Movement Alert|Marathon Petroleum Rises 3.22% in Regular Trading, Q2 Earnings Far Exceed Expectations as Multiple Banks Raise Price Targets

Market Focus08-10

On August 10, Marathon Petroleum rose 3.22% in regular trading, trading at $308.98/share, with turnover of $24.22 million. The stock continues to gain momentum following a blowout Q2 earnings report and a wave of analyst upgrades.

Marathon Petroleum reported Q2 adjusted EPS of $17.73, beating the consensus estimate of $13.73 by 29% and surging approximately 348% year-over-year from $3.96. Revenue came in at $52.34 billion, exceeding expectations by roughly 24%. The quarter saw crude throughput of 2.9 million barrels per day at 94% capacity utilization, supported by doubled Venezuelan crude processing volumes versus Q1 and Gulf Coast refineries running at full capacity.

Multiple investment banks raised their price targets in response: Barclays to $321, Raymond James to $350, TD Cowen to $357, Jefferies to $335, and UBS to $321. The company also highlighted robust demand for gasoline, diesel, and jet fuel, with U.S. jet fuel demand hitting a record high in June.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment