Ballentine Partners LLC Reduces Holdings in Marathon Petroleum Co. (NYSE:MPC)

Ballentine Partners LLC decreased its position in shares of Marathon Petroleum Co. (NYSE:MPC) by 1.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,160 shares of the oil and gas company’s stock after selling 159 shares during the period. Ballentine Partners LLC’s holdings in Marathon Petroleum were worth $2,450,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in MPC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in Marathon Petroleum during the 4th quarter worth $25,000. ICA Group Wealth Management LLC bought a new stake in shares of Marathon Petroleum during the 4th quarter worth about $30,000. Vima LLC bought a new stake in shares of Marathon Petroleum during the 4th quarter worth about $30,000. Bruce G. Allen Investments LLC bought a new stake in shares of Marathon Petroleum in the 4th quarter worth approximately $32,000. Finally, Bare Financial Services Inc bought a new stake in shares of Marathon Petroleum in the 4th quarter worth approximately $32,000. 76.77% of the stock is owned by institutional investors and hedge funds.

Marathon Petroleum Trading Up 0.7 %

Shares of NYSE:MPC traded up $1.22 during trading on Monday, hitting $173.89. 96,482 shares of the company’s stock were exchanged, compared to its average volume of 2,725,461. Marathon Petroleum Co. has a 1-year low of $111.27 and a 1-year high of $221.11. The firm has a 50-day moving average price of $181.41 and a two-hundred day moving average price of $174.90. The company has a current ratio of 1.43, a quick ratio of 0.99 and a debt-to-equity ratio of 0.85. The firm has a market cap of $61.27 billion, a P/E ratio of 8.62, a PEG ratio of 1.55 and a beta of 1.45.

Marathon Petroleum (NYSE:MPC) last released its quarterly earnings data on Tuesday, April 30th. The oil and gas company reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.25. Marathon Petroleum had a net margin of 5.32% and a return on equity of 25.87%. The business had revenue of $32.71 billion for the quarter, compared to analyst estimates of $32.07 billion. During the same quarter last year, the firm earned $6.09 EPS. Marathon Petroleum’s quarterly revenue was down 6.2% compared to the same quarter last year. Equities analysts predict that Marathon Petroleum Co. will post 18.65 earnings per share for the current year.

Marathon Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Thursday, May 16th were paid a $0.825 dividend. This represents a $3.30 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend was Wednesday, May 15th. Marathon Petroleum’s payout ratio is currently 16.48%.

Marathon Petroleum announced that its Board of Directors has approved a share buyback program on Tuesday, April 30th 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 7.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MPC. Piper Sandler cut their price target on shares of Marathon Petroleum from $190.00 to $168.00 and set a “neutral” rating on the stock in a report on Friday, June 14th. The Goldman Sachs Group boosted their price objective on shares of Marathon Petroleum from $175.00 to $211.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Raymond James cut their target price on shares of Marathon Petroleum from $235.00 to $230.00 and set a “strong-buy” rating for the company in a research note on Thursday, May 30th. Scotiabank upped their target price on shares of Marathon Petroleum from $175.00 to $207.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Finally, StockNews.com cut shares of Marathon Petroleum from a “buy” rating to a “hold” rating in a research note on Friday, June 14th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Marathon Petroleum has an average rating of “Moderate Buy” and an average price target of $192.08.

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.