Truvestments Capital LLC Buys New Holdings in Marathon Petroleum Co. (NYSE:MPC)

Truvestments Capital LLC purchased a new stake in Marathon Petroleum Co. (NYSE:MPC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,130 shares of the oil and gas company’s stock, valued at approximately $184,000.

A number of other hedge funds also recently made changes to their positions in MPC. Brown Brothers Harriman & Co. increased its stake in Marathon Petroleum by 59.8% in the third quarter. Brown Brothers Harriman & Co. now owns 5,335 shares of the oil and gas company’s stock valued at $869,000 after acquiring an additional 1,997 shares during the period. DRW Securities LLC boosted its holdings in Marathon Petroleum by 504.1% during the third quarter. DRW Securities LLC now owns 16,915 shares of the oil and gas company’s stock valued at $2,756,000 after purchasing an additional 14,115 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Marathon Petroleum by 44.3% in the 3rd quarter. Fisher Asset Management LLC now owns 15,865 shares of the oil and gas company’s stock valued at $2,585,000 after purchasing an additional 4,868 shares during the period. Daiwa Securities Group Inc. raised its holdings in shares of Marathon Petroleum by 4.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 42,276 shares of the oil and gas company’s stock worth $6,887,000 after buying an additional 1,662 shares in the last quarter. Finally, Centaurus Financial Inc. lifted its position in shares of Marathon Petroleum by 18.8% during the 3rd quarter. Centaurus Financial Inc. now owns 1,388 shares of the oil and gas company’s stock worth $226,000 after buying an additional 220 shares during the period. Institutional investors and hedge funds own 76.77% of the company’s stock.

Marathon Petroleum Trading Down 1.3 %

MPC stock opened at $156.47 on Tuesday. 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 $140.98 and a twelve month high of $221.11. The company has a market cap of $50.29 billion, a P/E ratio of 12.40, a PEG ratio of 2.75 and a beta of 1.38. The business has a fifty day moving average of $158.69 and a 200-day moving average of $167.27.

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. 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 analysts’ expectations of $34.34 billion. During the same period in the previous year, the business posted $8.14 EPS. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. As a group, equities research analysts expect that Marathon Petroleum Co. will post 9.59 EPS for the current year.

Marathon Petroleum declared that its board has authorized a share buyback plan 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 reacquire up to 10% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is 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 issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a 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 currently 28.84%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Piper Sandler lowered their price target on Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a research report on Friday, September 20th. Morgan Stanley lowered their target price on shares of Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Wells Fargo & Company cut their price target on shares of Marathon Petroleum from $196.00 to $183.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. JPMorgan Chase & Co. decreased their price objective 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. Finally, TD Cowen cut their target price on shares of Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Two investment 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 stock. According to data from MarketBeat.com, Marathon Petroleum has a consensus rating of “Moderate Buy” and an average price target of $185.07.

About Marathon Petroleum

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.