Healthcare of Ontario Pension Plan Trust Fund Makes New Investment in Marathon Petroleum Co. (NYSE:MPC)

Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Marathon Petroleum Co. (NYSE:MPC) during the third quarter, HoldingsChannel reports. The fund acquired 25,000 shares of the oil and gas company’s stock, valued at approximately $4,073,000.

A number of other hedge funds also recently made changes to their positions in the stock. Raymond James & Associates boosted its position in shares of Marathon Petroleum by 2.6% in the second quarter. Raymond James & Associates now owns 4,286,892 shares of the oil and gas company’s stock worth $743,690,000 after purchasing an additional 107,915 shares during the period. Pacer Advisors Inc. boosted its holdings in Marathon Petroleum by 8.8% in the 3rd quarter. Pacer Advisors Inc. now owns 2,905,610 shares of the oil and gas company’s stock worth $473,353,000 after buying an additional 235,795 shares during the period. Bank of Montreal Can increased its stake in Marathon Petroleum by 45.4% in the 3rd quarter. Bank of Montreal Can now owns 1,329,422 shares of the oil and gas company’s stock worth $217,560,000 after buying an additional 415,368 shares in the last quarter. International Assets Investment Management LLC raised its holdings in Marathon Petroleum by 19,153.8% during the third quarter. International Assets Investment Management LLC now owns 1,311,182 shares of the oil and gas company’s stock valued at $213,605,000 after acquiring an additional 1,304,372 shares during the period. Finally, Canada Pension Plan Investment Board lifted its position in shares of Marathon Petroleum by 6.0% in the second quarter. Canada Pension Plan Investment Board now owns 1,285,248 shares of the oil and gas company’s stock valued at $222,965,000 after acquiring an additional 72,192 shares in the last quarter. 76.77% of the stock is currently owned by institutional investors.

Marathon Petroleum Stock Performance

NYSE MPC opened at $156.15 on Friday. The business’s 50 day moving average price is $157.98 and its 200-day moving average price is $166.74. Marathon Petroleum Co. has a fifty-two week low of $140.98 and a fifty-two week high of $221.11. The company has a market cap of $50.18 billion, a P/E ratio of 12.37, a P/E/G ratio of 2.70 and a beta of 1.38. 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 posted its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.90. Marathon Petroleum had a net margin of 3.15% and a return on equity of 16.19%. The business had revenue of $35.37 billion for the quarter, compared to analysts’ expectations of $34.34 billion. During the same quarter in the previous year, the business posted $8.14 earnings per share. The business’s revenue was down 14.9% compared to the same quarter last year. Sell-side analysts predict that Marathon Petroleum Co. will post 9.59 earnings per share for the current year.

Marathon Petroleum announced that its Board of Directors has initiated a share buyback program on Tuesday, November 5th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the oil and gas company to repurchase up to 10% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Marathon Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be given a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 2.33%. The ex-dividend date 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 28.84%.

Analyst Ratings Changes

MPC has been the topic of several recent analyst reports. Barclays decreased their target price on Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating on the stock in a research note on Monday, November 11th. Citigroup lowered their target price 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. BMO Capital Markets cut their target price on shares of Marathon Petroleum from $200.00 to $190.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Piper Sandler reduced their price target on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a report on Friday, September 20th. Finally, Morgan Stanley dropped their price objective on shares of Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Two investment 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.