CCM Investment Advisers LLC Reduces Stock Position in Marathon Petroleum Co. (NYSE:MPC)

CCM Investment Advisers LLC decreased its holdings in shares of Marathon Petroleum Co. (NYSE:MPC) by 2.3% during the fourth quarter, HoldingsChannel reports. The fund owned 82,068 shares of the oil and gas company’s stock after selling 1,897 shares during the quarter. CCM Investment Advisers LLC’s holdings in Marathon Petroleum were worth $11,449,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Gladius Capital Management LP purchased a new position in shares of Marathon Petroleum in the 3rd quarter worth about $26,000. MeadowBrook Investment Advisors LLC boosted its position in Marathon Petroleum by 88.9% during the third quarter. MeadowBrook Investment Advisors LLC now owns 170 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 80 shares during the period. True Wealth Design LLC grew its stake in shares of Marathon Petroleum by 672.7% during the third quarter. True Wealth Design LLC now owns 170 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 148 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new stake in Marathon Petroleum during the 3rd quarter valued at about $30,000. Finally, Darwin Wealth Management LLC purchased a new position in Marathon Petroleum in the 3rd quarter worth approximately $33,000. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Analysts Set New Price Targets

MPC has been the topic of several analyst reports. Scotiabank decreased their target price on shares of Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Citigroup reduced their price target on shares of Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a research report on Thursday, October 10th. JPMorgan Chase & Co. cut their price objective 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. Bank of America started coverage on shares of Marathon Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $174.00 price target on the stock. Finally, BMO Capital Markets cut their target price on Marathon Petroleum from $200.00 to $190.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Marathon Petroleum has an average rating of “Moderate Buy” and a consensus price target of $183.73.

Insiders Place Their Bets

In other news, Director Jeffrey C. Campbell acquired 6,000 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were acquired at an average cost of $149.61 per share, with a total value of $897,660.00. Following the completion of the acquisition, the director now owns 6,090 shares of the company’s stock, valued at approximately $911,124.90. This trade represents a 6,666.67 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.21% of the company’s stock.

Marathon Petroleum Stock Up 0.7 %

Shares of MPC traded up $0.96 during mid-day trading on Friday, hitting $143.29. The company’s stock had a trading volume of 1,096,476 shares, compared to its average volume of 2,613,984. The firm has a market capitalization of $46.05 billion, a price-to-earnings ratio of 11.35, a PEG ratio of 2.56 and a beta of 1.42. The company’s 50-day moving average is $147.86 and its 200-day moving average is $160.35. The company has a current ratio of 1.23, a quick ratio of 0.76 and a debt-to-equity ratio of 0.94. Marathon Petroleum Co. has a 52-week low of $130.54 and a 52-week high of $221.11.

Marathon Petroleum (NYSE:MPC) last announced its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.90. Marathon Petroleum had a return on equity of 16.19% and a net margin of 3.15%. The business had revenue of $35.37 billion for the quarter, compared to the consensus estimate of $34.34 billion. During the same period last year, the business posted $8.14 EPS. The business’s revenue was down 14.9% compared to the same quarter last year. On average, equities research analysts forecast that Marathon Petroleum Co. will post 9.47 EPS for the current fiscal year.

Marathon Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th were given a $0.91 dividend. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.54%. This is an increase from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s payout ratio is presently 28.84%.

Marathon Petroleum announced that its board has authorized a share buyback program on Tuesday, November 5th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to reacquire up to 10% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors 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.