Marathon Petroleum Co. (NYSE:MPC – Get Free Report) announced a quarterly dividend on Wednesday, July 31st, RTT News reports. Shareholders of record on Wednesday, August 21st will be paid a dividend of 0.825 per share by the oil and gas company on Tuesday, September 10th. This represents a $3.30 annualized dividend and a yield of 1.83%. The ex-dividend date is Wednesday, August 21st.
Marathon Petroleum has increased its dividend by an average of 9.9% per year over the last three years. Marathon Petroleum has a dividend payout ratio of 22.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Marathon Petroleum to earn $15.32 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 21.5%.
Marathon Petroleum Price Performance
Shares of NYSE MPC opened at $180.03 on Monday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.99 and a current ratio of 1.43. The firm has a fifty day moving average of $171.27 and a 200 day moving average of $180.02. The firm has a market cap of $63.43 billion, a PE ratio of 8.99, a PEG ratio of 2.09 and a beta of 1.40. Marathon Petroleum has a one year low of $139.32 and a one year high of $221.11.
Marathon Petroleum declared that its board has authorized a stock repurchase plan on Tuesday, April 30th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to buy up to 7.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Analyst Ratings Changes
Several research analysts recently commented on the company. Raymond James reduced their price objective on Marathon Petroleum from $235.00 to $230.00 and set a “strong-buy” rating for the company in a research note on Thursday, May 30th. Wolfe Research assumed coverage on shares of Marathon Petroleum in a research note on Thursday, July 18th. They set an “outperform” rating and a $200.00 price objective for the company. Mizuho decreased their target price on shares of Marathon Petroleum from $203.00 to $201.00 and set a “neutral” rating on the stock in a research note on Thursday, June 20th. Wells Fargo & Company dropped their price target on Marathon Petroleum from $223.00 to $196.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Finally, Barclays lowered their price objective on Marathon Petroleum from $195.00 to $185.00 and set an “overweight” rating on the stock in a research note on Monday, July 1st. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Marathon Petroleum presently has a consensus rating of “Moderate Buy” and an average target price of $198.38.
Read Our Latest Research Report on MPC
Marathon Petroleum Company Profile
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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