On August 13, Marathon Petroleum rose 3.1% in regular trading, trading at $346.2/share, with turnover of $635 million.
The rally was driven by sustained oil price strength combined with a wave of analyst target price upgrades following a blowout Q2 earnings report. The company reported adjusted EPS of $17.73, beating the $13.73 consensus by 29% and surging 348% year-over-year. Revenue came in at $52.34 billion, exceeding estimates by approximately 24%.
Multiple investment banks raised their price targets in response: TD Cowen to $357 (maintaining Buy), Raymond James to $350, Barclays to $321, and Mizuho to $304. The mean analyst target price has risen to $323.71 with an average overweight rating. Concurrently, WTI crude futures have rallied above $84/barrel amid ongoing Middle East geopolitical tensions surrounding the Strait of Hormuz, providing further tailwinds to the refining sector.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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