Amalgamated Bank Lowers Position in Marathon Petroleum Co. (NYSE:MPC)

Amalgamated Bank cut its holdings in Marathon Petroleum Co. (NYSE:MPC) by 6.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 66,690 shares of the oil and gas company’s stock after selling 4,353 shares during the quarter. Amalgamated Bank’s holdings in Marathon Petroleum were worth $10,864,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Founders Financial Securities LLC lifted its stake in Marathon Petroleum by 22.8% in the second quarter. Founders Financial Securities LLC now owns 4,972 shares of the oil and gas company’s stock worth $863,000 after acquiring an additional 924 shares during the period. LRI Investments LLC purchased a new stake in shares of Marathon Petroleum during the first quarter valued at about $97,000. Magnolia Capital Advisors LLC lifted its position in shares of Marathon Petroleum by 353.4% during 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 buying an additional 43,639 shares during the last quarter. Granite Bay Wealth Management LLC purchased a new stake in shares of Marathon Petroleum during the second quarter valued at about $4,075,000. Finally, ORG Partners LLC purchased a new stake in shares of Marathon Petroleum during the second quarter valued at about $513,000. 76.77% of the stock is owned by hedge funds and other institutional investors.

Marathon Petroleum Stock Performance

NYSE MPC opened at $149.41 on Wednesday. The company has a market cap of $50.00 billion, a P/E ratio of 7.85, a P/E/G ratio of 2.74 and a beta of 1.38. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.31 and a quick ratio of 0.90. The stock has a 50-day moving average of $161.59 and a two-hundred day moving average of $170.42. Marathon Petroleum Co. has a 1-year low of $140.98 and a 1-year high of $221.11.

Marathon Petroleum (NYSE:MPC) last posted its earnings results on Tuesday, August 6th. The oil and gas company reported $4.12 earnings per share for the quarter, topping the consensus estimate of $3.09 by $1.03. The firm had revenue of $38.36 billion during the quarter, compared to analysts’ expectations of $36.66 billion. Marathon Petroleum had a return on equity of 24.05% and a net margin of 4.79%. The firm’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.32 earnings per share. As a group, analysts anticipate that Marathon Petroleum Co. will post 8.71 EPS for the current year.

Marathon Petroleum announced that its Board of Directors has authorized a share buyback plan 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 buy up to 10% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Marathon Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be paid 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 2.44%. This is a boost from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s payout ratio is currently 17.34%.

Analysts Set New Price Targets

Several research firms have commented on MPC. Mizuho decreased their price target on shares of Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Wells Fargo & Company decreased their price objective on shares of Marathon Petroleum from $196.00 to $183.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. BMO Capital Markets decreased their price objective on shares of Marathon Petroleum from $200.00 to $190.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Wolfe Research started coverage on shares of Marathon Petroleum in a research report on Thursday, July 18th. They issued an “outperform” rating and a $200.00 price objective for the company. Finally, Jefferies Financial Group increased their price objective on shares of Marathon Petroleum from $222.00 to $231.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $187.00.

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.