Concentric Capital Strategies LP Takes Position in Marathon Petroleum Co. (NYSE:MPC)

Concentric Capital Strategies LP purchased a new stake in Marathon Petroleum Co. (NYSE:MPC) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 40,146 shares of the oil and gas company’s stock, valued at approximately $6,540,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MPC. Gladius Capital Management LP acquired a new stake in Marathon Petroleum in the 3rd quarter valued at $26,000. MeadowBrook Investment Advisors LLC grew its stake in shares of Marathon Petroleum by 88.9% in the third quarter. MeadowBrook Investment Advisors LLC now owns 170 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 80 shares in the last quarter. True Wealth Design LLC raised its holdings in shares of Marathon Petroleum by 672.7% during the 3rd quarter. True Wealth Design LLC now owns 170 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 148 shares during the period. Harbor Capital Advisors Inc. acquired a new position in Marathon Petroleum during the 3rd quarter worth approximately $30,000. Finally, TruNorth Capital Management LLC purchased a new position in Marathon Petroleum in the 2nd quarter worth approximately $35,000. 76.77% of the stock is owned by institutional investors and hedge funds.

Marathon Petroleum Trading Up 0.5 %

Shares of MPC stock opened at $156.15 on Monday. The firm has a market capitalization of $50.19 billion, a PE ratio of 12.37, a price-to-earnings-growth ratio of 2.71 and a beta of 1.38. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.76 and a current ratio of 1.23. Marathon Petroleum Co. has a 1 year low of $140.98 and a 1 year high of $221.11. The stock has a fifty day moving average of $157.98 and a two-hundred day moving average of $166.70.

Marathon Petroleum (NYSE:MPC) last released its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 EPS for the quarter, beating the consensus estimate of $0.97 by $0.90. The firm had revenue of $35.37 billion for the quarter, compared to analysts’ expectations of $34.34 billion. Marathon Petroleum had a net margin of 3.15% and a return on equity of 16.19%. Marathon Petroleum’s quarterly revenue was down 14.9% on a year-over-year basis. During the same quarter last year, the company earned $8.14 EPS. As a group, research analysts expect that Marathon Petroleum Co. will post 9.59 EPS for the current year.

Marathon Petroleum Increases Dividend

The business also recently announced 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 2.33%. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, November 20th. Marathon Petroleum’s dividend payout ratio is currently 28.84%.

Marathon Petroleum declared that its Board of Directors has authorized a share repurchase plan on Tuesday, November 5th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to reacquire up to 10% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Scotiabank reduced their target price on shares of Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Morgan Stanley decreased their price objective on shares of Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Tudor, Pickering, Holt & Co. lowered Marathon Petroleum from a “buy” rating to a “sell” rating in a research report on Monday, September 9th. JPMorgan Chase & Co. reduced their price target on Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Finally, Bank of America initiated coverage on Marathon Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $174.00 price objective on the stock. 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average 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.