Summit Global Investments Takes Position in Marathon Petroleum Co. (NYSE:MPC)

Summit Global Investments acquired a new stake in Marathon Petroleum Co. (NYSE:MPC) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 31,372 shares of the oil and gas company’s stock, valued at approximately $5,442,000.

A number of other large investors also recently modified their holdings of MPC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in shares of Marathon Petroleum in the fourth quarter valued at approximately $25,000. FinTrust Capital Advisors LLC raised its stake in Marathon Petroleum by 400.0% in the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 100 shares in the last quarter. Crewe Advisors LLC purchased a new stake in Marathon Petroleum in the first quarter valued at approximately $29,000. ICA Group Wealth Management LLC purchased a new stake in Marathon Petroleum in the fourth quarter valued at approximately $30,000. Finally, Vima LLC purchased a new stake in Marathon Petroleum in the fourth quarter valued at approximately $30,000. 76.77% of the stock is currently owned by institutional investors.

Marathon Petroleum Trading Down 4.1 %

NYSE:MPC traded down $7.29 during trading hours on Tuesday, hitting $171.61. The company had a trading volume of 2,700,326 shares, compared to its average volume of 2,640,019. The company has a market capitalization of $60.46 billion, a PE ratio of 8.57, a price-to-earnings-growth ratio of 2.09 and a beta of 1.40. The stock has a 50-day moving average price of $171.31 and a 200 day moving average price of $180.14. Marathon Petroleum Co. has a 52 week low of $139.32 and a 52 week high of $221.11. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.43 and a quick ratio of 0.99.

Marathon Petroleum (NYSE:MPC) last released its quarterly earnings results on Tuesday, August 6th. The oil and gas company reported $4.12 earnings per share for the quarter, beating the consensus estimate of $3.09 by $1.03. Marathon Petroleum had a net margin of 5.32% and a return on equity of 25.87%. The business had revenue of $38.36 billion for the quarter, compared to analysts’ expectations of $36.66 billion. During the same quarter in the previous year, the business posted $5.32 earnings per share. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, equities research analysts predict that Marathon Petroleum Co. will post 13.84 EPS for the current fiscal year.

Marathon Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Wednesday, August 21st will be issued a dividend of $0.825 per share. This represents a $3.30 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Wednesday, August 21st. Marathon Petroleum’s dividend payout ratio (DPR) is presently 16.48%.

Marathon Petroleum announced that its Board of Directors has approved a share buyback plan on Tuesday, April 30th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to reacquire up to 7.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MPC shares. TD Cowen raised their target price on shares of Marathon Petroleum from $187.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. StockNews.com downgraded shares of Marathon Petroleum from a “buy” rating to a “hold” rating in a research note on Friday, June 14th. Wolfe Research assumed coverage on shares of Marathon Petroleum in a research note on Thursday, July 18th. They issued an “outperform” rating and a $200.00 target price on the stock. Mizuho decreased their price target on shares of Marathon Petroleum from $203.00 to $201.00 and set a “neutral” rating on the stock in a research note on Thursday, June 20th. Finally, Barclays decreased their price target on shares of Marathon Petroleum from $195.00 to $185.00 and set an “overweight” rating on the stock in a research note on Monday, July 1st. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $198.38.

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.