Marathon Petroleum (NYSE:MPC) Releases Quarterly Earnings Results, Beats Expectations By $0.90 EPS

Marathon Petroleum (NYSE:MPC) announced its quarterly earnings data on Tuesday. The oil and gas company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.90, Briefing.com reports. The business had revenue of $35.37 billion for the quarter, compared to the consensus estimate of $34.34 billion. Marathon Petroleum had a net margin of 4.79% and a return on equity of 24.05%. Marathon Petroleum’s quarterly revenue was down 14.9% on a year-over-year basis. During the same quarter last year, the company posted $8.14 earnings per share.

Marathon Petroleum Price Performance

NYSE MPC traded up $4.59 on Wednesday, hitting $154.15. 919,130 shares of the company were exchanged, compared to its average volume of 2,665,529. The company has a current ratio of 1.31, a quick ratio of 0.90 and a debt-to-equity ratio of 0.86. Marathon Petroleum has a 1-year low of $140.98 and a 1-year high of $221.11. The company has a market cap of $51.59 billion, a P/E ratio of 7.85, a P/E/G ratio of 2.74 and a beta of 1.38. The firm has a 50 day moving average of $161.59 and a two-hundred day moving average of $170.42.

Marathon Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be given a dividend of $0.91 per share. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $3.64 annualized dividend and a yield of 2.36%. Marathon Petroleum’s dividend payout ratio is 17.34%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. 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. Citigroup lowered their price target on shares of Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. JPMorgan Chase & Co. lowered their price target on shares of Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Tudor Pickering lowered shares of Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a report on Monday, September 9th. Finally, 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 target on the stock. 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $185.67.

Marathon Petroleum declared that its Board of Directors has initiated a stock buyback program on Tuesday, November 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire up to 10% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

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.