Resurgent Financial Advisors LLC Decreases Position in Marathon Petroleum Co. (NYSE:MPC)

Resurgent Financial Advisors LLC cut its position in Marathon Petroleum Co. (NYSE:MPC) by 5.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 9,101 shares of the oil and gas company’s stock after selling 534 shares during the quarter. Marathon Petroleum accounts for approximately 0.9% of Resurgent Financial Advisors LLC’s investment portfolio, making the stock its 28th biggest holding. Resurgent Financial Advisors LLC’s holdings in Marathon Petroleum were worth $1,483,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. International Assets Investment Management LLC raised its position in shares of Marathon Petroleum by 19,153.8% in the 3rd 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 acquiring an additional 1,304,372 shares in the last quarter. Granite Bay Wealth Management LLC acquired a new stake in shares of Marathon Petroleum during the second quarter worth about $219,537,000. ING Groep NV purchased a new stake in Marathon Petroleum in the 3rd quarter valued at approximately $114,107,000. Assenagon Asset Management S.A. raised its position in shares of Marathon Petroleum by 980.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 684,718 shares of the oil and gas company’s stock worth $118,785,000 after purchasing an additional 621,336 shares during the last quarter. Finally, Bank of Montreal Can grew its stake in shares of Marathon Petroleum by 45.4% during the 3rd quarter. Bank of Montreal Can now owns 1,329,422 shares of the oil and gas company’s stock valued at $217,560,000 after buying an additional 415,368 shares during the period. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Stock Down 3.3 %

MPC opened at $150.41 on Thursday. 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 one year low of $140.98 and a one year high of $221.11. The company has a market cap of $48.34 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 2.70 and a beta of 1.39. The business’s fifty day moving average is $157.48 and its two-hundred day moving average is $166.30.

Marathon Petroleum (NYSE:MPC) last announced its quarterly earnings data 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. The firm had revenue of $35.37 billion for the quarter, compared to analyst estimates of $34.34 billion. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. The business’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same period last year, the company earned $8.14 EPS. Analysts anticipate that Marathon Petroleum Co. will post 9.59 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 shares. This repurchase authorization permits the oil and gas company to repurchase up to 10% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is 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 dividend of $0.91 per share. 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 2.42%. The ex-dividend date is Wednesday, November 20th. Marathon Petroleum’s dividend payout ratio is currently 28.84%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MPC shares. Wells Fargo & Company reduced their price target on shares of Marathon Petroleum from $196.00 to $183.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. TD Cowen dropped their price target on shares of Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Citigroup reduced their price target on shares of Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a research report on Thursday, October 10th. Bank of America began coverage on Marathon Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $174.00 price objective on the stock. Finally, Scotiabank reduced their target price on Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average 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.