Cullen Investment Group LTD. trimmed its holdings in Marathon Petroleum Co. (NYSE:MPC - Free Report) by 10.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,109 shares of the oil and gas company's stock after selling 5,975 shares during the period. Marathon Petroleum accounts for about 1.0% of Cullen Investment Group LTD.'s portfolio, making the stock its 23rd biggest holding. Cullen Investment Group LTD.'s holdings in Marathon Petroleum were worth $6,851,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Gladius Capital Management LP bought a new stake in Marathon Petroleum in the 3rd quarter valued at $26,000. MeadowBrook Investment Advisors LLC boosted its position 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 acquiring an additional 80 shares during the period. True Wealth Design LLC grew its stake in shares of Marathon Petroleum by 672.7% in the third quarter. True Wealth Design LLC now owns 170 shares of the oil and gas company's stock valued at $28,000 after acquiring an additional 148 shares in the last quarter. Harbor Capital Advisors Inc. bought a new position in Marathon Petroleum during the third quarter worth about $30,000. Finally, Darwin Wealth Management LLC acquired a new stake in Marathon Petroleum in the 3rd quarter worth about $33,000. 76.77% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, Director Jeffrey C. Campbell purchased 6,000 shares of the firm's stock in a transaction dated Wednesday, December 4th. The stock was bought at an average price of $149.61 per share, with a total value of $897,660.00. Following the completion of the purchase, the director now owns 6,090 shares in the company, valued at approximately $911,124.90. This represents a 6,666.67 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.21% of the company's stock.
Analyst Upgrades and Downgrades
MPC has been the topic of a number of analyst reports. Citigroup decreased their target price on shares of Marathon Petroleum from $172.00 to $167.00 and set a "neutral" rating on the stock in a research report on Thursday, October 10th. Barclays lowered their price objective on Marathon Petroleum from $168.00 to $159.00 and set an "overweight" rating on the stock in a research note on Monday, November 11th. TD Cowen reiterated a "buy" rating and set a $170.00 target price on shares of Marathon Petroleum in a research report on Tuesday, December 10th. BMO Capital Markets decreased their price target on Marathon Petroleum from $200.00 to $190.00 and set an "outperform" rating on the stock in a research report on Friday, October 4th. Finally, Scotiabank cut their price objective on shares of Marathon Petroleum from $191.00 to $170.00 and set a "sector outperform" rating for the company in a research report on Thursday, October 10th. Two 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 data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $183.73.
Read Our Latest Research Report on MPC
Marathon Petroleum Price Performance
Shares of NYSE MPC traded up $2.79 during midday trading on Tuesday, reaching $149.54. 2,510,782 shares of the company were exchanged, compared to its average volume of 3,051,072. Marathon Petroleum Co. has a one year low of $130.54 and a one year high of $221.11. The stock has a market cap of $48.06 billion, a P/E ratio of 11.85, a PEG ratio of 2.56 and a beta of 1.42. The company has a quick ratio of 0.76, a current ratio of 1.23 and a debt-to-equity ratio of 0.94. The stock's 50-day moving average price is $147.88 and its 200-day moving average price is $159.74.
Marathon Petroleum (NYSE:MPC - Get Free Report) 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 analysts' consensus estimates of $0.97 by $0.90. The business had revenue of $35.37 billion during the quarter, compared to analysts' expectations of $34.34 billion. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. The business's revenue for the quarter was down 14.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.14 EPS. On average, sell-side analysts anticipate that Marathon Petroleum Co. will post 9.47 earnings per share for the current fiscal year.
Marathon Petroleum announced that its board has authorized a stock buyback program 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 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 stock is undervalued.
Marathon Petroleum Increases Dividend
The firm also recently declared 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 a boost from Marathon Petroleum's previous quarterly dividend of $0.83. This represents a $3.64 annualized dividend and a yield of 2.43%. The ex-dividend date was Wednesday, November 20th. Marathon Petroleum's dividend payout ratio is 28.84%.
Marathon Petroleum Company Profile
(
Free Report)
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.
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