Marathon Petroleum Corp. Upgraded to “Buy” by Deutsche Bank (MPC)
Marathon Petroleum Corp. (NYSE:MPC) was upgraded by stock analysts at Deutsche Bank from a “hold” rating to a “buy” rating in a report issued on Monday, TheFlyOnTheWall.com reports. The firm currently has a $108.00 price objective on the stock, up from their previous price objective of $80.00. Deutsche Bank’s target price would suggest a potential upside of 30.53% from the stock’s previous close.
The analysts wrote, “For MPC specifically, into the analyst day, huge US refiner, major exposure to discounted crudes, strong product export portfolio, all good. MPC: operationally excellent – a key criterion for buying a refiner. They are upgrading performance at their ‘third leg’ Galveston Bay refinery, bought for a song from BP. Criticism: the conservatism of the company regarding MLP drop downs, but their enormous logistics system is best-in-class. Extra risks: if oil demand gets super-weak, key Chicago markets will turn bad. Watch for excess gasoline. MPC is acquisitive, eg potential bidder for Hess’ major retail network, and should they over-pay (their last ENB pipeline deal looked excellent) the market will fret about excess spending. PT $108 based on 9x 2014 EPS of $12.”
Marathon Petroleum Corp. (NYSE:MPC) traded up 5.25% on Monday, hitting $87.08. 2,800,725 shares of the company’s stock traded hands. Marathon Petroleum Corp. has a one year low of $57.51 and a one year high of $92.73. The stock has a 50-day moving average of $73.75 and a 200-day moving average of $72.95. The company has a market cap of $26.213 billion and a price-to-earnings ratio of 12.08.
Marathon Petroleum Corp. (NYSE:MPC) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.59 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.61 by $0.02. The company had revenue of $26.27 billion for the quarter, compared to the consensus estimate of $21.37 billion. During the same quarter in the previous year, the company posted $3.31 earnings per share. The company’s revenue for the quarter was up 23.6% on a year-over-year basis. On average, analysts predict that Marathon Petroleum Corp. will post $5.46 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, December 10th. Investors of record on Wednesday, November 20th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.03%. The ex-dividend date is Monday, November 18th.
Several other analysts have also recently commented on the stock. Analysts at Imperial Capital downgraded shares of Marathon Petroleum Corp. from an “outperform” rating to an “in-line” rating in a research note to investors on Monday, November 4th. They now have a $73.00 price target on the stock, up previously from $70.00. Separately, analysts at Zacks downgraded shares of Marathon Petroleum Corp. from a “neutral” rating to an “underperform” rating in a research note to investors on Thursday, October 24th. They now have a $66.00 price target on the stock. Finally, analysts at Howard Weil upgraded shares of Marathon Petroleum Corp. from a “sector perform” rating to a “focus stock” rating in a research note to investors on Tuesday, October 15th. They now have a $80.00 price target on the stock, up previously from $75.00. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Marathon Petroleum Corp. has an average rating of “Buy” and an average target price of $87.17.
Marathon Petroleum Corporation (NYSE:MPC) is a petroleum product refiners, transporters and marketers in the United States.
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