Royal London Asset Management Ltd. Reduces Position in Marathon Petroleum Corp (MPC)
Royal London Asset Management Ltd. lessened its holdings in Marathon Petroleum Corp (NYSE:MPC) by 16.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 173,891 shares of the oil and gas company’s stock after selling 33,225 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Marathon Petroleum were worth $14,013,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in MPC. NEXT Financial Group Inc bought a new stake in Marathon Petroleum in the 3rd quarter valued at $124,000. Destination Wealth Management bought a new stake in Marathon Petroleum in the 2nd quarter valued at $144,000. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in Marathon Petroleum in the 2nd quarter valued at $147,000. Squar Milner Financial Services LLC bought a new stake in Marathon Petroleum in the 2nd quarter valued at $156,000. Finally, Columbia Asset Management bought a new stake in Marathon Petroleum in the 3rd quarter valued at $156,000. 83.16% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have issued reports on MPC. Tudor Pickering raised shares of Marathon Petroleum from a “hold” rating to a “buy” rating in a report on Thursday, October 11th. Citigroup upped their target price on shares of Marathon Petroleum from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, September 7th. Morgan Stanley set a $110.00 target price on shares of Marathon Petroleum and gave the stock a “buy” rating in a report on Friday, October 12th. Zacks Investment Research lowered shares of Marathon Petroleum from a “buy” rating to a “hold” rating in a report on Tuesday, September 11th. Finally, JPMorgan Chase & Co. upped their target price on shares of Marathon Petroleum from $98.00 to $102.00 and gave the stock an “overweight” rating in a report on Friday, July 27th. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Marathon Petroleum currently has an average rating of “Buy” and an average price target of $92.38.
Marathon Petroleum (NYSE:MPC) last posted its earnings results on Thursday, November 1st. The oil and gas company reported $1.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.68 by $0.02. Marathon Petroleum had a net margin of 4.48% and a return on equity of 12.28%. The business had revenue of $23.13 billion for the quarter, compared to analyst estimates of $23.20 billion. During the same quarter in the prior year, the firm earned $1.77 EPS. The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. Analysts expect that Marathon Petroleum Corp will post 5.16 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Wednesday, November 21st will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Tuesday, November 20th. This represents a $1.84 annualized dividend and a yield of 2.82%. Marathon Petroleum’s dividend payout ratio (DPR) is 48.42%.
Marathon Petroleum Company Profile
Marathon Petroleum Corporation, together with its subsidiaries, engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates through three segments: Refining & Marketing, Speedway, and Midstream. It refines crude oil and other feed stocks at its six refineries in the Gulf Coast and Midwest regions of the United States; and purchases refined products and ethanol for resale.
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