Marathon Petroleum Co. (NYSE:MPC) Stock Position Lowered by Geode Capital Management LLC

Geode Capital Management LLC reduced its position in Marathon Petroleum Co. (NYSE:MPC - Free Report) by 3.9% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 7,038,192 shares of the oil and gas company's stock after selling 285,893 shares during the quarter. Geode Capital Management LLC owned about 2.19% of Marathon Petroleum worth $1,142,071,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. WR Wealth Planners LLC lifted its position in Marathon Petroleum by 15.2% in the second quarter. WR Wealth Planners LLC now owns 431 shares of the oil and gas company's stock valued at $75,000 after purchasing an additional 57 shares during the period. Legacy Advisors LLC boosted its stake in shares of Marathon Petroleum by 5.0% in the second quarter. Legacy Advisors LLC now owns 1,238 shares of the oil and gas company's stock valued at $215,000 after buying an additional 59 shares in the last quarter. Latitude Advisors LLC grew its holdings in Marathon Petroleum by 3.6% during the second quarter. Latitude Advisors LLC now owns 1,714 shares of the oil and gas company's stock worth $297,000 after acquiring an additional 60 shares during the period. SouthState Corp raised its position in Marathon Petroleum by 1.5% in the second quarter. SouthState Corp now owns 4,122 shares of the oil and gas company's stock worth $715,000 after acquiring an additional 61 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in Marathon Petroleum by 0.9% in the second quarter. EverSource Wealth Advisors LLC now owns 7,165 shares of the oil and gas company's stock valued at $1,268,000 after acquiring an additional 61 shares during the period. Hedge funds and other institutional investors own 76.77% of the company's stock.

Marathon Petroleum Trading Up 0.6 %

MPC stock traded up $0.93 during midday trading on Wednesday, reaching $151.99. 2,796,147 shares of the company's stock traded hands, compared to its average volume of 2,617,572. 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 Co. has a fifty-two week low of $141.45 and a fifty-two week high of $221.11. The business has a 50-day moving average price of $156.47 and a two-hundred day moving average price of $165.51. The company has a market capitalization of $48.85 billion, a P/E ratio of 11.89, a PEG ratio of 2.65 and a beta of 1.40.

Marathon Petroleum (NYSE:MPC - Get Free Report) last released its quarterly 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. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. The firm had revenue of $35.37 billion for the quarter, compared to analyst estimates of $34.34 billion. During the same period in the previous year, the company posted $8.14 EPS. Marathon Petroleum's revenue for the quarter was down 14.9% on a year-over-year basis. Equities research analysts forecast that Marathon Petroleum Co. will post 9.5 EPS for the current fiscal year.

Marathon Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th were given a $0.91 dividend. This is a positive change from Marathon Petroleum's previous quarterly dividend of $0.83. The ex-dividend date was Wednesday, November 20th. This represents a $3.64 annualized dividend and a dividend yield of 2.39%. Marathon Petroleum's dividend payout ratio (DPR) is presently 28.84%.

Marathon Petroleum announced that its Board of Directors has authorized a share repurchase program on Tuesday, November 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 10% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MPC. 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. Scotiabank cut their target price 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. BMO Capital Markets lowered their target price on Marathon Petroleum from $200.00 to $190.00 and set an "outperform" rating on the stock in a report on Friday, October 4th. Morgan Stanley dropped their price objective on Marathon Petroleum from $196.00 to $182.00 and set an "overweight" rating for the company in a research report on Monday, September 16th. Finally, Bank of America assumed coverage on shares of Marathon Petroleum in a research report on Thursday, October 17th. They issued a "neutral" rating and a $174.00 price objective for the company. Two 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 stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $185.27.

Insider Activity

In related news, Director Jeffrey C. Campbell purchased 6,000 shares of the business's stock in a transaction that occurred on Wednesday, December 4th. The shares were acquired at an average price of $149.61 per share, with a total value of $897,660.00. Following the acquisition, the director now owns 6,090 shares in the company, valued at approximately $911,124.90. This trade represents a 6,666.67 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.21% of the company's stock.

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.