FORA Capital LLC Acquires New Position in Marathon Petroleum Co. (NYSE:MPC)

FORA Capital LLC bought a new position in Marathon Petroleum Co. (NYSE:MPC) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 53,458 shares of the oil and gas company’s stock, valued at approximately $8,709,000. Marathon Petroleum makes up about 1.0% of FORA Capital LLC’s holdings, making the stock its 16th biggest position.

Other institutional investors and hedge funds have also bought and sold shares of the company. Oppenheimer Asset Management Inc. increased its stake in Marathon Petroleum by 27.7% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 43,174 shares of the oil and gas company’s stock worth $7,033,000 after purchasing an additional 9,355 shares during the period. Founders Financial Securities LLC increased its stake in shares of Marathon Petroleum by 22.8% in the second quarter. Founders Financial Securities LLC now owns 4,972 shares of the oil and gas company’s stock worth $863,000 after buying an additional 924 shares during the period. Holistic Planning LLC bought a new stake in Marathon Petroleum during the 3rd quarter valued at $912,000. Magnolia Capital Advisors LLC grew its holdings in Marathon Petroleum by 353.4% in the 2nd quarter. Magnolia Capital Advisors LLC now owns 55,989 shares of the oil and gas company’s stock worth $9,713,000 after acquiring an additional 43,639 shares during the last quarter. Finally, Granite Bay Wealth Management LLC bought a new position in shares of Marathon Petroleum during the second quarter valued at about $4,075,000. 76.77% of the stock is currently owned by institutional investors.

Marathon Petroleum Stock Down 0.3 %

Shares of MPC traded down $0.53 on Wednesday, hitting $156.61. 157,029 shares of the stock traded hands, compared to its average volume of 2,623,022. The company has a market capitalization of $50.33 billion, a PE ratio of 12.45, a P/E/G ratio of 2.72 and a beta of 1.38. Marathon Petroleum Co. has a one year low of $140.98 and a one year high of $221.11. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.76 and a current ratio of 1.23. The business has a 50 day simple moving average of $158.55 and a 200 day simple moving average of $167.11.

Marathon Petroleum (NYSE:MPC) last released its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $1.87 EPS for the quarter, topping the consensus estimate of $0.97 by $0.90. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. The company had revenue of $35.37 billion during the quarter, compared to the consensus estimate of $34.34 billion. During the same period last year, the company earned $8.14 EPS. Marathon Petroleum’s revenue for the quarter was down 14.9% on a year-over-year basis. As a group, equities analysts forecast that Marathon Petroleum Co. will post 9.59 earnings per share for the current fiscal year.

Marathon Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be given a $0.91 dividend. The ex-dividend date is Wednesday, November 20th. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 annualized dividend and a yield of 2.32%. Marathon Petroleum’s dividend payout ratio (DPR) is presently 28.84%.

Marathon Petroleum declared that its board has approved a share buyback program on Tuesday, November 5th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase up to 10% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Barclays cut their price objective on Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating on the stock in a research report on Monday, November 11th. Bank of America began coverage on shares of Marathon Petroleum in a report on Thursday, October 17th. They issued a “neutral” rating and a $174.00 price objective for the company. Citigroup cut their target price on shares of Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a research note on Thursday, October 10th. Piper Sandler decreased their price target on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating for the company in a research note on Friday, September 20th. Finally, Tudor Pickering cut Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a research report on Monday, September 9th. Two 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 issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.