1,772 Shares in Marathon Petroleum Co. (NYSE:MPC) Purchased by Camden National Bank

Camden National Bank acquired a new stake in shares of Marathon Petroleum Co. (NYSE:MPC) in the third quarter, Holdings Channel reports. The fund acquired 1,772 shares of the oil and gas company’s stock, valued at approximately $289,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Gladius Capital Management LP purchased a new stake in shares of Marathon Petroleum in the 3rd quarter valued at approximately $26,000. MeadowBrook Investment Advisors LLC lifted its holdings in shares of Marathon Petroleum by 88.9% in the third quarter. MeadowBrook Investment Advisors LLC now owns 170 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 80 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of Marathon Petroleum in the third quarter worth $30,000. Darwin Wealth Management LLC purchased a new position in shares of Marathon Petroleum during the third quarter valued at $33,000. Finally, TruNorth Capital Management LLC acquired a new position in Marathon Petroleum during the second quarter valued at $35,000. 76.77% of the stock is currently owned by institutional investors and hedge funds.

Marathon Petroleum Trading Down 0.5 %

Shares of MPC stock opened at $158.48 on Friday. The business’s 50 day moving average is $158.78 and its two-hundred day moving average is $167.64. The company has a quick ratio of 0.76, a current ratio of 1.23 and a debt-to-equity ratio of 0.94. Marathon Petroleum Co. has a 12 month low of $140.98 and a 12 month high of $221.11. The company has a market cap of $50.93 billion, a PE ratio of 12.56, a price-to-earnings-growth ratio of 2.77 and a beta of 1.38.

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. The firm had revenue of $35.37 billion for the quarter, compared to the consensus estimate of $34.34 billion. Marathon Petroleum had a net margin of 3.15% and a return on equity of 16.19%. The business’s quarterly revenue was down 14.9% on a year-over-year basis. During the same quarter last year, the firm posted $8.14 EPS. Equities analysts predict that Marathon Petroleum Co. will post 9.59 EPS for the current year.

Marathon Petroleum declared that its Board of Directors has approved a share repurchase program on Tuesday, November 5th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the oil and gas company to repurchase up to 10% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Marathon Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be given a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Wednesday, November 20th. This is a boost from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s payout ratio is currently 28.84%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MPC shares. Tudor, Pickering, Holt & Co. cut Marathon Petroleum from a “buy” rating to a “sell” rating in a research note on Monday, September 9th. Morgan Stanley lowered their price objective on shares of Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Bank of America started coverage on shares of Marathon Petroleum in a research report on Thursday, October 17th. They issued a “neutral” rating and a $174.00 target price for the company. Piper Sandler lowered their price target on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a report on Friday, September 20th. Finally, Barclays reduced their price objective on Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating for the company in a research report on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Marathon Petroleum has a consensus rating of “Moderate Buy” and an average target price of $185.07.

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.