UPDATE: Global Hunter Securities Upgraded Marathon Oil Corporation
Global Hunter Securities raised its rating on Marathon Oil Corporation (NYSE: MRO) from Accumulate to Buy and raised its price target from $35 to $40.
Global Hunter Securities said, "We believe the latest Eagle Ford results should go some way toward calming nerves about the quality of MRO's assets, although with only one well run on open choke so far, a few more data points would be welcome. MRO beat its Q3 production guidance soundly; on higher expected output and resource upgrades we are increasing our price target to $40 from $35 (representing 2.7x EV/2013E EBITDA and 79% PT/NAV) and moving our rating on MRO up to Buy from Accumulate."
Marathon Oil Corporation closed at $31.21 on Tuesday.
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