Wealth Enhancement Advisory Services LLC purchased a new position in shares of Marathon Petroleum Co. (NYSE:MPC – Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,837 shares of the oil and gas company’s stock, valued at approximately $383,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the company. Armstrong Advisory Group Inc. acquired a new position in Marathon Petroleum during the fourth quarter worth about $25,000. Sit Investment Associates Inc. purchased a new stake in shares of Marathon Petroleum in the fourth quarter valued at about $25,000. Lansing Street Advisors purchased a new stake in shares of Marathon Petroleum in the fourth quarter valued at about $32,000. Capital Advisors Ltd. LLC lifted its stake in shares of Marathon Petroleum by 199.3% during the fourth quarter. Capital Advisors Ltd. LLC now owns 808 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 538 shares during the period. Finally, Destiny Wealth Partners LLC purchased a new position in shares of Marathon Petroleum during the fourth quarter valued at approximately $37,000. 76.77% of the stock is currently owned by institutional investors and hedge funds.
Marathon Petroleum Stock Performance
Shares of MPC opened at $119.96 on Thursday. Marathon Petroleum Co. has a 12-month low of $77.92 and a 12-month high of $138.83. The firm’s 50 day moving average is $111.88 and its 200-day moving average is $120.26. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.90 and a quick ratio of 1.30. The stock has a market capitalization of $50.90 billion, a P/E ratio of 3.61, a P/E/G ratio of 1.07 and a beta of 1.64.
Marathon Petroleum declared that its board has authorized a stock repurchase plan on Tuesday, May 2nd that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the oil and gas company to repurchase up to 10.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
Marathon Petroleum Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Wednesday, May 17th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend was Tuesday, May 16th. Marathon Petroleum’s dividend payout ratio is 9.04%.
Insider Activity
In other news, VP Carl Kristopher Hagedorn sold 5,717 shares of the stock in a transaction on Monday, June 5th. The shares were sold at an average price of $108.91, for a total value of $622,638.47. Following the completion of the transaction, the vice president now owns 6,916 shares in the company, valued at approximately $753,221.56. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.28% of the company’s stock.
Analyst Upgrades and Downgrades
MPC has been the topic of several recent analyst reports. StockNews.com raised shares of Marathon Petroleum from a “hold” rating to a “buy” rating in a research note on Friday, July 7th. Mizuho dropped their price objective on shares of Marathon Petroleum from $160.00 to $148.00 in a research report on Friday, May 19th. The Goldman Sachs Group upgraded shares of Marathon Petroleum from a “neutral” rating to a “buy” rating and increased their price objective for the company from $132.00 to $150.00 in a research note on Wednesday, March 29th. JPMorgan Chase & Co. downgraded shares of Marathon Petroleum from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $137.00 to $149.00 in a research note on Tuesday, March 28th. Finally, Barclays increased their price objective on shares of Marathon Petroleum from $124.00 to $132.00 in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Marathon Petroleum currently has a consensus rating of “Moderate Buy” and an average target price of $143.92.
Marathon Petroleum Profile
Marathon Petroleum Corp. is an independent company, which engages in the refining, marketing, and transportation of petroleum products in the United States. It operates through the following segments: Refining and Marketing, and Midstream. The Refining and Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast and Midwest regions of the United States, purchases ethanol and refined products for resale and distributes refined products through various means, including barges, terminals, and trucks that the company owns or operates.
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