Vestcor Inc Lowers Holdings in Marathon Petroleum Co. (NYSE:MPC)

Vestcor Inc decreased its stake in shares of Marathon Petroleum Co. (NYSE:MPC) by 59.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,199 shares of the oil and gas company’s stock after selling 29,467 shares during the quarter. Vestcor Inc’s holdings in Marathon Petroleum were worth $3,291,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of MPC. Gladius Capital Management LP purchased a new position in shares of Marathon Petroleum in the third quarter worth $26,000. MeadowBrook Investment Advisors LLC grew its holdings in shares of Marathon Petroleum by 88.9% in the third quarter. MeadowBrook Investment Advisors LLC now owns 170 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 80 shares during the period. True Wealth Design LLC grew its holdings in shares of Marathon Petroleum by 672.7% in the third quarter. True Wealth Design LLC now owns 170 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 148 shares during the period. Harbor Capital Advisors Inc. bought a new stake in shares of Marathon Petroleum in the third quarter worth $30,000. Finally, Darwin Wealth Management LLC bought a new stake in shares of Marathon Petroleum in the third quarter worth $33,000. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Wall Street Analyst Weigh In

MPC has been the subject of several research analyst reports. Piper Sandler cut their price objective on Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating for the company in a report on Friday, September 20th. Wells Fargo & Company boosted their price target on Marathon Petroleum from $183.00 to $186.00 and gave the company an “overweight” rating in a report on Monday. JPMorgan Chase & Co. cut their price target on Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. TD Cowen reissued a “buy” rating and set a $170.00 price target on shares of Marathon Petroleum in a report on Tuesday. Finally, Tudor, Pickering, Holt & Co. lowered Marathon Petroleum from a “buy” rating to a “sell” rating in a report on Monday, September 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, Marathon Petroleum has a consensus rating of “Moderate Buy” and a consensus price target of $185.27.

Marathon Petroleum Trading Down 1.3 %

Shares of MPC stock opened at $151.06 on Wednesday. Marathon Petroleum Co. has a 1 year low of $141.45 and a 1 year high of $221.11. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.23 and a quick ratio of 0.76. The stock’s 50 day simple moving average is $156.76 and its two-hundred day simple moving average is $165.70. The company has a market cap of $48.55 billion, a PE ratio of 11.97, a price-to-earnings-growth ratio of 2.65 and a beta of 1.40.

Marathon Petroleum (NYSE:MPC) last released 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 for the quarter, compared to analysts’ expectations of $34.34 billion. During the same quarter in the prior year, the firm posted $8.14 earnings per share. The company’s quarterly revenue was down 14.9% on a year-over-year basis. Research analysts predict that Marathon Petroleum Co. will post 9.5 earnings per share for the current year.

Marathon Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th were issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend was Wednesday, November 20th. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s dividend payout ratio is currently 28.84%.

Marathon Petroleum declared that its Board of Directors has initiated a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, Director Jeffrey C. Campbell purchased 6,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was bought 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. The trade was a 6,666.67 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.21% of the company’s stock.

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.