Bank of America Corp. restated their neutral rating on shares of Marathon Petroleum Corp. (NYSE:MPC) in a report released on Tuesday, Stock Ratings Network.com reports. Bank of America Corp. currently has a $99.00 price objective on the stock, up from their previous price objective of $83.00.
“Marathon Petroleum has been amongst the biggest beneficiaries of the recent rebound in crude differentials – and in particular the expansion in sour crude spreads on the US Gulf Coast. However in our view, this is too much too soon, given that downtime at MPC’s Garyville refinery is one of the reasons spreads expanded in the first place. Near term we expect spreads to narrow and believe any pullback could provide a better entry point for the shares.,” the firm’s analyst commented.
Several other analysts have also recently commented on the stock. Analysts at Bank Degroof(ESN) upgraded shares of Marathon Petroleum Corp. to a buy rating in a research note to investors on Monday. Separately, analysts at Simmons upgraded shares of Marathon Petroleum Corp. to an overweight rating in a research note to investors on Monday. Finally, analysts at Deutsche Bank upgraded shares of Marathon Petroleum Corp. from a hold rating to a buy rating in a research note to investors on Monday. They now have a $108.00 price target on the stock, up previously from $80.00. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $88.69.
Shares of Marathon Petroleum Corp. (NYSE:MPC) traded down 3.94% during mid-day trading on Tuesday, hitting $83.56. 5,165,656 shares of the company’s stock traded hands. Marathon Petroleum Corp. has a 52 week low of $57.51 and a 52 week high of $92.73. The stock has a 50-day moving average of $74.33 and a 200-day moving average of $72.93. The company has a market cap of $25.154 billion and a P/E ratio of 12.70.
Marathon Petroleum Corp. (NYSE:MPC) last released its 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 last year, the company posted $3.31 earnings per share. Marathon Petroleum Corp.’s revenue was up 23.6% compared to the same quarter last year. Analysts expect that Marathon Petroleum Corp. will post $5.47 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Monday, November 18th.
Marathon Petroleum Corporation (NYSE:MPC) is a petroleum product refiners, transporters and marketers in the United States.
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