UPDATE: JPMorgan Upgrades Marathon Petroleum (MPC) to Overweight

February 22, 2021 12:47 AM EST
Get Alerts MPC Hot Sheet
Price: $53.12 -2.1%

Rating Summary:
    22 Buy, 4 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 20 | New: 67
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(Updated - February 22, 2021 1:23 AM EST)

JPMorgan analyst Phil Gresh upgraded Marathon Petroleum (NYSE: MPC) from Neutral to Overweight with a price target of $67.00 (from $52.00).

The analyst comments "We upgrade to an Overweight rating. Following the planned sale of retail, MPC will be a pure-play refiner at the parent company (ex-MPLX) level. While we have struggled with the high fixed cost nature of MPC’s refining asset base, given the dropdowns to MPLX, a higher crack spread environment moving forward should overcome this hurdle. Furthermore, the company has done a solid job of reducing capex/opex to structurally improve FCF. With the pending asset sale of Speedway set to close in late 1Q, MPC’s balance sheet should be in much better shape moving forward, allowing the company to return a healthy amount of its market cap to shareholders (potentially up to ~1/3)."

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 $53.00 yesterday.


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