Empowered Funds LLC Buys 49,689 Shares of Marathon Petroleum Co. (NYSE:MPC)

Empowered Funds LLC lifted its stake in shares of Marathon Petroleum Co. (NYSE:MPC) by 25.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 241,707 shares of the oil and gas company’s stock after acquiring an additional 49,689 shares during the period. Marathon Petroleum makes up 0.6% of Empowered Funds LLC’s investment portfolio, making the stock its 14th biggest position. Empowered Funds LLC owned about 0.07% of Marathon Petroleum worth $39,376,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Great Lakes Retirement Inc. bought a new stake in Marathon Petroleum in the first quarter worth $269,000. Motco bought a new position in Marathon Petroleum during the 1st quarter worth approximately $255,000. Spirepoint Private Client LLC purchased a new position in Marathon Petroleum in the 1st quarter worth approximately $226,000. Alera Investment Advisors LLC purchased a new stake in shares of Marathon Petroleum during the first quarter valued at approximately $269,000. Finally, TIAA Trust National Association grew its holdings in shares of Marathon Petroleum by 38.2% in the first quarter. TIAA Trust National Association now owns 10,800 shares of the oil and gas company’s stock worth $2,176,000 after purchasing an additional 2,985 shares during the last quarter. 76.77% of the stock is currently owned by hedge funds and other institutional investors.

Marathon Petroleum Stock Down 0.2 %

NYSE MPC opened at $157.79 on Friday. The stock has a 50 day moving average price of $159.44 and a 200-day moving average price of $168.80. Marathon Petroleum Co. has a one year low of $140.98 and a one year high of $221.11. The company has a market capitalization of $50.71 billion, a P/E ratio of 12.53, a P/E/G ratio of 2.82 and a beta of 1.38. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.76 and a current ratio of 1.23.

Marathon Petroleum (NYSE:MPC) last announced its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.90. The firm had revenue of $35.37 billion for the quarter, compared to analysts’ expectations of $34.34 billion. Marathon Petroleum had a net margin of 3.15% and a return on equity of 16.19%. The business’s revenue was down 14.9% compared to the same quarter last year. During the same period in the prior year, the company earned $8.14 EPS. As a group, equities analysts predict that Marathon Petroleum Co. will post 9.41 EPS for the current fiscal year.

Marathon Petroleum announced that its Board of Directors has initiated a stock buyback program on Tuesday, November 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the oil and gas company to reacquire up to 10% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Marathon Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 2.31%. The ex-dividend date is Wednesday, November 20th. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s dividend payout ratio is presently 26.15%.

Wall Street Analysts Forecast Growth

MPC has been the subject of a number of analyst reports. Tudor Pickering lowered shares of Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a report on Monday, September 9th. Tudor, Pickering, Holt & Co. cut shares of Marathon Petroleum from a “buy” rating to a “sell” rating in a report on Monday, September 9th. Bank of America initiated coverage on shares of Marathon Petroleum in a research report on Thursday, October 17th. They issued a “neutral” rating and a $174.00 target price for the company. JPMorgan Chase & Co. reduced their price target on shares of Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Finally, TD Cowen lowered their price objective on shares of Marathon Petroleum from $174.00 to $170.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Marathon Petroleum presently has an average rating of “Moderate Buy” and a consensus target price of $185.07.

Marathon Petroleum 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.