Marathon Petroleum Corporation (NYSE:MPC) declared a quarterly dividend on Thursday, October 26th, Wall Street Journal reports. Stockholders of record on Thursday, November 16th will be paid a dividend of 0.40 per share by the oil and gas company on Monday, December 11th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date is Wednesday, November 15th.
Marathon Petroleum Corporation has increased its dividend by an average of 20.9% per year over the last three years and has increased its dividend every year for the last 6 years. Marathon Petroleum Corporation has a dividend payout ratio of 44.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Marathon Petroleum Corporation to earn $3.68 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 43.5%.
Marathon Petroleum Corporation (NYSE:MPC) opened at $62.20 on Tuesday. Marathon Petroleum Corporation has a 12-month low of $42.57 and a 12-month high of $63.41. The stock has a market cap of $30,144.80, a P/E ratio of 18.76, a PEG ratio of 1.57 and a beta of 1.59. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.80 and a current ratio of 1.52.
Marathon Petroleum Corporation (NYSE:MPC) last announced its quarterly earnings data on Thursday, October 26th. The oil and gas company reported $1.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.48 by $0.29. Marathon Petroleum Corporation had a net margin of 2.35% and a return on equity of 8.52%. The business had revenue of $19.36 billion for the quarter, compared to analyst estimates of $19.38 billion. During the same period in the prior year, the business posted $0.58 earnings per share. Marathon Petroleum Corporation’s revenue was up 17.6% compared to the same quarter last year. research analysts anticipate that Marathon Petroleum Corporation will post 3.59 EPS for the current fiscal year.
In other news, VP C. Michael Palmer sold 11,450 shares of the stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $53.02, for a total transaction of $607,079.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Anthony R. Kenney sold 77,578 shares of the stock in a transaction on Monday, November 6th. The stock was sold at an average price of $62.35, for a total transaction of $4,836,988.30. The disclosure for this sale can be found here. 1.05% of the stock is owned by corporate insiders.
Several equities analysts recently weighed in on MPC shares. Bank of America Corporation lowered shares of Marathon Petroleum Corporation from a “buy” rating to a “neutral” rating in a report on Tuesday, September 5th. Citigroup Inc. increased their price objective on shares of Marathon Petroleum Corporation from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, October 18th. Wells Fargo & Company lowered shares of Marathon Petroleum Corporation from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $65.00 to $56.00 in a report on Tuesday, September 5th. Zacks Investment Research lowered shares of Marathon Petroleum Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Finally, Scotiabank restated a “hold” rating and issued a $55.00 price objective on shares of Marathon Petroleum Corporation in a report on Friday, September 1st. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Marathon Petroleum Corporation presently has an average rating of “Buy” and an average target price of $62.64.
About Marathon Petroleum Corporation
Marathon Petroleum Corporation is engaged in refining, marketing, retail and transportation businesses in the United States and the largest east of the Mississippi. The Company operates through three segments: Refining & Marketing; Speedway; and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at the Company’s seven refineries in the Gulf Coast and Midwest regions of the United States.
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