Piper Sandler Reiterates Neutral Rating on Marathon Oil (MRO)
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Piper Sandler analyst Mark Lear reiterated a Neutral rating and $8.00 price target on Marathon Oil (NYSE: MRO) following the company's 4Q earnings report. MRO reported an adjusted loss of $0.12 for 4Q20, which was ahead of SE at ($0.25) and cns at ($0.20). EBITDA of $504mm was also ahead of SE and cns of $456mm and $471mm, respectively.
Lear expects a neutral stock reaction following 4Q20 results, as MRO's 2021 guidance and FCF expectations are largely in line with expectations heading into the print. The company's 2021 guidance was consistent with its prior maintenance messaging, as it expects to execute a $1bn capital budget and deliver FY21 oil volumes inline with 4Q20 of 172 mbbls/d.
Shares of Marathon Oil closed at $10.50 yesterday.
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