Marathon Petroleum Corporation Declares Quarterly Dividend of $0.40 (MPC)
Marathon Petroleum Corporation (NYSE:MPC) announced 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 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend is Wednesday, November 15th.
Marathon Petroleum Corporation has increased its dividend payment by an average of 20.9% per year over the last three years and has raised its dividend every year for the last 6 years. Marathon Petroleum Corporation has a dividend payout ratio of 49.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Marathon Petroleum Corporation to earn $4.00 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 40.0%.
Shares of Marathon Petroleum Corporation (MPC) traded up 1.47% during midday trading on Thursday, hitting $57.27. The stock had a trading volume of 4,239,542 shares. The stock has a market cap of $28.99 billion, a price-to-earnings ratio of 34.15 and a beta of 1.56. The firm’s 50-day moving average price is $55.25 and its 200-day moving average price is $53.23. Marathon Petroleum Corporation has a 1-year low of $40.01 and a 1-year high of $57.92.
Marathon Petroleum Corporation (NYSE:MPC) last issued its quarterly earnings results on Thursday, October 26th. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.48 by $0.29. Marathon Petroleum Corporation had a return on equity of 5.52% and a net margin of 1.34%. The firm had revenue of $19.36 billion during the quarter, compared to analyst estimates of $19.38 billion. During the same quarter in the previous year, the company posted $0.58 earnings per share. The company’s revenue was up 17.6% compared to the same quarter last year. Analysts forecast that Marathon Petroleum Corporation will post $3.28 earnings per share for the current year.
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A number of equities research analysts have recently weighed in on the company. BidaskClub lowered Marathon Petroleum Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 19th. Jefferies Group LLC set a $65.00 target price on Marathon Petroleum Corporation and gave the company a “buy” rating in a research note on Friday, August 25th. Zacks Investment Research raised Marathon Petroleum Corporation from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. Goldman Sachs Group, Inc. (The) lowered Marathon Petroleum Corporation from a “buy” rating to a “neutral” rating and set a $63.00 target price for the company. in a research note on Tuesday, October 3rd. They noted that the move was a valuation call. Finally, Scotiabank set a $55.00 target price on Marathon Petroleum Corporation and gave the company a “hold” rating in a research note on Tuesday, July 11th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $60.63.
In related news, VP C. Michael Palmer sold 11,450 shares of the business’s stock in a transaction dated Thursday, September 14th. The stock was 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 SEC, which is accessible through this link. 1.05% of the stock is owned by insiders.
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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