2.59 Million Stake in Marathon Petroleum Co. (NYSE:MPC)

Ingalls & Snyder LLC boosted its holdings in Marathon Petroleum Co. (NYSE:MPC) by 2.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 15,925 shares of the oil and gas company’s stock after acquiring an additional 400 shares during the quarter. Ingalls & Snyder LLC’s holdings in Marathon Petroleum were worth $2,594,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. WR Wealth Planners LLC boosted its position 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 worth $75,000 after purchasing an additional 57 shares during the last quarter. Legacy Advisors LLC lifted 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 buying an additional 59 shares during the period. Latitude Advisors LLC boosted its holdings in 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 worth $297,000 after buying an additional 60 shares during the last quarter. SouthState Corp increased its stake in shares of Marathon Petroleum by 1.5% in the 2nd quarter. SouthState Corp now owns 4,122 shares of the oil and gas company’s stock valued at $715,000 after acquiring an additional 61 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position 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 acquiring an additional 61 shares during the period. 76.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Wells Fargo & Company cut their target price on shares of Marathon Petroleum from $196.00 to $183.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Barclays reduced their target price on Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating on the stock in a report on Monday, November 11th. TD Cowen cut their price objective on Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Tudor, Pickering, Holt & Co. downgraded shares of Marathon Petroleum from a “buy” rating to a “sell” rating in a research report on Monday, September 9th. Finally, Citigroup cut their target price on Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a research note on Thursday, October 10th. Two research 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 company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $185.07.

Marathon Petroleum Stock Performance

MPC traded down $0.87 during trading hours on Tuesday, reaching $156.54. The company’s stock had a trading volume of 181,078 shares, compared to its average volume of 2,608,543. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.76 and a current ratio of 1.23. The company’s 50-day moving average is $157.98 and its 200-day moving average is $166.70. Marathon Petroleum Co. has a 52 week low of $140.98 and a 52 week high of $221.11. The firm has a market cap of $50.31 billion, a PE ratio of 12.47, a price-to-earnings-growth ratio of 2.71 and a beta of 1.40.

Marathon Petroleum (NYSE:MPC) last announced its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 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 business had revenue of $35.37 billion during the quarter, compared to the consensus estimate of $34.34 billion. During the same quarter in the previous year, the firm posted $8.14 EPS. Marathon Petroleum’s revenue was down 14.9% compared to the same quarter last year. On average, equities analysts forecast that Marathon Petroleum Co. will post 9.59 EPS for the current year.

Marathon Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be given a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.33%. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, November 20th. Marathon Petroleum’s payout ratio is presently 28.84%.

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

About Marathon Petroleum

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.