Market Overview

UPDATE: Goldman Sachs Upgrades Marathon Petroleum to Buy

Related MPC
Deutsche Bank Sees 2015 Bounce For U.S. Oil Refiners
Deutsche Bank Initiates Coverage On Valero Energy Corporation, Says Company Is Well Positioned
Oil Refiners Tumble, Producers Rally on Export Ruling (Fox Business)

Goldman Sachs upgrades Marathon Petroleum (NYSE: MPC) from a Neutral to a Buy rating and reiterates a price target of $58.

Goldman Sachs comments, “Marathon shares are trading near our estimated low-end trading value, making risk/reward quite favorable given its high exposure to our bullish MidCon view. While from a capacity standpoint, the company is exposed to both the Mid-Continent and Gulf Coast regions, we have treated Marathon as an effective MidCon pure-play as its returns on capital have cycled more closely with MidCon pure-plays than diversified peers like Valero. We view positively Marathon's growing “social contract” with investors to return excess cash given dividend increases and a stock buyback program announced earlier this year. We continue to have a positive view of Marathon's management team and integrated, high-quality asset base.”

MPC closed at $40.87 yesterday.

Latest Ratings for MPC

DateFirmActionFromTo
Oct 2014BarclaysReinstatesOverweight
Oct 2014Deutsche BankInitiates Coverage onBuy
Oct 2014CitigroupMaintainsBuy

View More Analyst Ratings for MPC
View the Latest Analyst Ratings

Posted-In: Goldman SachsAnalyst Color Upgrades Analyst Ratings

 

Related Articles (MPC)

Around the Web, We're Loving...

Get Benzinga's Newsletters