BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 10,220 Shares of Marathon Petroleum Co. (NYSE:MPC)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its stake in shares of Marathon Petroleum Co. (NYSE:MPC) by 14.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 58,797 shares of the oil and gas company’s stock after selling 10,220 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Marathon Petroleum were worth $9,579,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of MPC. Gladius Capital Management LP acquired a new stake in Marathon Petroleum during the third quarter worth $26,000. MeadowBrook Investment Advisors LLC boosted its stake in Marathon Petroleum by 88.9% during the third quarter. MeadowBrook Investment Advisors LLC now owns 170 shares of the oil and gas company’s stock worth $28,000 after buying an additional 80 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new stake in Marathon Petroleum during the third quarter worth $30,000. Darwin Wealth Management LLC acquired a new stake in Marathon Petroleum during the third quarter worth $33,000. Finally, TruNorth Capital Management LLC acquired a new stake in Marathon Petroleum during the second quarter worth $35,000. Institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Stock Performance

Shares of NYSE:MPC opened at $156.15 on Monday. The stock has a market capitalization of $50.19 billion, a P/E ratio of 12.37, a P/E/G ratio of 2.71 and a beta of 1.38. Marathon Petroleum Co. has a 1-year low of $140.98 and a 1-year high of $221.11. The company has a current ratio of 1.23, a quick ratio of 0.76 and a debt-to-equity ratio of 0.94. The business has a 50-day moving average price of $157.98 and a two-hundred day moving average price of $166.70.

Marathon Petroleum (NYSE:MPC) last announced its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.90. The firm 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 16.19% and a net margin of 3.15%. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same period in the previous year, the business posted $8.14 EPS. Equities analysts predict that Marathon Petroleum Co. will post 9.59 earnings per share for the current year.

Marathon Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be paid a $0.91 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This is a boost from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.33%. Marathon Petroleum’s dividend payout ratio is 28.84%.

Marathon Petroleum announced that its Board of Directors has approved a share repurchase 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 purchase up to 10% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company decreased their price target on shares of Marathon Petroleum from $196.00 to $183.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 9th. JPMorgan Chase & Co. reduced their target price on shares of Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Tudor, Pickering, Holt & Co. downgraded shares of Marathon Petroleum from a “buy” rating to a “sell” rating in a research note on Monday, September 9th. BMO Capital Markets reduced 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. Finally, Piper Sandler reduced their target price on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a research note on Friday, September 20th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.