Marathon Petroleum Co. (NYSE:MPC) Stake Boosted by CIBC Asset Management Inc

CIBC Asset Management Inc increased its position in shares of Marathon Petroleum Co. (NYSE:MPC) by 3.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,571 shares of the oil and gas company’s stock after purchasing an additional 1,950 shares during the quarter. CIBC Asset Management Inc’s holdings in Marathon Petroleum were worth $8,727,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Raymond James & Associates lifted its stake in Marathon Petroleum by 2.6% during the second quarter. Raymond James & Associates now owns 4,286,892 shares of the oil and gas company’s stock worth $743,690,000 after purchasing an additional 107,915 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Marathon Petroleum by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,080,958 shares of the oil and gas company’s stock valued at $620,815,000 after buying an additional 31,100 shares during the last quarter. Boston Partners lifted its stake in Marathon Petroleum by 0.3% in the first quarter. Boston Partners now owns 2,773,050 shares of the oil and gas company’s stock valued at $558,390,000 after buying an additional 8,476 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Marathon Petroleum by 8.5% in the second quarter. Pacer Advisors Inc. now owns 2,669,815 shares of the oil and gas company’s stock valued at $463,160,000 after buying an additional 209,270 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its stake in Marathon Petroleum by 19,153.8% in the third quarter. International Assets Investment Management LLC now owns 1,311,182 shares of the oil and gas company’s stock valued at $213,605,000 after buying an additional 1,304,372 shares during the last quarter. 76.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on MPC. Citigroup cut their target price on Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a research note on Thursday, October 10th. Tudor Pickering cut Marathon Petroleum from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, September 9th. 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. Bank of America assumed coverage on Marathon Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $174.00 price target on the stock. Finally, Barclays lowered their price target on Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating on the stock in a report on Monday, November 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Marathon Petroleum currently has an average rating of “Moderate Buy” and a consensus price target of $185.07.

Marathon Petroleum Trading Down 0.4 %

Shares of MPC opened at $157.52 on Friday. The business’s 50-day moving average price is $159.06 and its 200 day moving average price is $168.33. The stock has a market capitalization of $50.63 billion, a P/E ratio of 12.48, a P/E/G ratio of 2.82 and a beta of 1.38. Marathon Petroleum Co. has a 1-year low of $140.98 and a 1-year high of $221.11. 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 (NYSE:MPC) last issued its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 earnings per share for the quarter, topping 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 firm had revenue of $35.37 billion for the quarter, compared to analysts’ expectations of $34.34 billion. During the same quarter last year, the business posted $8.14 EPS. Marathon Petroleum’s revenue was down 14.9% on a year-over-year basis. Analysts expect that Marathon Petroleum Co. will post 9.41 earnings per share for the current year.

Marathon Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be given a dividend of $0.91 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. This represents a $3.64 dividend on an annualized basis and a yield of 2.31%. Marathon Petroleum’s dividend payout ratio (DPR) is presently 28.84%.

Marathon Petroleum announced that its Board of Directors has approved a share buyback program on Tuesday, November 5th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the oil and gas company to purchase up to 10% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

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.