OVERSEA CHINESE BANKING Corp Ltd Lowers Stock Holdings in Marathon Petroleum Co. (NYSE:MPC)

OVERSEA CHINESE BANKING Corp Ltd lessened its position in shares of Marathon Petroleum Co. (NYSE:MPC) by 39.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,547 shares of the oil and gas company’s stock after selling 1,002 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Marathon Petroleum were worth $252,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of MPC. Crewe Advisors LLC bought a new stake in Marathon Petroleum during the first quarter valued at $29,000. Harbor Capital Advisors Inc. bought a new stake in shares of Marathon Petroleum during the 3rd quarter valued at about $30,000. TruNorth Capital Management LLC purchased a new position in shares of Marathon Petroleum during the second quarter worth about $35,000. Industrial Alliance Investment Management Inc. purchased a new stake in Marathon Petroleum in the second quarter valued at approximately $35,000. Finally, Wellington Shields & Co. LLC bought a new stake in Marathon Petroleum during the first quarter valued at approximately $40,000. 76.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Tudor, Pickering, Holt & Co. cut shares of Marathon Petroleum from a “buy” rating to a “sell” rating in a research report on Monday, September 9th. Piper Sandler cut their price objective on Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating for the company in a report on Friday, September 20th. Wolfe Research started coverage on Marathon Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $200.00 price objective on the stock. Scotiabank reduced their price target 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. Finally, Citigroup lowered their price objective on shares of Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating for the company in a report on Thursday, October 10th. 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $185.07.

Marathon Petroleum Stock Up 2.5 %

NYSE MPC opened at $159.11 on Thursday. The business’s 50-day moving average is $159.69 and its 200 day moving average is $168.87. The stock has a market capitalization of $51.14 billion, a PE ratio of 12.33, a PEG ratio of 2.75 and a beta of 1.38. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.23 and a quick ratio of 0.76. Marathon Petroleum Co. has a 1 year low of $140.98 and a 1 year high of $221.11.

Marathon Petroleum (NYSE:MPC) last posted its 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 firm had revenue of $35.37 billion for the quarter, compared to analysts’ expectations of $34.34 billion. During the same period in the previous year, the firm earned $8.14 earnings per share. The business’s revenue was down 14.9% compared to the same quarter last year. Sell-side analysts forecast that Marathon Petroleum Co. will post 9.41 earnings per share for the current year.

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

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 given a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 2.29%. This is a boost from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, November 20th. Marathon Petroleum’s dividend payout ratio (DPR) is currently 26.15%.

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.