Geode Capital Management LLC Sells 285,893 Shares of Marathon Petroleum Co. (NYSE:MPC)

Geode Capital Management LLC trimmed its position in shares of Marathon Petroleum Co. (NYSE:MPC) by 3.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,038,192 shares of the oil and gas company’s stock after selling 285,893 shares during the quarter. Geode Capital Management LLC owned 2.19% of Marathon Petroleum worth $1,142,071,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. 3Chopt Investment Partners LLC lifted its holdings in shares of Marathon Petroleum by 2.5% during the 3rd quarter. 3Chopt Investment Partners LLC now owns 10,473 shares of the oil and gas company’s stock valued at $1,706,000 after buying an additional 258 shares during the period. M&T Bank Corp raised its holdings in Marathon Petroleum by 1.5% in the 3rd quarter. M&T Bank Corp now owns 33,349 shares of the oil and gas company’s stock worth $5,432,000 after purchasing an additional 485 shares during the period. Executive Wealth Management LLC raised its holdings in Marathon Petroleum by 16.4% in the 3rd quarter. Executive Wealth Management LLC now owns 1,840 shares of the oil and gas company’s stock worth $300,000 after purchasing an additional 259 shares during the period. Gordian Capital Singapore Pte Ltd raised its holdings in Marathon Petroleum by 5.3% in the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 3,000 shares of the oil and gas company’s stock worth $489,000 after purchasing an additional 150 shares during the period. Finally, Nomura Asset Management Co. Ltd. raised its holdings in Marathon Petroleum by 5.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 143,637 shares of the oil and gas company’s stock worth $23,400,000 after purchasing an additional 7,513 shares during the period. 76.77% of the stock is owned by institutional investors.

Marathon Petroleum Trading Down 1.3 %

Shares of Marathon Petroleum stock opened at $151.06 on Wednesday. The firm has a market cap of $48.55 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 2.65 and a beta of 1.40. The business has a 50-day moving average price of $156.76 and a 200-day moving average price of $165.70. The company has a quick ratio of 0.76, a current ratio of 1.23 and a debt-to-equity ratio of 0.94. Marathon Petroleum Co. has a twelve month low of $141.45 and a twelve month high of $221.11.

Marathon Petroleum (NYSE:MPC) last issued 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 return on equity of 16.19% and a net margin of 3.15%. The firm had revenue of $35.37 billion during the quarter, compared to analyst estimates of $34.34 billion. During the same quarter last year, the business posted $8.14 earnings per share. The business’s quarterly revenue was down 14.9% compared to the same quarter last year. Equities research analysts anticipate that Marathon Petroleum Co. will post 9.5 EPS for the current fiscal year.

Marathon Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th were issued a $0.91 dividend. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.41%. Marathon Petroleum’s dividend payout ratio (DPR) is presently 28.84%.

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

Analysts Set New Price Targets

A number of equities analysts recently commented on MPC shares. Barclays decreased their target price on Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating on the stock in a report on Monday, November 11th. Bank of America started coverage on Marathon Petroleum in a report on Thursday, October 17th. They issued a “neutral” rating and a $174.00 target price on the stock. Tudor, Pickering, Holt & Co. cut Marathon Petroleum from a “buy” rating to a “sell” rating in a report on Monday, September 9th. TD Cowen reaffirmed a “buy” rating and issued a $170.00 target price on shares of Marathon Petroleum in a report on Tuesday. Finally, Morgan Stanley cut their price target on Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $185.27.

Insider Activity at Marathon Petroleum

In other Marathon Petroleum news, Director Jeffrey C. Campbell purchased 6,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was purchased at an average price of $149.61 per share, with a total value of $897,660.00. Following the acquisition, the director now owns 6,090 shares in the company, valued at approximately $911,124.90. The trade was a 6,666.67 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.21% of the stock is owned by insiders.

Marathon Petroleum 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.