Infrastructure Capital Advisors LLC Sells 4,900 Shares of Marathon Petroleum Co. (NYSE:MPC)

Infrastructure Capital Advisors LLC trimmed its holdings in shares of Marathon Petroleum Co. (NYSE:MPC) by 12.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,907 shares of the oil and gas company’s stock after selling 4,900 shares during the quarter. Marathon Petroleum comprises about 0.7% of Infrastructure Capital Advisors LLC’s investment portfolio, making the stock its 28th largest holding. Infrastructure Capital Advisors LLC’s holdings in Marathon Petroleum were worth $5,524,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Raymond James & Associates increased its position 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 acquiring an additional 107,915 shares during the period. Pacer Advisors Inc. increased its position in Marathon Petroleum by 8.8% during the third quarter. Pacer Advisors Inc. now owns 2,905,610 shares of the oil and gas company’s stock worth $473,353,000 after acquiring an additional 235,795 shares during the period. Bank of Montreal Can increased its position in Marathon Petroleum by 45.4% during the third quarter. Bank of Montreal Can now owns 1,329,422 shares of the oil and gas company’s stock worth $217,560,000 after acquiring an additional 415,368 shares during the period. International Assets Investment Management LLC increased its position in Marathon Petroleum by 19,153.8% during the third quarter. International Assets Investment Management LLC now owns 1,311,182 shares of the oil and gas company’s stock worth $213,605,000 after acquiring an additional 1,304,372 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in Marathon Petroleum by 6.0% during the second quarter. Canada Pension Plan Investment Board now owns 1,285,248 shares of the oil and gas company’s stock worth $222,965,000 after acquiring an additional 72,192 shares during the period. 76.77% of the stock is owned by institutional investors.

Marathon Petroleum Stock Down 1.1 %

NYSE:MPC opened at $155.36 on Friday. The firm’s 50 day simple moving average is $158.14 and its 200 day simple moving average is $166.95. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.23 and a quick ratio of 0.76. Marathon Petroleum Co. has a one year low of $140.98 and a one year high of $221.11. The company has a market cap of $49.93 billion, a PE ratio of 12.31, a P/E/G ratio of 2.70 and a beta of 1.38.

Marathon Petroleum (NYSE:MPC) last posted its earnings results on Tuesday, November 5th. The oil and gas company reported $1.87 EPS for the quarter, topping the consensus estimate of $0.97 by $0.90. Marathon Petroleum had a net margin of 3.15% and a return on equity of 16.19%. The business had revenue of $35.37 billion for the quarter, compared to the consensus estimate of $34.34 billion. During the same period last year, the company earned $8.14 EPS. The firm’s revenue was down 14.9% compared to the same quarter last year. On average, research analysts anticipate that Marathon Petroleum Co. will post 9.59 earnings per share for the current year.

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

Marathon Petroleum Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be issued a dividend of $0.91 per share. This is a positive change from Marathon Petroleum’s previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, November 20th. This represents a $3.64 annualized dividend and a yield of 2.34%. Marathon Petroleum’s dividend payout ratio (DPR) is presently 28.84%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Tudor, Pickering, Holt & Co. downgraded shares of Marathon Petroleum from a “buy” rating to a “sell” rating in a research note on Monday, September 9th. Wells Fargo & Company reduced their price objective on shares of Marathon Petroleum from $196.00 to $183.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 9th. Piper Sandler reduced their price objective on shares of Marathon Petroleum from $168.00 to $145.00 and set a “neutral” rating on the stock in a research note on Friday, September 20th. Morgan Stanley reduced their price objective on shares of Marathon Petroleum from $196.00 to $182.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Marathon Petroleum from $172.00 to $171.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.