Granite Bay Wealth Management LLC Increases Position in Marathon Petroleum Co. (NYSE:MPC)

Granite Bay Wealth Management LLC grew its holdings in Marathon Petroleum Co. (NYSE:MPC) by 7.2% during the fourth quarter, HoldingsChannel reports. The firm owned 30,377 shares of the oil and gas company’s stock after acquiring an additional 2,049 shares during the period. Marathon Petroleum comprises about 1.6% of Granite Bay Wealth Management LLC’s investment portfolio, making the stock its 22nd biggest holding. Granite Bay Wealth Management LLC’s holdings in Marathon Petroleum were worth $4,238,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in MPC. Gladius Capital Management LP purchased a new position in Marathon Petroleum during the third quarter worth approximately $26,000. MeadowBrook Investment Advisors LLC increased its stake in shares of Marathon Petroleum by 88.9% in the 3rd quarter. MeadowBrook Investment Advisors LLC now owns 170 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 80 shares during the last quarter. True Wealth Design LLC boosted its position in shares of Marathon Petroleum by 672.7% during the 3rd quarter. True Wealth Design LLC now owns 170 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 148 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new stake in shares of Marathon Petroleum in the third quarter valued at about $30,000. Finally, Darwin Wealth Management LLC acquired a new stake in Marathon Petroleum during the third quarter worth about $33,000. 76.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Marathon Petroleum

In other news, Director Jeffrey C. Campbell acquired 6,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were bought at an average cost of $149.61 per share, with a total value of $897,660.00. Following the transaction, the director now owns 6,090 shares in the company, valued at approximately $911,124.90. This trade represents a 6,666.67 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.21% of the stock is owned by corporate insiders.

Marathon Petroleum Price Performance

Marathon Petroleum stock opened at $146.83 on Tuesday. The company’s 50 day moving average is $147.88 and its two-hundred day moving average is $159.74. The firm has a market cap of $47.19 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 2.56 and a beta of 1.42. 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 52-week low of $130.54 and a 52-week high of $221.11.

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 analysts’ consensus estimates of $0.97 by $0.90. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. The firm had revenue of $35.37 billion during the quarter, compared to analyst estimates of $34.34 billion. During the same period last year, the business posted $8.14 earnings per share. Marathon Petroleum’s revenue was down 14.9% compared to the same quarter last year. On average, research analysts expect that Marathon Petroleum Co. will post 9.47 EPS for the current fiscal year.

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

Marathon Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th were paid a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.48%. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, November 20th. Marathon Petroleum’s dividend payout ratio is presently 28.84%.

Analyst Ratings Changes

MPC has been the topic of several recent analyst reports. TD Cowen reiterated a “buy” rating and issued a $170.00 target price on shares of Marathon Petroleum in a report on Tuesday, December 10th. Scotiabank lowered their price objective on Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Citigroup reduced their target price on Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a research report on Thursday, October 10th. JPMorgan Chase & Co. lowered their price target on Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Finally, BMO Capital Markets reduced their price objective on shares of Marathon Petroleum from $200.00 to $190.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $183.73.

About Marathon Petroleum

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.