Synovus Financial Corp Sells 228 Shares of Marathon Petroleum Corp (NYSE:MPC)

Synovus Financial Corp reduced its position in Marathon Petroleum Corp (NYSE:MPC) by 1.6% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 13,675 shares of the oil and gas company’s stock after selling 228 shares during the quarter. Synovus Financial Corp’s holdings in Marathon Petroleum were worth $831,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC bought a new stake in shares of Marathon Petroleum during the 3rd quarter valued at approximately $25,000. Wealthcare Advisory Partners LLC boosted its position in Marathon Petroleum by 345.6% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 508 shares of the oil and gas company’s stock worth $28,000 after buying an additional 394 shares during the period. Old North State Trust LLC boosted its position in Marathon Petroleum by 209.1% during the 3rd quarter. Old North State Trust LLC now owns 476 shares of the oil and gas company’s stock worth $29,000 after buying an additional 322 shares during the period. Endurance Wealth Management Inc. boosted its position in Marathon Petroleum by 365.4% during the 3rd quarter. Endurance Wealth Management Inc. now owns 484 shares of the oil and gas company’s stock worth $29,000 after buying an additional 380 shares during the period. Finally, Mechanics Bank Trust Department acquired a new stake in Marathon Petroleum during the 3rd quarter worth approximately $29,000. 76.62% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Marathon Petroleum stock traded down $0.48 during trading on Friday, reaching $65.77. 639,162 shares of the company traded hands, compared to its average volume of 6,600,017. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.25 and a quick ratio of 0.63. Marathon Petroleum Corp has a 1-year low of $43.96 and a 1-year high of $69.76. The company has a 50 day moving average price of $62.84 and a 200-day moving average price of $54.95. The firm has a market capitalization of $43.14 billion, a PE ratio of 9.70, a P/E/G ratio of 1.58 and a beta of 1.70.

Marathon Petroleum (NYSE:MPC) last released its earnings results on Thursday, October 31st. The oil and gas company reported $1.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.33. Marathon Petroleum had a net margin of 2.50% and a return on equity of 8.94%. The company had revenue of $31.20 billion for the quarter, compared to the consensus estimate of $32.89 billion. During the same quarter in the previous year, the company earned $1.70 EPS. Marathon Petroleum’s quarterly revenue was up 34.9% compared to the same quarter last year. Equities research analysts expect that Marathon Petroleum Corp will post 4.21 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be given a dividend of $0.53 per share. The ex-dividend date is Tuesday, November 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.22%. Marathon Petroleum’s payout ratio is presently 31.27%.

MPC has been the topic of a number of recent analyst reports. Cowen boosted their price target on shares of Marathon Petroleum from $57.00 to $60.00 and gave the stock a “market perform” rating in a research report on Wednesday, September 25th. Jefferies Financial Group initiated coverage on shares of Marathon Petroleum in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $75.00 price target on the stock. ValuEngine downgraded shares of Marathon Petroleum from a “hold” rating to a “sell” rating in a research report on Wednesday. JPMorgan Chase & Co. dropped their price target on shares of Marathon Petroleum from $74.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 10th. Finally, Raymond James boosted their price target on shares of Marathon Petroleum from $72.00 to $75.00 and gave the stock a “strong-buy” rating in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $73.38.

Marathon Petroleum Company Profile

Marathon Petroleum Corp. is an independent petroleum product refiners, marketers and transporters in the United States. The company operates through the following segments: Refining & Marketing; Retail; and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast and Midwest regions of the United States, purchases ethanol and refined products for resale and distributes refined products through various means, including barges, terminals and trucks that the company owns or operates.

Further Reading: Investing strategies using the yield curve

Want to see what other hedge funds are holding MPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marathon Petroleum Corp (NYSE:MPC).

Institutional Ownership by Quarter for Marathon Petroleum (NYSE:MPC)

Receive News & Ratings for Marathon Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marathon Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.