Franklin Resources Inc. Sells 115,913 Shares of Marathon Petroleum Co. (NYSE:MPC)

Franklin Resources Inc. trimmed its stake in shares of Marathon Petroleum Co. (NYSE:MPC - Free Report) by 15.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 643,520 shares of the oil and gas company's stock after selling 115,913 shares during the quarter. Franklin Resources Inc. owned approximately 0.20% of Marathon Petroleum worth $104,572,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MPC. Oppenheimer Asset Management Inc. raised its position in Marathon Petroleum by 27.7% in the third quarter. Oppenheimer Asset Management Inc. now owns 43,174 shares of the oil and gas company's stock valued at $7,033,000 after purchasing an additional 9,355 shares during the last quarter. Founders Financial Securities LLC raised its stake in shares of Marathon Petroleum by 22.8% during the second quarter. Founders Financial Securities LLC now owns 4,972 shares of the oil and gas company's stock valued at $863,000 after acquiring an additional 924 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in shares of Marathon Petroleum by 747.3% during 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 bought a new stake in shares of Marathon Petroleum in the third quarter worth $912,000. Finally, Magnolia Capital Advisors LLC increased its holdings in Marathon Petroleum by 353.4% in the second quarter. Magnolia Capital Advisors LLC now owns 55,989 shares of the oil and gas company's stock valued at $9,713,000 after purchasing an additional 43,639 shares during the period. Institutional investors own 76.77% of the company's stock.

Marathon Petroleum Stock Performance

Marathon Petroleum stock traded down $7.34 during mid-day trading on Monday, reaching $138.22. The company's stock had a trading volume of 3,517,872 shares, compared to its average volume of 2,619,229. The company has a market capitalization of $44.42 billion, a P/E ratio of 11.24, a PEG ratio of 2.67 and a beta of 1.39. The firm's fifty day moving average price is $155.10 and its two-hundred day moving average price is $164.91. Marathon Petroleum Co. has a 12-month low of $137.89 and a 12-month high of $221.11. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.76 and a current ratio of 1.23.

Marathon Petroleum (NYSE:MPC - Get Free Report) last issued 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 business had revenue of $35.37 billion during the quarter, compared to the consensus estimate of $34.34 billion. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. The firm's revenue was down 14.9% compared to the same quarter last year. During the same quarter last year, the company earned $8.14 EPS. Sell-side analysts predict that Marathon Petroleum Co. will post 9.5 EPS for the current fiscal year.

Marathon Petroleum declared that its Board of Directors has approved a share repurchase plan on Tuesday, November 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 10% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Marathon Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th were given a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend was Wednesday, November 20th. This is an increase from Marathon Petroleum's previous quarterly dividend of $0.83. Marathon Petroleum's dividend payout ratio (DPR) is 28.84%.

Insider Activity at Marathon Petroleum

In other news, Director Jeffrey C. Campbell purchased 6,000 shares of the stock in a transaction on Wednesday, December 4th. The shares were acquired at an average price of $149.61 per share, for a total transaction of $897,660.00. Following the completion of the transaction, the director now directly owns 6,090 shares of the company's stock, valued at approximately $911,124.90. This trade represents a 6,666.67 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 0.21% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MPC has been the topic of several analyst reports. TD Cowen reiterated a "buy" rating and issued a $170.00 target price on shares of Marathon Petroleum in a report on Tuesday, December 10th. Barclays lowered their target price on shares of Marathon Petroleum from $168.00 to $159.00 and set an "overweight" rating for the company in a research note on Monday, November 11th. JPMorgan Chase & Co. cut their price target on shares of Marathon Petroleum from $172.00 to $171.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 9th. Mizuho lowered their price objective on Marathon Petroleum from $175.00 to $174.00 and set a "neutral" rating for the company in a research report on Monday. Finally, Scotiabank cut their target price on Marathon Petroleum from $191.00 to $170.00 and set a "sector outperform" rating on the stock in a research report on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Marathon Petroleum currently has a consensus rating of "Moderate Buy" and a consensus price target of $184.00.

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.