Glenmede Trust Co. NA Sells 18,346 Shares of Marathon Petroleum Co. (NYSE:MPC)

Glenmede Trust Co. NA trimmed its position in Marathon Petroleum Co. (NYSE:MPC) by 27.1% in the third quarter, HoldingsChannel.com reports. The firm owned 49,374 shares of the oil and gas company’s stock after selling 18,346 shares during the period. Glenmede Trust Co. NA’s holdings in Marathon Petroleum were worth $8,044,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MPC. WR Wealth Planners LLC increased its stake in Marathon Petroleum by 15.2% in the 2nd quarter. WR Wealth Planners LLC now owns 431 shares of the oil and gas company’s stock valued at $75,000 after buying an additional 57 shares during the last quarter. Legacy Advisors LLC increased its position 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 acquiring an additional 59 shares during the last quarter. Latitude Advisors LLC raised 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 in the last quarter. SouthState Corp grew its stake 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 valued at $715,000 after purchasing an additional 61 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of Marathon Petroleum by 0.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 7,165 shares of the oil and gas company’s stock worth $1,268,000 after purchasing an additional 61 shares during the last quarter. 76.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on MPC. Mizuho cut their price objective on Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Scotiabank reduced their price target on Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. JPMorgan Chase & Co. dropped their price target on Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. BMO Capital Markets reduced 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. Finally, Wells Fargo & Company cut their target price on shares of Marathon Petroleum from $196.00 to $183.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Marathon Petroleum has a consensus rating of “Moderate Buy” and an average price target of $185.07.

Marathon Petroleum Stock Up 0.5 %

Shares of MPC opened at $156.15 on Friday. The company has a market capitalization of $50.18 billion, a PE ratio of 12.37, a PEG ratio of 2.70 and a beta of 1.38. Marathon Petroleum Co. has a 12 month low of $140.98 and a 12 month high of $221.11. The company has a current ratio of 1.23, a quick ratio of 0.76 and a debt-to-equity ratio of 0.94. The stock’s 50-day moving average price is $157.98 and its two-hundred day moving average price is $166.80.

Marathon Petroleum (NYSE:MPC) last released its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.90. Marathon Petroleum had a net margin of 3.15% and a return on equity of 16.19%. The business had revenue of $35.37 billion for the quarter, compared to analyst estimates of $34.34 billion. During the same quarter in the previous year, the business earned $8.14 earnings per share. Marathon Petroleum’s revenue for the quarter was down 14.9% on a year-over-year basis. On average, analysts anticipate that Marathon Petroleum Co. will post 9.59 EPS for the current year.

Marathon Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be paid a dividend of $0.91 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $3.64 annualized dividend and a yield of 2.33%. This is a boost from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s dividend payout ratio (DPR) is currently 28.84%.

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