Peapack Gladstone Financial Corp Has $1.37 Million Stock Holdings in Marathon Petroleum Co. (NYSE:MPC)

Peapack Gladstone Financial Corp reduced its position in shares of Marathon Petroleum Co. (NYSE:MPC) by 11.7% during the third quarter, Holdings Channel reports. The institutional investor owned 8,428 shares of the oil and gas company’s stock after selling 1,120 shares during the period. Peapack Gladstone Financial Corp’s holdings in Marathon Petroleum were worth $1,372,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in Marathon Petroleum by 342.1% in the 3rd quarter. Wellington Management Group LLP now owns 5,593,729 shares of the oil and gas company’s stock valued at $911,274,000 after purchasing an additional 4,328,470 shares during the period. International Assets Investment Management LLC increased its stake in Marathon Petroleum by 19,153.8% in the 3rd 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. ING Groep NV bought a new position in shares of Marathon Petroleum during the 3rd quarter worth approximately $114,107,000. National Bank of Canada FI grew its holdings in shares of Marathon Petroleum by 212.9% in the third quarter. National Bank of Canada FI now owns 846,756 shares of the oil and gas company’s stock valued at $137,945,000 after acquiring an additional 576,119 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Marathon Petroleum by 45.4% during the 3rd quarter. Bank of Montreal Can now owns 1,329,422 shares of the oil and gas company’s stock worth $217,560,000 after purchasing an additional 415,368 shares during the period. Institutional investors and hedge funds own 76.77% of the company’s stock.

Marathon Petroleum Price Performance

Shares of NYSE:MPC opened at $145.56 on Monday. The company’s fifty day moving average price is $155.10 and its 200-day moving average price is $164.91. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.23 and a quick ratio of 0.76. The firm has a market capitalization of $46.78 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 2.67 and a beta of 1.39. Marathon Petroleum Co. has a one year low of $142.84 and a one year high of $221.11.

Marathon Petroleum (NYSE:MPC) last released its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 EPS for the quarter, beating 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 business had revenue of $35.37 billion for the quarter, compared to analysts’ expectations of $34.34 billion. During the same quarter in the prior year, the firm earned $8.14 earnings per share. The firm’s revenue was down 14.9% on a year-over-year basis. On average, equities research analysts anticipate that Marathon Petroleum Co. will post 9.5 earnings per share for the current fiscal year.

Marathon Petroleum announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, November 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the oil and gas company to purchase up to 10% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Marathon Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th were paid a $0.91 dividend. The ex-dividend date was Wednesday, November 20th. This represents a $3.64 annualized dividend and a yield of 2.50%. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. Marathon Petroleum’s dividend payout ratio is currently 28.84%.

Insider Buying and Selling at Marathon Petroleum

In other Marathon Petroleum news, Director Jeffrey C. Campbell purchased 6,000 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was acquired at an average cost of $149.61 per share, for a total transaction of $897,660.00. Following the completion of the transaction, the director now directly owns 6,090 shares in the company, valued at approximately $911,124.90. This represents a 6,666.67 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.21% of the company’s stock.

Analyst Upgrades and Downgrades

MPC has been the subject of several research reports. TD Cowen reissued a “buy” rating and set a $170.00 price objective on shares of Marathon Petroleum in a report on Tuesday, December 10th. Morgan Stanley reduced their price target on Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Citigroup dropped their price objective on Marathon Petroleum from $172.00 to $167.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Barclays reduced their target price on Marathon Petroleum from $168.00 to $159.00 and set an “overweight” rating for the company in a report on Monday, November 11th. Finally, Scotiabank lowered their price target on shares of Marathon Petroleum from $191.00 to $170.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $185.27.

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.