MetLife Investment Management LLC Sells 6,640 Shares of Marathon Petroleum Co. (NYSE:MPC)

MetLife Investment Management LLC lowered its holdings in shares of Marathon Petroleum Co. (NYSE:MPC) by 7.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 87,332 shares of the oil and gas company’s stock after selling 6,640 shares during the period. MetLife Investment Management LLC’s holdings in Marathon Petroleum were worth $14,227,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Gladius Capital Management LP purchased a new position in shares of Marathon Petroleum in the third quarter worth about $26,000. MeadowBrook Investment Advisors LLC grew its position in Marathon Petroleum by 88.9% during the 3rd quarter. MeadowBrook Investment Advisors LLC now owns 170 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 80 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in Marathon Petroleum in the 3rd quarter worth approximately $30,000. Darwin Wealth Management LLC bought a new stake in Marathon Petroleum in the third quarter valued at approximately $33,000. Finally, TruNorth Capital Management LLC purchased a new stake in shares of Marathon Petroleum during the second quarter valued at approximately $35,000. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Stock Performance

Shares of Marathon Petroleum stock opened at $155.33 on Thursday. The business has a fifty day simple moving average of $158.36 and a two-hundred day simple moving average of $167.03. The firm has a market capitalization of $49.92 billion, a P/E ratio of 12.31, a P/E/G ratio of 2.72 and a beta of 1.38. The company has a current ratio of 1.23, a quick ratio of 0.76 and a debt-to-equity ratio of 0.94. Marathon Petroleum Co. has a 12 month low of $140.98 and a 12 month high of $221.11.

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

Marathon Petroleum announced that its board has approved a share repurchase program on Tuesday, November 5th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 10% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Marathon Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 2.34%. 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 dividend payout ratio (DPR) is 28.84%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Tudor, Pickering, Holt & Co. lowered shares of Marathon Petroleum from a “buy” rating to a “sell” rating in a report on Monday, September 9th. Piper Sandler lowered their price objective on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating for the company in a research note on Friday, September 20th. Mizuho reduced their price target on Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Scotiabank dropped their price objective on Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Finally, Tudor Pickering cut Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, September 9th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Marathon Petroleum currently has a consensus 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.