MetLife Investment Management LLC Decreases Stake in Marathon Petroleum Co. (NYSE:MPC)

MetLife Investment Management LLC lessened its holdings in Marathon Petroleum Co. (NYSE:MPC) by 7.1% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 87,332 shares of the oil and gas company’s stock after selling 6,640 shares during the period. MetLife Investment Management LLC’s holdings in Marathon Petroleum were worth $14,227,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Gladius Capital Management LP bought a new position in Marathon Petroleum in the 3rd quarter valued at $26,000. MeadowBrook Investment Advisors LLC grew its position in Marathon Petroleum by 88.9% during 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 period. Harbor Capital Advisors Inc. purchased a new stake in Marathon Petroleum during the third quarter worth about $30,000. Wellington Shields & Co. LLC bought a new stake in Marathon Petroleum in the first quarter worth about $40,000. Finally, TruNorth Capital Management LLC purchased a new position in Marathon Petroleum in the second quarter valued at about $35,000. 76.77% of the stock is owned by institutional investors.

Marathon Petroleum Price Performance

Shares of NYSE MPC opened at $155.33 on Thursday. The stock’s 50-day simple moving average is $158.36 and its two-hundred day simple moving average is $167.03. Marathon Petroleum Co. has a twelve month low of $140.98 and a twelve month high of $221.11. The firm has a market capitalization of $49.92 billion, a P/E ratio of 12.31, a P/E/G ratio of 2.72 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 (NYSE:MPC) 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 net margin of 3.15% and a return on equity of 16.19%. The company had revenue of $35.37 billion for the quarter, compared to analysts’ expectations of $34.34 billion. During the same period in the prior year, the business 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, equities 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 stock buyback program on Tuesday, November 5th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the oil and gas company to reacquire up to 10% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership 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. Investors of record on Wednesday, November 20th will be given a $0.91 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 annualized dividend and a yield of 2.34%. Marathon Petroleum’s payout ratio is 28.84%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MPC. Scotiabank lowered 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 report on Thursday, October 10th. JPMorgan Chase & Co. lowered their target price on Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Citigroup cut their price target on Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Piper Sandler lowered their price objective on Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a research note on Friday, September 20th. Finally, Wells Fargo & Company cut their target price 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. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $185.07.

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.