Credit Suisse Downgrades Marathon Oil (MRO) to Neutral
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Credit Suisse downgraded Marathon Oil (NYSE: MRO) from Outperform to Neutral with a price target of $19.00, citing better risk/reward elsewhere.
Analyst Edward Westlake commented, "In conjunction with our quarterly large cap E&P Deep Dive, we have taken MRO shares down to Neutral. MRO has done an excellent job of increasing the resource base, mainly in Oklahoma, and lowering well costs, and has become more assertive on its completions. The STACK continues to get better – indeed MRO increased the type curve for the STACK by more than 35% last week. However, when we look across the large cap E&P space, and the leading edge well performance relative to our modeling assumptions we continue to see more momentum in the purer play Permian names."
Shares of Marathon Oil closed at $15.67 yesterday.
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