Tidal Investments LLC Has $2.84 Million Position in Marathon Petroleum Co. (NYSE:MPC)

Tidal Investments LLC increased its position in Marathon Petroleum Co. (NYSE:MPC) by 121.0% during the third quarter, Holdings Channel reports. The firm owned 17,445 shares of the oil and gas company’s stock after buying an additional 9,551 shares during the quarter. Tidal Investments LLC’s holdings in Marathon Petroleum were worth $2,842,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP increased its holdings in shares of Marathon Petroleum by 342.1% during the 3rd quarter. Wellington Management Group LLP now owns 5,593,729 shares of the oil and gas company’s stock worth $911,274,000 after acquiring an additional 4,328,470 shares during the last quarter. Pacer Advisors Inc. boosted its position in Marathon Petroleum by 8.8% during the third quarter. Pacer Advisors Inc. now owns 2,905,610 shares of the oil and gas company’s stock worth $473,353,000 after purchasing an additional 235,795 shares during the period. Bank of Montreal Can raised its position in shares of Marathon Petroleum by 45.4% in the third quarter. Bank of Montreal Can now owns 1,329,422 shares of the oil and gas company’s stock valued at $217,560,000 after purchasing an additional 415,368 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Marathon Petroleum by 19,153.8% during the 3rd quarter. International Assets Investment Management LLC now owns 1,311,182 shares of the oil and gas company’s stock worth $213,605,000 after buying an additional 1,304,372 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Marathon Petroleum by 6.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,285,248 shares of the oil and gas company’s stock worth $222,965,000 after buying an additional 72,192 shares during the period. Institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Stock Performance

NYSE MPC opened at $145.56 on Monday. Marathon Petroleum Co. has a 1 year low of $142.84 and a 1 year high of $221.11. The firm has a market capitalization of $46.78 billion, a price-to-earnings ratio of 11.53, a P/E/G ratio of 2.67 and a beta of 1.39. 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 firm’s 50 day simple moving average is $155.10 and its 200 day simple moving average is $164.91.

Marathon Petroleum (NYSE:MPC) last issued its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share 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 for the quarter, compared to the consensus estimate of $34.34 billion. During the same quarter last year, the business posted $8.14 EPS. The company’s revenue was down 14.9% compared to the same quarter last year. As a group, research analysts expect that Marathon Petroleum Co. will post 9.5 earnings per share for the current fiscal year.

Marathon Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th were paid a dividend of $0.91 per share. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date was Wednesday, November 20th. This represents a $3.64 annualized dividend and a yield of 2.50%. Marathon Petroleum’s payout ratio is presently 28.84%.

Marathon Petroleum declared that its Board of Directors has initiated a share repurchase program on Tuesday, November 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the oil and gas company to reacquire up to 10% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have issued reports on MPC. Morgan Stanley cut their price objective on shares of Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Wells Fargo & Company boosted their price target on Marathon Petroleum from $183.00 to $186.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. Piper Sandler lowered their price objective on Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a research report on Friday, September 20th. Citigroup reduced their target price on shares of Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating for the company in a research report on Thursday, October 10th. Finally, Bank of America began coverage on shares of Marathon Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $174.00 price target on the stock. Two 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $185.27.

Insider Transactions at Marathon Petroleum

In related news, Director Jeffrey C. Campbell purchased 6,000 shares of the stock in a transaction dated Wednesday, December 4th. The stock was bought at an average cost of $149.61 per share, for a total transaction of $897,660.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.21% of the company’s stock.

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.