Daiwa Securities Group Inc. trimmed its holdings in shares of Marathon Petroleum Corp (NYSE:MPC) by 34.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,389 shares of the oil and gas company’s stock after selling 18,420 shares during the period. Daiwa Securities Group Inc.’s holdings in Marathon Petroleum were worth $2,750,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp increased its stake in shares of Marathon Petroleum by 44.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 7,506,332 shares of the oil and gas company’s stock worth $526,645,000 after purchasing an additional 2,297,774 shares in the last quarter. Morgan Stanley increased its stake in shares of Marathon Petroleum by 59.5% during the 2nd quarter. Morgan Stanley now owns 5,798,607 shares of the oil and gas company’s stock worth $406,829,000 after purchasing an additional 2,162,851 shares in the last quarter. PointState Capital LP purchased a new position in shares of Marathon Petroleum during the 2nd quarter worth approximately $378,482,000. LSV Asset Management increased its stake in shares of Marathon Petroleum by 2.4% during the 2nd quarter. LSV Asset Management now owns 4,426,500 shares of the oil and gas company’s stock worth $310,563,000 after purchasing an additional 102,276 shares in the last quarter. Finally, Iridian Asset Management LLC CT increased its stake in shares of Marathon Petroleum by 4.7% during the 2nd quarter. Iridian Asset Management LLC CT now owns 3,681,964 shares of the oil and gas company’s stock worth $258,327,000 after purchasing an additional 164,278 shares in the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently weighed in on MPC. Zacks Investment Research raised shares of Marathon Petroleum from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a research note on Tuesday, October 9th. Wells Fargo & Co reissued a “buy” rating on shares of Marathon Petroleum in a research note on Monday, August 27th. Barclays began coverage on shares of Marathon Petroleum in a research note on Wednesday, October 3rd. They set an “overweight” rating and a $125.00 price objective for the company. Citigroup raised their price objective on shares of Marathon Petroleum from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, September 7th. Finally, Goldman Sachs Group began coverage on shares of Marathon Petroleum in a research note on Tuesday, October 2nd. They set a “conviction-buy” rating for the company. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $92.38.
Marathon Petroleum (NYSE:MPC) last released its earnings results on Thursday, November 1st. The oil and gas company reported $1.70 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.68 by $0.02. The firm had revenue of $23.13 billion during the quarter, compared to analysts’ expectations of $23.20 billion. Marathon Petroleum had a net margin of 4.48% and a return on equity of 12.28%. Marathon Petroleum’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.77 EPS. As a group, sell-side analysts expect that Marathon Petroleum Corp will post 5.16 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Wednesday, November 21st will be paid a $0.46 dividend. The ex-dividend date of this dividend is Tuesday, November 20th. This represents a $1.84 annualized dividend and a yield of 2.74%. Marathon Petroleum’s payout ratio is currently 48.42%.
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Marathon Petroleum Company Profile
Marathon Petroleum Corporation, together with its subsidiaries, engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates through three segments: Refining & Marketing, Speedway, and Midstream. It refines crude oil and other feed stocks at its six refineries in the Gulf Coast and Midwest regions of the United States; and purchases refined products and ethanol for resale.
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