Global Hunter Securities Upgrades Marathon Oil (MRO) to Buy Post Q3

November 7, 2012 8:25 AM EST Send to a Friend
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Price: $28.23 +2.43%

Rating Summary:
    17 Buy, 12 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 14 | Down: 28 | New: 51
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Global Hunter Securities upgraded Marathon Oil (NYSE: MRO) from Accumulate to Buy with a price target of $40.00 (from $35.00).

The firm comments, "While it didn’t take up the allotted 90 minutes, MRO’s Q3 conference call laid out a wealth of information, with material updates to the main resource plays – the Eagle Ford, Bakken and Anadarko Woodford in descending order of data volume – and plenty of updated guidance. 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."

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

Shares of Marathon Oil closed at $31.21 yesterday.


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