Pitcairn Co. Has $2.97 Million Holdings in Marathon Petroleum Co. (NYSE:MPC)

Pitcairn Co. lessened its holdings in shares of Marathon Petroleum Co. (NYSE:MPC) by 22.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,209 shares of the oil and gas company’s stock after selling 5,390 shares during the quarter. Pitcairn Co.’s holdings in Marathon Petroleum were worth $2,966,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. International Assets Investment Management LLC grew its position in shares of Marathon Petroleum by 19,153.8% in the third quarter. International Assets Investment Management LLC now owns 1,311,182 shares of the oil and gas company’s stock valued at $213,605,000 after purchasing an additional 1,304,372 shares during the last quarter. Granite Bay Wealth Management LLC acquired a new position in shares of Marathon Petroleum in the second quarter valued at approximately $219,537,000. ING Groep NV acquired a new position in shares of Marathon Petroleum in the third quarter valued at approximately $114,107,000. Assenagon Asset Management S.A. grew its position in shares of Marathon Petroleum by 980.3% in the second quarter. Assenagon Asset Management S.A. now owns 684,718 shares of the oil and gas company’s stock valued at $118,785,000 after purchasing an additional 621,336 shares during the last quarter. Finally, Panagora Asset Management Inc. grew its position in shares of Marathon Petroleum by 64.1% in the second quarter. Panagora Asset Management Inc. now owns 619,049 shares of the oil and gas company’s stock valued at $107,393,000 after purchasing an additional 241,746 shares during the last quarter. Institutional investors and hedge funds own 76.77% of the company’s stock.

Analyst Ratings Changes

MPC has been the topic of several research reports. Morgan Stanley decreased their target price on Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Tudor Pickering downgraded Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a research report on Monday, September 9th. JPMorgan Chase & Co. decreased their target price on Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Scotiabank cut their price target on Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Finally, Wells Fargo & Company cut their price target on 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $185.07.

Marathon Petroleum Stock Down 0.5 %

NYSE MPC opened at $158.48 on Friday. The business has a fifty day moving average price of $158.78 and a two-hundred day moving average price of $167.64. 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 fifty-two week low of $140.98 and a fifty-two week high of $221.11. The stock has a market capitalization of $50.93 billion, a PE ratio of 12.56, a PEG ratio of 2.77 and a beta of 1.38.

Marathon Petroleum (NYSE:MPC) last released its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.90. The firm had revenue of $35.37 billion during the quarter, compared to analysts’ expectations of $34.34 billion. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. The company’s quarterly revenue was down 14.9% on a year-over-year basis. During the same period in the prior year, the company earned $8.14 earnings per share. Equities analysts expect that Marathon Petroleum Co. will post 9.59 earnings per share for the current fiscal year.

Marathon Petroleum Increases Dividend

The business 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. The ex-dividend date is Wednesday, November 20th. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 annualized dividend and a dividend yield of 2.30%. Marathon Petroleum’s dividend payout ratio is 28.84%.

Marathon Petroleum declared that its Board of Directors has initiated 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 purchase up to 10% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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.