Eagle Ridge Investment Management Sells 981 Shares of Marathon Petroleum Co. (NYSE:MPC)

Eagle Ridge Investment Management trimmed its position in Marathon Petroleum Co. (NYSE:MPC) by 10.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,383 shares of the oil and gas company’s stock after selling 981 shares during the period. Eagle Ridge Investment Management’s holdings in Marathon Petroleum were worth $1,689,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in Marathon Petroleum in the 4th quarter worth approximately $25,000. ICA Group Wealth Management LLC acquired a new position in shares of Marathon Petroleum in the 4th quarter valued at $30,000. Vima LLC purchased a new position in Marathon Petroleum in the 4th quarter worth $30,000. Bruce G. Allen Investments LLC acquired a new stake in Marathon Petroleum during the 4th quarter worth about $32,000. Finally, Bare Financial Services Inc purchased a new stake in Marathon Petroleum during the 4th quarter valued at about $32,000. 76.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MPC has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their target price on Marathon Petroleum from $191.00 to $186.00 and set a “neutral” rating for the company in a report on Tuesday. StockNews.com lowered shares of Marathon Petroleum from a “buy” rating to a “hold” rating in a research note on Friday, June 14th. Piper Sandler decreased their target price on shares of Marathon Petroleum from $190.00 to $168.00 and set a “neutral” rating for the company in a research report on Friday, June 14th. Scotiabank increased their price target on Marathon Petroleum from $175.00 to $207.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Finally, The Goldman Sachs Group boosted their price objective on Marathon Petroleum from $175.00 to $211.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $191.31.

Marathon Petroleum Price Performance

NYSE MPC traded down $0.57 on Tuesday, hitting $174.22. The company had a trading volume of 2,531,535 shares, compared to its average volume of 2,719,696. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.43 and a quick ratio of 0.99. The company’s fifty day moving average price is $178.24 and its 200-day moving average price is $176.13. The company has a market capitalization of $61.38 billion, a PE ratio of 8.68, a PEG ratio of 1.62 and a beta of 1.40. Marathon Petroleum Co. has a 12-month low of $112.82 and a 12-month high of $221.11.

Marathon Petroleum (NYSE:MPC) last released its earnings results on Tuesday, April 30th. The oil and gas company reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.25. The business had revenue of $32.71 billion during the quarter, compared to analysts’ expectations of $32.07 billion. Marathon Petroleum had a net margin of 5.32% and a return on equity of 25.87%. The company’s quarterly revenue was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $6.09 earnings per share. As a group, analysts predict that Marathon Petroleum Co. will post 17.85 earnings per share for the current year.

Marathon Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Thursday, May 16th were paid a $0.825 dividend. This represents a $3.30 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date was Wednesday, May 15th. Marathon Petroleum’s dividend payout ratio is presently 16.48%.

Marathon Petroleum announced that its Board of Directors has approved a share buyback plan on Tuesday, April 30th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the oil and gas company to repurchase up to 7.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Marathon Petroleum 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.