Convergence Investment Partners LLC Lowers Holdings in Marathon Petroleum Co. (NYSE:MPC)

Convergence Investment Partners LLC decreased its stake in Marathon Petroleum Co. (NYSE:MPC) by 70.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,944 shares of the oil and gas company’s stock after selling 4,547 shares during the quarter. Convergence Investment Partners LLC’s holdings in Marathon Petroleum were worth $271,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Gladius Capital Management LP purchased a new stake in Marathon Petroleum in the 3rd quarter worth approximately $26,000. MeadowBrook Investment Advisors LLC boosted its holdings 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 worth $28,000 after buying an additional 80 shares in the last quarter. True Wealth Design LLC boosted its holdings in Marathon Petroleum by 672.7% during the third quarter. True Wealth Design LLC now owns 170 shares of the oil and gas company’s stock worth $28,000 after buying an additional 148 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new stake in Marathon Petroleum during the third quarter worth $30,000. Finally, Darwin Wealth Management LLC purchased a new stake in shares of Marathon Petroleum during the 3rd quarter worth about $33,000. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MPC. Barclays lowered 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 note on Monday, November 11th. TD Cowen reiterated a “buy” rating and set a $170.00 price target on shares of Marathon Petroleum in a research report on Tuesday, December 10th. Wells Fargo & Company increased their target price on Marathon Petroleum from $182.00 to $183.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Tudor Pickering upgraded Marathon Petroleum from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 4th. Finally, Raymond James increased their price objective on shares of Marathon Petroleum from $190.00 to $192.00 and gave the company a “strong-buy” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, seven have issued 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, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $181.27.

Insider Activity

In other news, Director Jeffrey C. Campbell purchased 6,000 shares of Marathon Petroleum stock in a transaction dated Wednesday, December 4th. The shares were purchased at an average price of $149.61 per share, with a total value of $897,660.00. Following the transaction, the director now owns 6,090 shares in the company, valued at $911,124.90. This represents a 6,666.67 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.21% of the company’s stock.

Marathon Petroleum Stock Performance

NYSE MPC opened at $156.79 on Thursday. Marathon Petroleum Co. has a fifty-two week low of $130.54 and a fifty-two week high of $221.11. The firm has a market capitalization of $50.39 billion, a P/E ratio of 15.79, a price-to-earnings-growth ratio of 3.07 and a beta of 1.41. The stock’s fifty day moving average is $146.32 and its two-hundred day moving average is $156.63. 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 (NYSE:MPC) last announced its quarterly earnings data on Tuesday, February 4th. The oil and gas company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.71. Marathon Petroleum had a net margin of 2.45% and a return on equity of 12.07%. The firm had revenue of $33.47 billion during the quarter, compared to analyst estimates of $31.94 billion. During the same quarter in the prior year, the firm posted $3.98 earnings per share. Marathon Petroleum’s quarterly revenue was down 9.1% on a year-over-year basis. On average, research analysts anticipate that Marathon Petroleum Co. will post 8.47 earnings per share for the current year.

Marathon Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Wednesday, February 19th will be paid a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Wednesday, February 19th. Marathon Petroleum’s dividend payout ratio (DPR) is presently 36.66%.

Marathon Petroleum announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, November 5th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 10% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Marathon Petroleum 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.