Marathon Petroleum (NYSE:MPC) Shares Up 5.6% – Here’s What Happened

Marathon Petroleum Co. (NYSE:MPC)’s stock price was up 5.6% on Monday . The stock traded as high as $150.27 and last traded at $150.19. Approximately 810,511 shares were traded during trading, a decline of 70% from the average daily volume of 2,675,516 shares. The stock had previously closed at $142.27.

Analysts Set New Price Targets

MPC has been the topic of several research reports. BMO Capital Markets lowered their price target on shares of Marathon Petroleum from $200.00 to $190.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Piper Sandler dropped their price target on Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating for the company in a research report on Friday, September 20th. Wells Fargo & Company reduced their price objective on Marathon Petroleum from $186.00 to $182.00 and set an “overweight” rating on the stock in a research report on Friday. Citigroup cut their target price on shares of Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Finally, Bank of America assumed coverage on shares of Marathon Petroleum in a research note on Thursday, October 17th. They set a “neutral” rating and a $174.00 price target on the stock. Two analysts have rated the stock with a sell rating, six have issued 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.com, Marathon Petroleum currently has an average rating of “Moderate Buy” and an average price target of $183.73.

Marathon Petroleum Trading Up 3.5 %

The business’s 50-day simple moving average is $147.84 and its two-hundred day simple moving average is $159.92. The stock has a market capitalization of $47.32 billion, a price-to-earnings ratio of 11.67, a PEG ratio of 2.56 and a beta of 1.42. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.23 and a quick ratio of 0.76.

Marathon Petroleum (NYSE:MPC) last released its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $1.87 EPS for the quarter, beating the consensus estimate of $0.97 by $0.90. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. The company had revenue of $35.37 billion for the quarter, compared to analyst estimates of $34.34 billion. During the same period last year, the company posted $8.14 earnings per share. The firm’s revenue was down 14.9% compared to the same quarter last year. On average, research analysts anticipate that Marathon Petroleum Co. will post 9.47 earnings per share for the current fiscal year.

Marathon Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th were given a $0.91 dividend. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $3.64 annualized dividend and a yield of 2.47%. Marathon Petroleum’s dividend payout ratio (DPR) is 28.84%.

Marathon Petroleum announced that its board has initiated a stock buyback program on Tuesday, November 5th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to buy up to 10% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Jeffrey C. Campbell acquired 6,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was bought at an average cost of $149.61 per share, with a total value of $897,660.00. Following the acquisition, the director now directly owns 6,090 shares in the company, valued at approximately $911,124.90. The trade was a 6,666.67 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On Marathon Petroleum

Several large investors have recently added to or reduced their stakes in MPC. Oppenheimer Asset Management Inc. raised its stake in Marathon Petroleum by 27.7% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 43,174 shares of the oil and gas company’s stock valued at $7,033,000 after acquiring an additional 9,355 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in Marathon Petroleum by 747.3% in the third quarter. Wilmington Savings Fund Society FSB now owns 21,275 shares of the oil and gas company’s stock worth $3,466,000 after purchasing an additional 18,764 shares during the period. Holistic Planning LLC acquired a new position in Marathon Petroleum during the 3rd quarter valued at about $912,000. World Investment Advisors LLC raised its position in shares of Marathon Petroleum by 4,227.5% during the 3rd quarter. World Investment Advisors LLC now owns 69,759 shares of the oil and gas company’s stock worth $11,364,000 after buying an additional 68,147 shares in the last quarter. Finally, Magnolia Capital Advisors LLC lifted its stake in shares of Marathon Petroleum by 353.4% in the 2nd quarter. Magnolia Capital Advisors LLC now owns 55,989 shares of the oil and gas company’s stock worth $9,713,000 after acquiring an additional 43,639 shares during the period. 76.77% of the stock is owned by institutional investors and hedge funds.

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.