UPDATE: Scotia Capital Lowers PT on Marathon Oil to $36

Scotia Capital is out with its report today on Marathon Oil (NYSE: MRO), lowering its PT from $55 to $36.

In its report, Scotia Capital writes, "After adjusting for the spin-off of Marathon Petroleum (NYSE: MPC), we have revised our risked NAV to $29.72/sh. ($45.12/sh. unrisked), and our one-year target has changed to $36.00 from $55.00. We maintain our 2-Sector Perform rating."

At the time of posting, shares of MRO were trading at $26.64, down 3.58% from Wednesday's close.