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

Easterly Investment Partners LLC cut its position in Marathon Petroleum Co. (NYSE:MPC) by 5.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,995 shares of the oil and gas company’s stock after selling 3,080 shares during the quarter. Easterly Investment Partners LLC’s holdings in Marathon Petroleum were worth $9,285,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Crewe Advisors LLC purchased a new stake in shares of Marathon Petroleum during the 1st quarter valued at $29,000. Harbor Capital Advisors Inc. purchased a new stake in shares of Marathon Petroleum during the 3rd quarter valued at $30,000. TruNorth Capital Management LLC bought a new position in shares of Marathon Petroleum during the 2nd quarter valued at $35,000. Industrial Alliance Investment Management Inc. bought a new position in shares of Marathon Petroleum during the 2nd quarter valued at $35,000. Finally, Wellington Shields & Co. LLC bought a new position in shares of Marathon Petroleum during the 1st quarter valued at $40,000. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Stock Performance

Shares of MPC traded down $1.04 during trading hours on Friday, hitting $152.96. The stock had a trading volume of 288,448 shares, compared to its average volume of 2,660,480. The firm has a market capitalization of $49.16 billion, a PE ratio of 12.12, a PEG ratio of 2.77 and a beta of 1.38. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.31 and a quick ratio of 0.90. Marathon Petroleum Co. has a 12 month low of $140.98 and a 12 month high of $221.11. The stock has a fifty day moving average price of $161.30 and a 200 day moving average price of $170.32.

Marathon Petroleum (NYSE:MPC) last posted 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 company had revenue of $35.37 billion during the quarter, compared to analysts’ expectations of $34.34 billion. Marathon Petroleum had a return on equity of 24.05% and a net margin of 4.79%. Marathon Petroleum’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $8.14 earnings per share. Analysts anticipate that Marathon Petroleum Co. will post 8.71 EPS for the current year.

Marathon Petroleum announced that its board has initiated a stock buyback plan on Tuesday, November 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the oil and gas company to buy up to 10% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Marathon Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 2.38%. 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. Marathon Petroleum’s payout ratio is currently 28.84%.

Analysts Set New Price Targets

Several research firms recently commented on MPC. Scotiabank reduced their target price 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. Citigroup cut their price target on shares of Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Jefferies Financial Group raised their price target on shares of Marathon Petroleum from $222.00 to $231.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Tudor Pickering lowered shares of Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a report on Monday, September 9th. Finally, BMO Capital Markets cut their target price on shares of Marathon Petroleum from $200.00 to $190.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Marathon Petroleum has a consensus rating of “Moderate Buy” and a consensus price target of $185.67.

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.