Marathon Petroleum Corp (MPC) Plans $0.46 Quarterly Dividend

Marathon Petroleum Corp (NYSE:MPC) declared a quarterly dividend on Wednesday, October 31st, RTT News reports. Stockholders of record on Wednesday, November 21st will be paid a dividend of 0.46 per share by the oil and gas company on Monday, December 10th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.56%.

Marathon Petroleum has raised its dividend payment by an average of 18.2% per year over the last three years and has increased its dividend annually for the last 7 consecutive years. Marathon Petroleum has a payout ratio of 36.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Marathon Petroleum to earn $7.09 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 26.0%.

Shares of MPC stock traded up $2.97 on Wednesday, hitting $71.77. 607,784 shares of the company’s stock traded hands, compared to its average volume of 7,959,739. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.04 and a current ratio of 1.60. Marathon Petroleum has a one year low of $58.83 and a one year high of $88.45. The firm has a market cap of $31.06 billion, a P/E ratio of 18.86, a P/E/G ratio of 0.95 and a beta of 1.50.

Several equities analysts recently commented on the stock. Zacks Investment Research raised shares of Marathon Petroleum from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Tuesday, October 9th. Wells Fargo & Co reissued a “buy” rating on shares of Marathon Petroleum in a research report on Monday, August 27th. Barclays assumed coverage on shares of Marathon Petroleum in a research report on Wednesday, October 3rd. They set an “overweight” rating and a $125.00 price target for the company. Citigroup increased their price target on shares of Marathon Petroleum from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, September 7th. Finally, Goldman Sachs Group assumed coverage on shares of Marathon Petroleum in a research report on Tuesday, October 2nd. They set a “conviction-buy” rating for the company. Three research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $92.38.

About Marathon Petroleum

Marathon Petroleum Corporation, together with its subsidiaries, engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates through three segments: Refining & Marketing, Speedway, and Midstream. It refines crude oil and other feed stocks at its six refineries in the Gulf Coast and Midwest regions of the United States; and purchases refined products and ethanol for resale.

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Dividend History for Marathon Petroleum (NYSE:MPC)

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