Oppenheimer Lifts Price Target On Marathon Petroleum (MPC) After Buyback News

Oppenheimer raised its price target on Outperform-rated Marathon Petroleum (NYSE: MPC) from $42 to $55 to reflect the $2 billion share buyback. The firm also noted that the company is evaluating an MLP for its Midstream assets, which could further boost its valuation.

Completion of the Detroit heavy oil project this year should reduce future spending in its refining segment and boost its free cash flow, was another positive highlighted by the firm.

Strong free cash flow, low debt, and large cash balance givesthe company the flexibility to fund its CAPEX, grow its dividend, buyback shares, make strategic acquisitions and still maintain its investment grade rating, the firm notes.

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 $43.98 yesterday.

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