Granite Bay Wealth Management LLC Makes New Investment in Marathon Petroleum Co. (NYSE:MPC)

Granite Bay Wealth Management LLC purchased a new position in shares of Marathon Petroleum Co. (NYSE:MPC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 23,490 shares of the oil and gas company’s stock, valued at approximately $4,075,000.

Several other institutional investors have also recently made changes to their positions in the company. Capital Wealth Planning LLC increased its holdings in Marathon Petroleum by 10,902.9% during the first quarter. Capital Wealth Planning LLC now owns 1,110,630 shares of the oil and gas company’s stock valued at $223,792,000 after buying an additional 1,100,536 shares during the period. Assenagon Asset Management S.A. boosted its position in Marathon Petroleum by 980.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 684,718 shares of the oil and gas company’s stock valued at $118,785,000 after acquiring an additional 621,336 shares in the last quarter. Schroder Investment Management Group increased its holdings in shares of Marathon Petroleum by 309.9% in the 4th quarter. Schroder Investment Management Group now owns 643,590 shares of the oil and gas company’s stock valued at $95,483,000 after acquiring an additional 486,573 shares during the period. Panagora Asset Management Inc. raised its position in shares of Marathon Petroleum by 64.1% in the 2nd quarter. Panagora Asset Management Inc. now owns 619,049 shares of the oil and gas company’s stock worth $107,393,000 after acquiring an additional 241,746 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its stake in shares of Marathon Petroleum by 8.5% during the 2nd quarter. Pacer Advisors Inc. now owns 2,669,815 shares of the oil and gas company’s stock worth $463,160,000 after purchasing an additional 209,270 shares during the last quarter. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on MPC. JPMorgan Chase & Co. cut their target price on Marathon Petroleum from $191.00 to $186.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 2nd. Tudor, Pickering, Holt & Co. downgraded shares of Marathon Petroleum from a “buy” rating to a “sell” rating in a research report on Monday, September 9th. Mizuho decreased their target price on shares of Marathon Petroleum from $198.00 to $193.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. StockNews.com lowered shares of Marathon Petroleum from a “buy” rating to a “hold” rating in a report on Friday, June 14th. Finally, Piper Sandler reduced 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. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $197.69.

Marathon Petroleum Stock Down 0.5 %

Shares of MPC stock opened at $162.91 on Tuesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.90 and a current ratio of 1.31. Marathon Petroleum Co. has a fifty-two week low of $139.32 and a fifty-two week high of $221.11. The firm has a market capitalization of $57.40 billion, a PE ratio of 8.14, a P/E/G ratio of 2.59 and a beta of 1.38. The stock’s 50-day simple moving average is $169.64 and its 200-day simple moving average is $178.98.

Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings results on Tuesday, August 6th. The oil and gas company reported $4.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $1.03. The company had revenue of $38.36 billion during the quarter, compared to analyst estimates of $36.66 billion. Marathon Petroleum had a net margin of 4.79% and a return on equity of 24.05%. Marathon Petroleum’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period last year, the firm posted $5.32 EPS. Equities analysts expect that Marathon Petroleum Co. will post 10.56 earnings per share for the current year.

Marathon Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st were given a dividend of $0.825 per share. The ex-dividend date was Wednesday, August 21st. This represents a $3.30 dividend on an annualized basis and a yield of 2.03%. Marathon Petroleum’s dividend payout ratio is presently 16.48%.

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.