Benchmark Upgrades Marathon Oil (MRO) to Hold; Valuation and Increased Net Asset Value

Benchmark upgraded Marathon Oil (NYSE: MRO) from Sell to Hold with a price target of $23.00.

Benchmark analyst says, "Earnings and cash flow estimates for 2012 reduced to take account of post-split corporate and net finance data, higher U.K. taxes and lower oil/gas production.
Normalized net asset value estimate raised to $25.33 per share from $23.39 on increased risked probable resources in the Bakken and Cana Woodford shale plays; revised estimate excludes incremental value associated with the Eagle Ford, Niobrara and Birchwood (in-situ oil sands) interests...Management’s estimates of the Company’s unconventional resource potential appear overly aggressive, calling into question the validity of the Company’s 5% - 7% per year production growth forecast."

For more ratings news on Marathon Oil click here and for the rating history of Marathon Oil click here.

Shares of Marathon Oil closed at $22.32 yesterday.

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