Park National Corp OH Trims Stock Position in Marathon Petroleum Co. (NYSE:MPC)

Park National Corp OH decreased its holdings in Marathon Petroleum Co. (NYSE:MPC) by 12.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,110 shares of the oil and gas company’s stock after selling 4,563 shares during the quarter. Park National Corp OH’s holdings in Marathon Petroleum were worth $4,619,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Strategic Financial Concepts LLC acquired a new position in shares of Marathon Petroleum in the 2nd quarter valued at $255,000. Ashton Thomas Private Wealth LLC acquired a new position in Marathon Petroleum in the second quarter valued at $141,000. PFG Investments LLC raised its holdings in shares of Marathon Petroleum by 21.2% in the 2nd quarter. PFG Investments LLC now owns 4,507 shares of the oil and gas company’s stock worth $782,000 after purchasing an additional 789 shares during the period. Choreo LLC lifted its stake in shares of Marathon Petroleum by 303.3% in the 2nd quarter. Choreo LLC now owns 19,502 shares of the oil and gas company’s stock valued at $3,407,000 after purchasing an additional 14,666 shares in the last quarter. Finally, Doheny Asset Management CA grew its holdings in shares of Marathon Petroleum by 135.9% during the 2nd quarter. Doheny Asset Management CA now owns 17,524 shares of the oil and gas company’s stock worth $3,040,000 after purchasing an additional 10,096 shares during the period. Institutional investors and hedge funds own 76.77% of the company’s stock.

Marathon Petroleum Stock Up 0.8 %

MPC stock opened at $141.60 on Wednesday. The company has a market capitalization of $45.51 billion, a P/E ratio of 11.22, a PEG ratio of 2.56 and a beta of 1.42. The firm has a 50 day simple moving average of $147.97 and a 200-day simple moving average of $160.60. The company has a current ratio of 1.23, a quick ratio of 0.76 and a debt-to-equity ratio of 0.94. Marathon Petroleum Co. has a twelve month low of $130.54 and a twelve month 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 for the quarter, topping 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 company had revenue of $35.37 billion during the quarter, compared to the consensus estimate of $34.34 billion. During the same quarter in the previous year, the firm earned $8.14 EPS. The company’s revenue was down 14.9% on a year-over-year basis. On average, equities research analysts predict that Marathon Petroleum Co. will post 9.47 earnings per share for the current fiscal year.

Marathon Petroleum declared that its Board of Directors has initiated a share buyback program 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 programs are usually a sign that the company’s leadership believes its stock is undervalued.

Marathon Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th were issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date was Wednesday, November 20th. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s dividend payout ratio (DPR) is currently 28.84%.

Insider Transactions at Marathon Petroleum

In other Marathon Petroleum news, Director Jeffrey C. Campbell purchased 6,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was acquired at an average cost of $149.61 per share, with a total value of $897,660.00. Following the acquisition, the director now owns 6,090 shares of the company’s stock, valued at approximately $911,124.90. This represents a 6,666.67 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.21% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. BMO Capital Markets cut their price target 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. Bank of America started coverage on shares of Marathon Petroleum in a research note on Thursday, October 17th. They issued a “neutral” rating and a $174.00 target price on the stock. Piper Sandler decreased their price target on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating for the company in a research report on Friday, September 20th. Morgan Stanley cut their price objective 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. Finally, Citigroup decreased their target price on Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating for the company in a research report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.00.

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.