Marathon Petroleum Co. (MPC) to Issue Quarterly Dividend of $0.83 on June 10th

Marathon Petroleum Co. (NYSE:MPCGet Free Report) announced a quarterly dividend on Wednesday, April 24th, RTT News reports. Shareholders 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 1.84%. The ex-dividend date is Wednesday, May 15th.

Marathon Petroleum has increased its dividend payment by an average of 9.9% annually over the last three years and has raised its dividend every year for the last 2 years. Marathon Petroleum has a payout ratio of 19.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Marathon Petroleum to earn $16.69 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 19.8%.

Marathon Petroleum Price Performance

NYSE:MPC opened at $179.56 on Monday. The stock has a 50 day moving average price of $195.26 and a 200 day moving average price of $169.26. The stock has a market cap of $63.26 billion, a PE ratio of 8.97, a P/E/G ratio of 1.57 and a beta of 1.55. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.99 and a current ratio of 1.43. Marathon Petroleum has a one year low of $104.32 and a one year high of $221.11.

Marathon Petroleum (NYSE:MPCGet Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported $2.78 EPS for the quarter, topping the consensus estimate of $2.53 by $0.25. Marathon Petroleum had a return on equity of 25.87% and a net margin of 5.32%. The business had revenue of $32.71 billion for the quarter, compared to analyst estimates of $32.07 billion. During the same quarter in the previous year, the firm earned $6.09 EPS. The company’s quarterly revenue was down 6.2% compared to the same quarter last year. Equities research analysts expect that Marathon Petroleum will post 19.1 EPS for the current fiscal year.

Insider Activity at Marathon Petroleum

In other news, Director Kim K.W. Rucker sold 1,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $170.35, for a total value of $170,350.00. Following the sale, the director now owns 23,446 shares in the company, valued at approximately $3,994,026.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Citigroup began coverage on shares of Marathon Petroleum in a research report on Wednesday, January 24th. They set a “neutral” rating on the stock. Mizuho reduced their price objective on shares of Marathon Petroleum from $202.00 to $200.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. StockNews.com downgraded shares of Marathon Petroleum from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Wells Fargo & Company raised their price target on Marathon Petroleum from $214.00 to $227.00 and gave the company an “overweight” rating in a research note on Thursday, April 4th. Finally, Piper Sandler upped their price objective on Marathon Petroleum from $159.00 to $204.00 and gave the stock a “neutral” rating in a research report on Friday, April 5th. Five research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $191.62.

View Our Latest Analysis on Marathon Petroleum

Marathon Petroleum announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, April 30th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 7.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

About Marathon Petroleum

(Get Free Report)

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.

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Dividend History for Marathon Petroleum (NYSE:MPC)

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