Imperial Capital Downgrades Marathon Petroleum (MPC) to In-Line

November 4, 2013 6:42 AM EST
Get Alerts MPC Hot Sheet
Price: $49.05 +0.66%

Rating Summary:
    20 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 20 | New: 54
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Imperial Capital downgraded Marathon Petroleum (NYSE: MPC) from Outperform to In-Line with a price target of $73.00 (from $70.00) citing valuation.

Analyst Ann Kohler comments, "The shares have gained about 12.5%, YTD, in 2013. With $2.0bn in cash as of 9/30/13 and continued strong free cash flow generation, we believe MPC remains well positioned to invest in economic growth projects across its integrated system as well as return cash to shareholders. At its upcoming analyst meeting, which is scheduled for 12/4/13, we expect management will continue to stress a balanced approach for cash, including economic growth projects across its integrated system, including logistics projects in conjunction with MPLX, its logistics-focused master limited partnership, as well as the continued return of cash to shareholders via dividends and share repurchases. On 10/30/13, MPC reported adjusted 3Q13 results of $0.59, just shy of our and consensus expectations of $0.60 and 40.61, respectively."

For an analyst ratings summary and ratings history on Marathon Petroleum click here. For more ratings news on Marathon Petroleum click here.

Shares of Marathon Petroleum closed at $70.86 yesterday.

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