Assetmark Inc. Grows Stake in Marathon Petroleum Co. (NYSE:MPC)

Assetmark Inc. lifted its stake in shares of Marathon Petroleum Co. (NYSE:MPC) by 1.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 47,358 shares of the oil and gas company’s stock after purchasing an additional 846 shares during the period. Assetmark Inc.’s holdings in Marathon Petroleum were worth $7,715,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Verdence Capital Advisors LLC increased its holdings in Marathon Petroleum by 7.0% in the 3rd quarter. Verdence Capital Advisors LLC now owns 16,337 shares of the oil and gas company’s stock worth $2,661,000 after acquiring an additional 1,075 shares during the last quarter. Carson Advisory Inc. boosted its position in Marathon Petroleum by 9.9% during the third quarter. Carson Advisory Inc. now owns 1,585 shares of the oil and gas company’s stock worth $258,000 after purchasing an additional 143 shares during the period. Executive Wealth Management LLC increased its stake in shares of Marathon Petroleum by 16.4% in the third quarter. Executive Wealth Management LLC now owns 1,840 shares of the oil and gas company’s stock worth $300,000 after purchasing an additional 259 shares in the last quarter. Holistic Planning LLC bought a new stake in shares of Marathon Petroleum in the third quarter valued at approximately $912,000. Finally, CWA Asset Management Group LLC purchased a new stake in shares of Marathon Petroleum during the 3rd quarter valued at approximately $1,451,000. Institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Stock Performance

Marathon Petroleum stock opened at $156.06 on Tuesday. Marathon Petroleum Co. has a 1-year low of $140.98 and a 1-year high of $221.11. The firm has a market cap of $50.16 billion, a P/E ratio of 12.37, a P/E/G ratio of 2.75 and a beta of 1.38. The company has a current ratio of 1.23, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94. The firm has a 50-day moving average of $160.49 and a 200-day moving average of $169.48.

Marathon Petroleum (NYSE:MPC) last released its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share for the quarter, beating 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 business had revenue of $35.37 billion for the quarter, compared to analysts’ expectations of $34.34 billion. During the same quarter in the previous year, the business posted $8.14 earnings per share. The firm’s revenue for the quarter was down 14.9% compared to the same quarter last year. Sell-side analysts expect that Marathon Petroleum Co. will post 9.41 EPS for the current year.

Marathon Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be issued a $0.91 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 annualized dividend and a yield of 2.33%. Marathon Petroleum’s dividend payout ratio (DPR) is 26.15%.

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

Wall Street Analyst Weigh In

MPC has been the topic of a number of analyst reports. Mizuho lowered their target price on shares of Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. BMO Capital Markets dropped their price objective on 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 Marathon Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $174.00 target price for the company. Tudor, Pickering, Holt & Co. downgraded shares of Marathon Petroleum from a “buy” rating to a “sell” rating in a report on Monday, September 9th. Finally, Jefferies Financial Group upped their target price on shares of Marathon Petroleum from $222.00 to $231.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $185.07.

Marathon Petroleum Company 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.