Granite Bay Wealth Management LLC Buys 2,049 Shares of Marathon Petroleum Co. (NYSE:MPC)

Granite Bay Wealth Management LLC lifted its stake in Marathon Petroleum Co. (NYSE:MPC) by 7.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,377 shares of the oil and gas company’s stock after acquiring an additional 2,049 shares during the period. Marathon Petroleum accounts for 1.6% of Granite Bay Wealth Management LLC’s portfolio, making the stock its 22nd largest position. Granite Bay Wealth Management LLC’s holdings in Marathon Petroleum were worth $4,238,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Gladius Capital Management LP purchased a new stake in shares of Marathon Petroleum during the 3rd quarter valued at $26,000. MeadowBrook Investment Advisors LLC raised its stake in 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 during the last quarter. True Wealth Design LLC boosted its holdings in Marathon Petroleum by 672.7% in the third quarter. True Wealth Design LLC now owns 170 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 148 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new stake in shares of Marathon Petroleum during the third quarter worth about $30,000. Finally, Darwin Wealth Management LLC acquired a new position in shares of Marathon Petroleum during the third quarter valued at about $33,000. 76.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Marathon Petroleum

In other news, Director Jeffrey C. Campbell acquired 6,000 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was bought at an average cost of $149.61 per share, for a total transaction of $897,660.00. Following the purchase, the director now owns 6,090 shares in the company, valued at approximately $911,124.90. This represents a 6,666.67 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.21% of the company’s stock.

Marathon Petroleum Trading Up 3.2 %

MPC stock opened at $146.83 on Tuesday. Marathon Petroleum Co. has a 52-week low of $130.54 and a 52-week high of $221.11. 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 $47.19 billion, a P/E ratio of 11.63, a PEG ratio of 2.56 and a beta of 1.42. The company’s 50-day simple moving average is $147.88 and its 200-day simple moving average is $159.74.

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, topping analysts’ consensus estimates of $0.97 by $0.90. The company had revenue of $35.37 billion for the quarter, compared to the consensus estimate of $34.34 billion. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. Marathon Petroleum’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $8.14 earnings per share. As a group, equities analysts forecast that Marathon Petroleum Co. will post 9.47 EPS for the current fiscal year.

Marathon Petroleum announced that its Board of Directors has initiated a share buyback program 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 shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Marathon Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th were given a dividend of $0.91 per share. The ex-dividend date of this dividend was Wednesday, November 20th. This is a boost from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 dividend on an annualized basis and a yield of 2.48%. Marathon Petroleum’s dividend payout ratio is currently 28.84%.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Barclays lowered their target price on shares of Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating for the company in a research note on Monday, November 11th. Bank of America assumed coverage on shares of Marathon Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $174.00 price objective on the stock. Mizuho reduced their target price on Marathon Petroleum from $175.00 to $174.00 and set a “neutral” rating for the company in a research note on Monday, December 16th. 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 note on Friday, October 4th. Finally, TD Cowen restated a “buy” rating and issued a $170.00 price objective on shares of Marathon Petroleum in a research note on Tuesday, December 10th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Marathon Petroleum has an average rating of “Moderate Buy” and a consensus price target of $183.73.

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.