Pendal Group Ltd purchased a new stake in shares of Marathon Petroleum Corp (NYSE:MPC) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,984 shares of the oil and gas company’s stock, valued at approximately $120,000.
A number of other hedge funds have also made changes to their positions in MPC. Balentine LLC increased its stake in shares of Marathon Petroleum by 1.4% in the third quarter. Balentine LLC now owns 12,126 shares of the oil and gas company’s stock worth $737,000 after buying an additional 172 shares during the last quarter. Equitable Trust Co. boosted its holdings in Marathon Petroleum by 3.2% in the third quarter. Equitable Trust Co. now owns 5,605 shares of the oil and gas company’s stock worth $340,000 after purchasing an additional 175 shares during the period. Unison Advisors LLC boosted its holdings in Marathon Petroleum by 0.8% in the fourth quarter. Unison Advisors LLC now owns 22,600 shares of the oil and gas company’s stock worth $1,362,000 after purchasing an additional 188 shares during the period. Carnegie Capital Asset Management LLC boosted its holdings in Marathon Petroleum by 2.7% in the third quarter. Carnegie Capital Asset Management LLC now owns 7,407 shares of the oil and gas company’s stock worth $450,000 after purchasing an additional 196 shares during the period. Finally, Mercer Capital Advisers Inc. boosted its holdings in Marathon Petroleum by 5.4% in the fourth quarter. Mercer Capital Advisers Inc. now owns 3,892 shares of the oil and gas company’s stock worth $234,000 after purchasing an additional 200 shares during the period. 76.31% of the stock is currently owned by hedge funds and other institutional investors.
MPC has been the subject of a number of research reports. Zacks Investment Research raised shares of Marathon Petroleum from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a report on Monday, December 16th. Morgan Stanley lifted their price objective on shares of Marathon Petroleum from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Cowen lifted their price objective on shares of Marathon Petroleum from $69.00 to $72.00 and gave the stock a “market perform” rating in a report on Thursday. JPMorgan Chase & Co. downgraded shares of Marathon Petroleum from an “overweight” rating to a “neutral” rating and set a $67.00 price objective for the company. in a report on Monday, December 9th. Finally, ValuEngine raised shares of Marathon Petroleum from a “sell” rating to a “hold” rating in a report on Tuesday, December 3rd. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $73.73.
Marathon Petroleum (NYSE:MPC) last announced its quarterly earnings results on Wednesday, January 29th. The oil and gas company reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.71. Marathon Petroleum had a net margin of 2.11% and a return on equity of 7.42%. The company had revenue of $31.38 billion during the quarter, compared to the consensus estimate of $30.07 billion. During the same quarter in the previous year, the company posted $2.41 earnings per share. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, equities research analysts forecast that Marathon Petroleum Corp will post 6.75 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Wednesday, February 19th will be issued a dividend of $0.58 per share. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.53. The ex-dividend date is Tuesday, February 18th. This represents a $2.32 annualized dividend and a dividend yield of 3.98%. Marathon Petroleum’s payout ratio is 42.91%.
Marathon Petroleum Profile
Marathon Petroleum Corp. is an independent petroleum product refiners, marketers and transporters in the United States. The company operates through the following segments: Refining & Marketing; Retail; and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast and Midwest regions of the United States, purchases ethanol and refined products for resale and distributes refined products through various means, including barges, terminals and trucks that the company owns or operates.
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