Oak Harbor Wealth Partners LLC Increases Position in Marathon Petroleum Co. (NYSE:MPC)

Oak Harbor Wealth Partners LLC lifted its position in Marathon Petroleum Co. (NYSE:MPC) by 0.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,775 shares of the oil and gas company’s stock after acquiring an additional 73 shares during the quarter. Oak Harbor Wealth Partners LLC’s holdings in Marathon Petroleum were worth $2,081,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the stock. MeadowBrook Investment Advisors LLC grew its position 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 buying an additional 80 shares during the last quarter. Crewe Advisors LLC acquired a new stake in Marathon Petroleum during the 1st quarter valued at approximately $29,000. Harbor Capital Advisors Inc. acquired a new stake in Marathon Petroleum during the 3rd quarter valued at approximately $30,000. TruNorth Capital Management LLC acquired a new position in shares of Marathon Petroleum in the 2nd quarter valued at $35,000. Finally, Industrial Alliance Investment Management Inc. acquired a new position in shares of Marathon Petroleum in the 2nd quarter valued at $35,000. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MPC. Tudor, Pickering, Holt & Co. lowered shares of Marathon Petroleum from a “buy” rating to a “sell” rating in a report on Monday, September 9th. Wolfe Research began coverage on shares of Marathon Petroleum in a research report on Thursday, July 18th. They set an “outperform” rating and a $200.00 price target on the stock. TD Cowen lowered their price target on shares of Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Mizuho lowered their price target on shares of Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. 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 assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $185.07.

Marathon Petroleum Price Performance

Shares of MPC opened at $158.14 on Friday. The company has a market cap of $50.82 billion, a P/E ratio of 12.53, a PEG ratio of 2.82 and a beta of 1.38. The stock has a fifty day moving average price of $159.44 and a 200 day moving average price of $168.80. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.23 and a quick ratio of 0.76. Marathon Petroleum Co. has a 12 month low of $140.98 and a 12 month high of $221.11.

Marathon Petroleum (NYSE:MPC) last issued its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.90. The firm had revenue of $35.37 billion during the quarter, compared to the consensus estimate of $34.34 billion. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. The firm’s revenue was down 14.9% on a year-over-year basis. During the same period in the prior year, the business earned $8.14 EPS. On average, research analysts forecast that Marathon Petroleum Co. will post 9.41 earnings per share for the current year.

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

Marathon Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders 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 dividend yield of 2.30%. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, November 20th. Marathon Petroleum’s dividend payout ratio (DPR) is 26.15%.

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.