Planning Capital Management Corp Buys New Position in Marathon Petroleum Co. (NYSE:MPC)

Planning Capital Management Corp purchased a new stake in shares of Marathon Petroleum Co. (NYSE:MPC) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 407 shares of the oil and gas company’s stock, valued at approximately $66,000.

Other hedge funds have also recently modified their holdings of the company. Zions Bancorporation N.A. grew its holdings in shares of Marathon Petroleum by 22.9% in the third quarter. Zions Bancorporation N.A. now owns 1,822 shares of the oil and gas company’s stock worth $297,000 after purchasing an additional 340 shares during the last quarter. Huntington National Bank lifted its position in shares of Marathon Petroleum by 1.9% during the third quarter. Huntington National Bank now owns 30,256 shares of the oil and gas company’s stock valued at $4,929,000 after buying an additional 558 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of Marathon Petroleum by 27.7% in the 3rd 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. Pinnacle Financial Partners Inc raised its position in shares of Marathon Petroleum by 6.3% in the 3rd quarter. Pinnacle Financial Partners Inc now owns 6,315 shares of the oil and gas company’s stock valued at $1,029,000 after purchasing an additional 374 shares during the last quarter. Finally, Haverford Trust Co increased its holdings in Marathon Petroleum by 6.6% in the 3rd quarter. Haverford Trust Co now owns 6,279 shares of the oil and gas company’s stock worth $1,023,000 after buying an additional 391 shares during the period. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Price Performance

MPC stock opened at $158.14 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.23 and a debt-to-equity ratio of 0.94. Marathon Petroleum Co. has a fifty-two week low of $140.98 and a fifty-two week high of $221.11. The business has a 50 day moving average price of $159.44 and a 200 day moving average price of $168.80. The stock has a market cap of $50.82 billion, a price-to-earnings ratio of 12.53, a PEG ratio of 2.82 and a beta of 1.38.

Marathon Petroleum (NYSE:MPC) 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 business had revenue of $35.37 billion during the quarter, compared to analysts’ expectations of $34.34 billion. During the same quarter in the prior year, the business earned $8.14 earnings per share. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. Equities research analysts anticipate that Marathon Petroleum Co. will post 9.41 earnings per share for the current fiscal year.

Marathon Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Wednesday, November 20th. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s dividend payout ratio is currently 26.15%.

Marathon Petroleum announced that its board has authorized a stock buyback plan on Tuesday, November 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to reacquire up to 10% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Piper Sandler dropped their price objective on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a research note on Friday, September 20th. Citigroup decreased their price objective on Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. BMO Capital Markets reduced their price target 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 reduced their price target on Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Finally, Mizuho reduced their price objective on shares of Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $185.07.

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.