UBS Lowers Price Target and Estimates on Marathon Oil (MRO) After In-line Quarter

UBS maintains a 'Buy' on Marathon Oil (NYSE: MRO) price target of $35.00 (from $38.00).

Analyst, William A. Featherston, said, "Clean 2Q EPS of $0.59 was inline with UBSe and consensus. Upstream earnings of $417 MM were below UBSe $458 MM on the back of a higher than expected international tax rate. This was offset by E&P costs coming in 7% below our expectations & production of 406 MBoed beating UBSe & consensus. We lower ’12-13E EPS/CFPS to $2.40/$6.90 & $2.75/$8.25 from $2.65/$7.25 & $2.90/$8.55."

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 $26.52 yesterday.

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