Kingsview Wealth Management LLC Purchases 982 Shares of Marathon Petroleum Co. (NYSE:MPC)

Kingsview Wealth Management LLC raised its position in shares of Marathon Petroleum Co. (NYSE:MPC) by 4.2% in the third quarter, Holdings Channel reports. The firm owned 24,430 shares of the oil and gas company’s stock after acquiring an additional 982 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Marathon Petroleum were worth $3,980,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Cerity Partners LLC raised its holdings in Marathon Petroleum by 7.5% in the 3rd quarter. Cerity Partners LLC now owns 176,960 shares of the oil and gas company’s stock worth $28,828,000 after acquiring an additional 12,331 shares during the last quarter. Camden National Bank purchased a new position in shares of Marathon Petroleum in the third quarter worth $289,000. Nwam LLC bought a new position in shares of Marathon Petroleum during the third quarter valued at $328,000. Meridian Wealth Management LLC boosted its position in shares of Marathon Petroleum by 9.1% during the third quarter. Meridian Wealth Management LLC now owns 10,111 shares of the oil and gas company’s stock valued at $1,647,000 after buying an additional 841 shares during the last quarter. Finally, Smithfield Trust Co increased its holdings in Marathon Petroleum by 17.7% in the 3rd quarter. Smithfield Trust Co now owns 2,329 shares of the oil and gas company’s stock worth $379,000 after buying an additional 350 shares in the last quarter. 76.77% of the stock is owned by hedge funds and other institutional investors.

Marathon Petroleum Price Performance

NYSE:MPC opened at $158.48 on Monday. The company has a market capitalization of $50.93 billion, a P/E ratio of 12.56, a P/E/G ratio of 2.77 and a beta of 1.38. The business’s 50-day moving average is $158.78 and its 200 day moving average is $167.46. The company has a current ratio of 1.23, a quick ratio of 0.76 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.

Marathon Petroleum (NYSE:MPC) last posted its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $34.34 billion. During the same period in the prior year, the company earned $8.14 EPS. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. On average, equities research analysts forecast that Marathon Petroleum Co. will post 9.59 earnings per share for the current fiscal year.

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

Marathon Petroleum Increases Dividend

The firm 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 $0.91 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.30%. Marathon Petroleum’s payout ratio is 28.84%.

Analysts Set New Price Targets

MPC has been the topic of a number of recent analyst reports. Citigroup dropped their price target on shares of Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Piper Sandler dropped their target price on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a report on Friday, September 20th. Tudor, Pickering, Holt & Co. lowered shares of Marathon Petroleum from a “buy” rating to a “sell” rating in a research note on Monday, September 9th. Mizuho dropped their price target on Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Finally, Barclays reduced their price objective on Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating for the company in a research report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $185.07.

About Marathon Petroleum

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.