Commerce Bank Sells 532 Shares of Marathon Petroleum Co. (NYSE:MPC)

by · The Markets Daily

Commerce Bank trimmed its holdings in Marathon Petroleum Co. (NYSE:MPC – Free Report) by 1.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 35,737 shares of the oil and gas company’s stock after selling 532 shares during the quarter. Commerce Bank’s holdings in Marathon Petroleum were worth $5,822,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. International Assets Investment Management LLC lifted its position in shares of Marathon Petroleum by 19,153.8% during the third 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 purchasing an additional 1,304,372 shares in the last quarter. Granite Bay Wealth Management LLC acquired a new position in Marathon Petroleum during the 2nd quarter worth $219,537,000. ING Groep NV acquired a new stake in shares of Marathon Petroleum in the 3rd quarter valued at $114,107,000. Assenagon Asset Management S.A. raised its position in shares of Marathon Petroleum by 980.3% during the second quarter. Assenagon Asset Management S.A. now owns 684,718 shares of the oil and gas company’s stock worth $118,785,000 after acquiring an additional 621,336 shares during the last quarter. Finally, Panagora Asset Management Inc. lifted its stake in shares of Marathon Petroleum by 64.1% during the second quarter. Panagora Asset Management Inc. now owns 619,049 shares of the oil and gas company’s stock valued at $107,393,000 after acquiring an additional 241,746 shares during the period. Institutional investors and hedge funds own 76.77% of the company’s stock.

Marathon Petroleum Trading Up 0.1 %

Shares of NYSE:MPC opened at $159.49 on Friday. The firm has a market cap of $51.26 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 2.76 and a beta of 1.38. The company has a quick ratio of 0.76, a current ratio of 1.23 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. The company’s fifty day simple moving average is $158.88 and its 200 day simple moving average is $167.81.

Marathon Petroleum (NYSE:MPC – Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $34.34 billion. During the same period in the prior year, the firm earned $8.14 earnings per share. Marathon Petroleum’s revenue for the quarter was down 14.9% compared to the same quarter last year. As a group, research analysts forecast that Marathon Petroleum Co. will post 9.59 EPS for the current fiscal year.

Marathon Petroleum announced that its Board of Directors has approved a stock repurchase program on Tuesday, November 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 10% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is 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 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Wednesday, November 20th. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s payout ratio is currently 26.15%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MPC. Barclays cut their target price on shares of Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating on the stock in a research report on Monday, November 11th. Bank of America began coverage on shares of Marathon Petroleum in a research note on Thursday, October 17th. They issued a “neutral” rating and a $174.00 price objective on the stock. TD Cowen dropped their target price on shares of Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Piper Sandler reduced their price target on Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a research report on Friday, September 20th. Finally, BMO Capital Markets dropped their price objective on Marathon Petroleum from $200.00 to $190.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Marathon Petroleum has a consensus rating of “Moderate Buy” and an average price target of $185.07.

View Our Latest Research Report on MPC

About Marathon Petroleum

(Free Report)

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.

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