UPDATE: Societe Generale Raises PT to $36 on Marathon Oil Corporation Post Eagle Ford Update
Societe Generale reiterated its Buy rating on Marathon Oil Corporation (NYSE: MRO) and raised its price target from $32 to $36.
Societe Generale commented, "MRO increased its 2012 volume growth target 2% helped by strong Eagle Ford results and had flat sequential unit costs. Even removing the Paloma acquisition, MRO grew sequential Eagle ford output 66% and demonstrated strong liquids output with the Burrow 2-H 24 hour IP of 6,275 BOE/d. Not every wildcat will work (Innsbruck is still drilling but has yet to find hydrocarbons), but by having an ‘option portfolio' in Kenya, Ethiopia, GOM, and Iraq, MRO can offer shareholders asset value growth beyond NA exploitation."
Marathon Oil Corporation closed at $31.21 on Tuesday.
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