Spire Wealth Management raised its holdings in shares of Marathon Petroleum Co. (NYSE:MPC – Free Report) by 54.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,180 shares of the oil and gas company’s stock after buying an additional 773 shares during the period. Spire Wealth Management’s holdings in Marathon Petroleum were worth $330,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the business. Moneta Group Investment Advisors LLC boosted its stake in Marathon Petroleum by 121,130.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,942,426 shares of the oil and gas company’s stock worth $458,859,000 after purchasing an additional 3,939,174 shares during the period. Norges Bank acquired a new position in Marathon Petroleum in the 4th quarter worth approximately $453,190,000. Arrowstreet Capital Limited Partnership boosted its stake in Marathon Petroleum by 22,119.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,227,468 shares of the oil and gas company’s stock worth $190,449,000 after purchasing an additional 2,217,443 shares during the period. Bank of Montreal Can acquired a new position in Marathon Petroleum in the 2nd quarter worth approximately $132,795,000. Finally, Point72 Asset Management L.P. boosted its stake in Marathon Petroleum by 246.4% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,216,688 shares of the oil and gas company’s stock worth $141,866,000 after purchasing an additional 865,418 shares during the period. 74.93% of the stock is currently owned by institutional investors.
Marathon Petroleum Stock Up 0.0 %
Marathon Petroleum stock opened at $169.66 on Friday. The company has a market capitalization of $64.42 billion, a P/E ratio of 7.21, a P/E/G ratio of 1.97 and a beta of 1.51. The firm’s fifty day simple moving average is $154.41 and its 200-day simple moving average is $149.38. The company has a current ratio of 1.67, a quick ratio of 1.20 and a debt-to-equity ratio of 0.83. Marathon Petroleum Co. has a 1-year low of $104.32 and a 1-year high of $173.32.
Marathon Petroleum Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, March 11th. Investors of record on Wednesday, February 21st will be paid a $0.825 dividend. The ex-dividend date is Tuesday, February 20th. This represents a $3.30 dividend on an annualized basis and a yield of 1.95%. Marathon Petroleum’s payout ratio is presently 14.02%.
Marathon Petroleum announced that its board has initiated a stock repurchase program on Wednesday, October 25th 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 8.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Analysts Set New Price Targets
A number of equities analysts recently commented on MPC shares. Citigroup started coverage on shares of Marathon Petroleum in a research note on Wednesday, January 24th. They issued a “neutral” rating for the company. Morgan Stanley increased their target price on shares of Marathon Petroleum from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 17th. Raymond James increased their target price on shares of Marathon Petroleum from $175.00 to $185.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 31st. Wells Fargo & Company upgraded shares of Marathon Petroleum from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $159.00 to $169.00 in a research report on Thursday, December 14th. Finally, TD Cowen increased their target price on shares of Marathon Petroleum from $168.00 to $170.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 31st. Five investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $163.00.
Insider Activity at Marathon Petroleum
In related news, VP Carl Kristopher Hagedorn sold 1,436 shares of the firm’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $146.81, for a total value of $210,819.16. Following the transaction, the vice president now directly owns 5,480 shares in the company, valued at approximately $804,518.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.28% of the stock is currently owned by company insiders.
Marathon Petroleum Company Profile
Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. It operates in two segments, Refining & Marketing, and Midstream. 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.
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