Hardy Reed LLC Grows Stock Position in Marathon Petroleum Co. (NYSE:MPC)

Hardy Reed LLC increased its position in shares of Marathon Petroleum Co. (NYSE:MPC) by 7.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,268 shares of the oil and gas company’s stock after purchasing an additional 236 shares during the quarter. Hardy Reed LLC’s holdings in Marathon Petroleum were worth $532,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MPC. Gladius Capital Management LP purchased a new position in shares of Marathon Petroleum in the third quarter worth about $26,000. MeadowBrook Investment Advisors LLC raised its holdings in Marathon Petroleum by 88.9% in the 3rd quarter. MeadowBrook Investment Advisors LLC now owns 170 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 80 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in Marathon Petroleum in the 3rd quarter worth approximately $30,000. Darwin Wealth Management LLC acquired a new position in shares of Marathon Petroleum during the 3rd quarter worth approximately $33,000. Finally, TruNorth Capital Management LLC acquired a new stake in shares of Marathon Petroleum in the second quarter valued at approximately $35,000. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Trading Up 0.4 %

NYSE MPC opened at $157.13 on Wednesday. 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 firm has a market cap of $50.50 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 2.72 and a beta of 1.38. The firm has a 50 day simple moving average of $158.55 and a 200-day simple moving average of $167.11. Marathon Petroleum Co. has a one year low of $140.98 and a one year high of $221.11.

Marathon Petroleum (NYSE:MPC) last issued its quarterly earnings results 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. The company had revenue of $35.37 billion during the quarter, compared to analysts’ expectations of $34.34 billion. Marathon Petroleum had a net margin of 3.15% and a return on equity of 16.19%. The firm’s revenue was down 14.9% compared to the same quarter last year. During the same quarter last year, the company posted $8.14 EPS. Equities research analysts anticipate that Marathon Petroleum Co. will post 9.59 EPS for the current fiscal year.

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

Marathon Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be given a $0.91 dividend. The ex-dividend date is Wednesday, November 20th. This represents a $3.64 dividend on an annualized basis and a yield of 2.32%. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s dividend payout ratio (DPR) is currently 28.84%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Piper Sandler lowered their price objective on Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a research note on Friday, September 20th. Morgan Stanley cut their price objective on shares of Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Scotiabank decreased 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. JPMorgan Chase & Co. cut their price target on shares of Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Finally, TD Cowen lowered their price objective on Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Two equities research 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. According to data from MarketBeat, Marathon Petroleum presently has an average rating of “Moderate Buy” and an average price target 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.