Marathon Petroleum Co. (NYSE:MPC) Position Trimmed by Glenmede Trust Co. NA

Glenmede Trust Co. NA lessened its stake in shares of Marathon Petroleum Co. (NYSE:MPC) by 27.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 49,374 shares of the oil and gas company’s stock after selling 18,346 shares during the period. Glenmede Trust Co. NA’s holdings in Marathon Petroleum were worth $8,044,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. International Assets Investment Management LLC raised its holdings in Marathon Petroleum by 19,153.8% during the 3rd quarter. International Assets Investment Management LLC now owns 1,311,182 shares of the oil and gas company’s stock worth $213,605,000 after buying an additional 1,304,372 shares during the period. Granite Bay Wealth Management LLC purchased a new stake in shares of Marathon Petroleum in the 2nd quarter valued at approximately $219,537,000. ING Groep NV acquired a new position in Marathon Petroleum in the 3rd quarter worth approximately $114,107,000. Assenagon Asset Management S.A. grew its position in Marathon Petroleum by 980.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 684,718 shares of the oil and gas company’s stock worth $118,785,000 after purchasing an additional 621,336 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in Marathon Petroleum by 45.4% during the 3rd quarter. Bank of Montreal Can now owns 1,329,422 shares of the oil and gas company’s stock valued at $217,560,000 after purchasing an additional 415,368 shares during the period. 76.77% of the stock is owned by institutional investors.

Marathon Petroleum Trading Up 0.5 %

NYSE:MPC opened at $156.15 on Friday. Marathon Petroleum Co. has a 12 month low of $140.98 and a 12 month high of $221.11. The company’s 50 day moving average is $157.98 and its 200-day moving average is $166.80. The company has a quick ratio of 0.76, a current ratio of 1.23 and a debt-to-equity ratio of 0.94. The firm has a market cap of $50.18 billion, a price-to-earnings ratio of 12.37, a P/E/G ratio of 2.70 and a beta of 1.38.

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 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 company had revenue of $35.37 billion for the quarter, compared to the consensus estimate of $34.34 billion. During the same period last year, the business posted $8.14 earnings per share. The firm’s revenue was down 14.9% compared to the same quarter last year. Equities analysts anticipate that Marathon Petroleum Co. will post 9.59 EPS for the current year.

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

Marathon Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be given a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 2.33%. This is a boost from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, November 20th. Marathon Petroleum’s dividend payout ratio is currently 28.84%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MPC. BMO Capital Markets dropped their price target 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. Bank of America began coverage on shares of Marathon Petroleum in a research report on Thursday, October 17th. They issued a “neutral” rating and a $174.00 price target for the company. Tudor Pickering lowered shares of Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, September 9th. JPMorgan Chase & Co. decreased their target price on shares of Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Finally, Barclays cut their price objective on Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating for the company in a report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Marathon Petroleum presently has an average rating of “Moderate Buy” and a consensus 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.