On September 22, Marathon Petroleum fell 3.26% in regular trading, trading at $389.75/share, with turnover of $127 million.
On the news front, Jefferies downgraded Marathon Petroleum from Buy to Hold while maintaining a $413 price target. Notably, Jefferies had raised its target from $335 to $413 in mid-August while keeping a Buy rating. The shift to Hold as the stock approached the target level signals that the brokerage sees limited upside from current levels. The FactSet analyst consensus mean price target stands at $383.71, now below the current trading price at the time of the downgrade, further reinforcing the view that the stock may be near fair value.
Within the Oil & Gas Refining & Marketing sector, stocks broadly declined. Among peers, Valero fell 2.92%, Phillips 66 fell 2.24%, HF Sinclair Corporation fell 2.13%, PBF Energy fell 2.70%, and Par Pacific fell 2.34%.
Marathon Petroleum operates the largest refining system in the United States with approximately 3 million barrels per day of crude oil refining capacity. The company reported strong Q2 results with adjusted EPS of $17.73, significantly beating estimates, and is expected to report Q3 earnings on November 3 with consensus EPS of $23.15.
(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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