Axxcess Wealth Management LLC Decreases Stock Holdings in Marathon Petroleum Co. (NYSE:MPC)

Axxcess Wealth Management LLC trimmed its position in shares of Marathon Petroleum Co. (NYSE:MPC) by 19.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,983 shares of the oil and gas company’s stock after selling 1,733 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Marathon Petroleum were worth $1,138,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Crewe Advisors LLC acquired a new position in Marathon Petroleum in the 1st quarter worth approximately $29,000. Harbor Capital Advisors Inc. acquired a new stake in shares of Marathon Petroleum during the 3rd quarter worth approximately $30,000. TruNorth Capital Management LLC acquired a new stake in shares of Marathon Petroleum during the 2nd quarter worth approximately $35,000. Industrial Alliance Investment Management Inc. acquired a new stake in shares of Marathon Petroleum during the 2nd quarter worth approximately $35,000. Finally, Wellington Shields & Co. LLC acquired a new stake in shares of Marathon Petroleum during the 1st quarter worth approximately $40,000. 76.77% of the stock is owned by hedge funds and other institutional investors.

Marathon Petroleum Trading Down 0.6 %

Shares of MPC stock opened at $155.19 on Wednesday. Marathon Petroleum Co. has a fifty-two week low of $140.98 and a fifty-two week high of $221.11. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.90 and a current ratio of 1.23. The stock’s fifty day moving average is $160.06 and its two-hundred day moving average is $169.17. The firm has a market capitalization of $49.88 billion, a P/E ratio of 12.37, a PEG ratio of 2.75 and a beta of 1.38.

Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 EPS for the quarter, topping the consensus estimate of $0.97 by $0.90. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. The business had revenue of $35.37 billion for the quarter, compared to analyst estimates of $34.34 billion. During the same quarter in the previous year, the firm earned $8.14 EPS. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. Research analysts expect that Marathon Petroleum Co. will post 9.41 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. This represents a $3.64 annualized dividend and a dividend yield of 2.35%. 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. Marathon Petroleum’s payout ratio is currently 28.84%.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. TD Cowen dropped their price objective on shares of Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Mizuho decreased their target price on Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. BMO Capital Markets decreased their target price on Marathon Petroleum from $200.00 to $190.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Finally, Bank of America assumed coverage on Marathon Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $174.00 target price on the stock. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $185.07.

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.