Raymond James Trust N.A. Reduces Stock Position in Marathon Petroleum Co. (NYSE:MPC)

Raymond James Trust N.A. reduced its holdings in shares of Marathon Petroleum Co. (NYSE:MPC) by 1.4% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 101,647 shares of the oil and gas company’s stock after selling 1,434 shares during the period. Raymond James Trust N.A.’s holdings in Marathon Petroleum were worth $16,559,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. WR Wealth Planners LLC raised its holdings in shares of Marathon Petroleum by 15.2% during the 2nd quarter. WR Wealth Planners LLC now owns 431 shares of the oil and gas company’s stock valued at $75,000 after purchasing an additional 57 shares in the last quarter. Legacy Advisors LLC raised its holdings in Marathon Petroleum by 5.0% during the second quarter. Legacy Advisors LLC now owns 1,238 shares of the oil and gas company’s stock valued at $215,000 after buying an additional 59 shares in the last quarter. Latitude Advisors LLC increased its holdings in shares of Marathon Petroleum by 3.6% during the 2nd quarter. Latitude Advisors LLC now owns 1,714 shares of the oil and gas company’s stock valued at $297,000 after acquiring an additional 60 shares during the last quarter. SouthState Corp raised its stake in shares of Marathon Petroleum by 1.5% in the 2nd quarter. SouthState Corp now owns 4,122 shares of the oil and gas company’s stock valued at $715,000 after acquiring an additional 61 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in Marathon Petroleum by 0.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 7,165 shares of the oil and gas company’s stock worth $1,268,000 after purchasing an additional 61 shares during the last quarter. Institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Stock Performance

NYSE MPC opened at $159.49 on Friday. The stock has a market cap of $51.26 billion, a P/E ratio of 12.64, a PEG ratio of 2.76 and a beta of 1.38. The company has a quick ratio of 0.76, a current ratio of 1.23 and a debt-to-equity ratio of 0.94. Marathon Petroleum Co. has a twelve month low of $140.98 and a twelve month high of $221.11. The company’s 50-day simple moving average is $158.88 and its 200 day simple moving average is $167.81.

Marathon Petroleum (NYSE:MPC) last issued its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.90. The business had revenue of $35.37 billion during the quarter, compared to analysts’ expectations of $34.34 billion. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. Marathon Petroleum’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $8.14 EPS. As a group, research analysts forecast that Marathon Petroleum Co. will post 9.59 earnings per share for the current fiscal year.

Marathon Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be paid a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Wednesday, November 20th. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s payout ratio is currently 26.15%.

Marathon Petroleum declared that its board has approved a share buyback plan on Tuesday, November 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to purchase up to 10% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have recently commented on MPC. BMO Capital Markets dropped their price target on shares of Marathon Petroleum from $200.00 to $190.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Scotiabank cut their target price on shares of Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Barclays decreased their price target on shares of Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating for the company in a report on Monday, November 11th. 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 note on Thursday, October 10th. Finally, JPMorgan Chase & Co. dropped their price target on Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have assigned 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 company has a consensus rating of “Moderate Buy” and a consensus target price of $185.07.

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.