Marathon Petroleum Co. (NYSE:MPC) Announces $0.83 Quarterly Dividend

Marathon Petroleum Co. (NYSE:MPC) announced a quarterly dividend on Wednesday, April 24th, RTT News reports. Investors of record on Thursday, May 16th will be given a dividend of 0.825 per share by the oil and gas company on Monday, June 10th. This represents a $3.30 dividend on an annualized basis and a yield of 1.67%.

Marathon Petroleum has raised its dividend payment by an average of 9.9% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. Marathon Petroleum has a payout ratio of 19.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Marathon Petroleum to earn $16.52 per share next year, which means the company should continue to be able to cover its $3.30 annual dividend with an expected future payout ratio of 20.0%.

Marathon Petroleum Trading Down 0.8 %

Shares of Marathon Petroleum stock traded down $1.57 during midday trading on Wednesday, reaching $198.08. 620,476 shares of the company’s stock traded hands, compared to its average volume of 2,774,544. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.13 and a current ratio of 1.59. Marathon Petroleum has a 12 month low of $104.32 and a 12 month high of $221.11. The company has a market cap of $71.38 billion, a PE ratio of 8.49, a price-to-earnings-growth ratio of 1.70 and a beta of 1.52. The stock has a 50 day moving average of $190.68 and a 200-day moving average of $165.99.

Marathon Petroleum (NYSE:MPC) last announced its quarterly earnings data on Tuesday, January 30th. The oil and gas company reported $3.98 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $1.77. Marathon Petroleum had a return on equity of 30.58% and a net margin of 6.44%. The firm had revenue of $36.26 billion for the quarter, compared to the consensus estimate of $34.90 billion. During the same quarter last year, the business posted $6.65 earnings per share. The firm’s revenue was down 8.9% compared to the same quarter last year. As a group, equities analysts expect that Marathon Petroleum will post 19.42 EPS for the current fiscal year.

Insider Activity at Marathon Petroleum

In related news, Director Kim K.W. Rucker sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $170.35, for a total value of $170,350.00. Following the completion of the sale, the director now directly owns 23,446 shares in the company, valued at $3,994,026.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.21% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on MPC shares. Wells Fargo & Company lifted their price objective on shares of Marathon Petroleum from $214.00 to $227.00 and gave the company an “overweight” rating in a research note on Thursday, April 4th. Scotiabank lifted their price objective on shares of Marathon Petroleum from $175.00 to $207.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. Piper Sandler boosted their target price on shares of Marathon Petroleum from $159.00 to $204.00 and gave the company a “neutral” rating in a research report on Friday, April 5th. StockNews.com raised shares of Marathon Petroleum from a “hold” rating to a “buy” rating in a research note on Saturday, March 9th. Finally, Bank of America raised their price objective on shares of Marathon Petroleum from $185.00 to $230.00 and gave the stock a “neutral” rating in a report on Friday, March 15th. Five investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $193.77.

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.