Sovereign Financial Group Inc. Makes New Investment in Marathon Petroleum Co. (NYSE:MPC)

Sovereign Financial Group Inc. purchased a new stake in shares of Marathon Petroleum Co. (NYSE:MPC) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,409 shares of the oil and gas company’s stock, valued at approximately $284,000.

Other hedge funds have also added to or reduced their stakes in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in shares of Marathon Petroleum in the 4th quarter valued at about $25,000. ICA Group Wealth Management LLC acquired a new stake in Marathon Petroleum during the 4th quarter worth $30,000. Vima LLC bought a new stake in shares of Marathon Petroleum during the 4th quarter valued at $30,000. Bruce G. Allen Investments LLC acquired a new position in shares of Marathon Petroleum in the 4th quarter valued at $32,000. Finally, Bare Financial Services Inc bought a new position in shares of Marathon Petroleum in the 4th quarter worth $32,000. Institutional investors own 76.77% of the company’s stock.

Marathon Petroleum Price Performance

NYSE MPC opened at $172.91 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.43 and a debt-to-equity ratio of 0.85. Marathon Petroleum Co. has a 12-month low of $112.82 and a 12-month high of $221.11. The firm’s 50 day moving average is $179.61 and its 200-day moving average is $175.35. The company has a market capitalization of $60.92 billion, a PE ratio of 8.64, a price-to-earnings-growth ratio of 1.63 and a beta of 1.45.

Marathon Petroleum (NYSE:MPC) last issued its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported $2.78 EPS for the quarter, beating the consensus estimate of $2.53 by $0.25. Marathon Petroleum had a return on equity of 25.87% and a net margin of 5.32%. The firm had revenue of $32.71 billion during the quarter, compared to analysts’ expectations of $32.07 billion. During the same period in the prior year, the firm posted $6.09 earnings per share. The business’s quarterly revenue was down 6.2% compared to the same quarter last year. Equities research analysts anticipate that Marathon Petroleum Co. will post 17.85 earnings per share for the current fiscal year.

Marathon Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Thursday, May 16th were given a $0.825 dividend. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $3.30 dividend on an annualized basis and a dividend yield of 1.91%. Marathon Petroleum’s payout ratio is 16.48%.

Marathon Petroleum announced that its Board of Directors has approved a stock repurchase program on Tuesday, April 30th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the oil and gas company to reacquire up to 7.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Raymond James cut their target price on Marathon Petroleum from $235.00 to $230.00 and set a “strong-buy” rating on the stock in a research note on Thursday, May 30th. The Goldman Sachs Group lifted 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. Mizuho lowered their target price on shares of Marathon Petroleum from $203.00 to $201.00 and set a “neutral” rating for the company in a research note on Thursday, June 20th. Tudor Pickering raised shares of Marathon Petroleum to a “strong-buy” rating in a research report on Thursday, May 30th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Marathon Petroleum from $172.00 to $186.00 and gave the company a “neutral” rating in a research report on Monday, April 1st. Six analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $192.08.

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.