Carnegie Investment Counsel Lowers Stake in Marathon Petroleum Co. (NYSE:MPC)

Carnegie Investment Counsel reduced its holdings in shares of Marathon Petroleum Co. (NYSE:MPC) by 9.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,552 shares of the oil and gas company’s stock after selling 2,635 shares during the period. Carnegie Investment Counsel’s holdings in Marathon Petroleum were worth $3,704,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of MPC. Gladius Capital Management LP bought a new stake in Marathon Petroleum during the 3rd quarter valued at about $26,000. MeadowBrook Investment Advisors LLC increased its stake in Marathon Petroleum by 88.9% during the 3rd quarter. MeadowBrook Investment Advisors LLC now owns 170 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 80 shares in the last quarter. True Wealth Design LLC increased its stake in Marathon Petroleum by 672.7% during the 3rd quarter. True Wealth Design LLC now owns 170 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 148 shares in the last quarter. Harbor Capital Advisors Inc. bought a new stake in Marathon Petroleum during the 3rd quarter valued at about $30,000. Finally, Darwin Wealth Management LLC bought a new stake in Marathon Petroleum during the 3rd quarter valued at about $33,000. 76.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Marathon Petroleum

In related news, Director Jeffrey C. Campbell bought 6,000 shares of the stock in a transaction dated Wednesday, December 4th. The shares were purchased at an average price of $149.61 per share, with a total value of $897,660.00. Following the completion of the acquisition, the director now owns 6,090 shares of the company’s stock, valued at $911,124.90. This represents a 6,666.67 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.21% of the company’s stock.

Marathon Petroleum Price Performance

Shares of NYSE:MPC opened at $152.83 on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.23 and a quick ratio of 0.76. Marathon Petroleum Co. has a 1-year low of $130.54 and a 1-year high of $221.11. The company has a market capitalization of $49.12 billion, a P/E ratio of 12.11, a P/E/G ratio of 2.51 and a beta of 1.42. The firm’s 50 day simple moving average is $147.78 and its two-hundred day simple moving average is $159.47.

Marathon Petroleum (NYSE:MPC) last issued its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $34.34 billion. During the same quarter in the previous year, the firm earned $8.14 earnings per share. The company’s revenue for the quarter was down 14.9% on a year-over-year basis. Research analysts expect that Marathon Petroleum Co. will post 9.38 EPS for the current fiscal year.

Marathon Petroleum declared that its board has approved a stock repurchase program on Tuesday, November 5th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to buy up to 10% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Marathon Petroleum Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th were issued a dividend of $0.91 per share. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $3.64 annualized dividend and a yield of 2.38%. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s payout ratio is currently 28.84%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MPC shares. Citigroup reduced their price objective on shares of Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Mizuho reduced their price target on shares of Marathon Petroleum from $175.00 to $174.00 and set a “neutral” rating for the company in a research note on Monday, December 16th. Raymond James lifted their price target on shares of Marathon Petroleum from $190.00 to $192.00 and gave the stock a “strong-buy” rating in a research note on Friday. Wells Fargo & Company reduced their price target on shares of Marathon Petroleum from $186.00 to $182.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. Finally, Piper Sandler reduced 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. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Marathon Petroleum has an average rating of “Moderate Buy” and a consensus price target of $181.20.

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.