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Imperial Capital Upgrades Marathon Petroleum (MPC) to Outperform (Earlier)

January 31, 2014 12:42 PM EST Send to a Friend
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Price: $88.25 +0.07%

Rating Summary:
    16 Buy, 4 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 9 | Down: 9 | New: 42
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Earlier, Imperial Capital upgraded Marathon Petroleum (NYSE: MPC) from In-Line to Outperform with a price target of $98.00 (from $76.00).

"Due to its integrated operations, we believe MPC remains well positioned to balance growth capital investment across its system while continuing to return cash to its shareholders," analyst Ann Kohler said. "While MPC looks to shift capital towards Speedway and its midstream operations, businesses which have consistently provided more stable cash flow stream and higher valuations relative to refining, it continues to evaluate refining projects focused on margin enhancement opportunities. On 1/29/14, MPC reported adjusted 4Q13 results of $2.10], ahead of our and consensus estimates of $1.18, with the beat largely attributable to a stronger than forecast refining gross margin as a result of better realized product prices versus margin indicators."

The firm is raising 2014 EPS estimate for MPC to $8.61 from $6.25, reflecting an upward revision to our WTI-Brent price differential while incorporating 1Q14 operational guidance as well as 1Q14 margins quarter-to-date. They are introducing 2015 EPS estimate for MPC of $9.24.

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 $87.50 yesterday.




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