Marathon Petroleum Corp. Stock Advances Amid Oil Price Rebound and Reduced US Oil Rig Count

Strategic Insights -

Marathon Petroleum Corp., a leading oil refining and marketing company, saw its stock price rise 1.89% to $58.27 in afternoon trading on Wednesday, as the US oil prices witnessed a rebound, erasing earlier losses. The US oil rig count declined, with nine rigs taken out of production this week, bringing the total count to 555, according to Reuters. WTI crude oil prices rose 0.21% to $42.96 per barrel, while Brent crude oil prices fell 0.04% to $46.10 per barrel, as per the CNBC.com index.

Key Takeaways:

  • Marathon Petroleum Corp.'s stock price has outperformed the overall oil sector, advancing 1.89% to $58.27 in afternoon trading on Wednesday.
  • The US oil rig count declined to 555, with nine rigs taken out of production this week, according to Reuters.
  • WTI crude oil prices rose 0.21% to $42.96 per barrel, while Brent crude oil prices fell 0.04% to $46.10 per barrel.
  • Shares of Marathon Petroleum Corp. have fared better than the overall oil sector, despite a reduction in oil prices, due to favorable product pricing and refining and marketing margins.
  • The company's stock price target was raised to $70 from $60 at Oppenheimer this morning, citing growth potential in refining and marketing margins, crude oil prices, and favorable product pricing.
  • TheStreet Ratings Team rates Marathon Petroleum Corp. as a Buy with a ratings score of A-, citing solid stock price performance, impressive record of earnings per share growth, and attractive valuation levels.

Statistics:

  • Marathon Petroleum Corp.'s stock price rose 1.89% to $58.27 in afternoon trading on Wednesday.
  • US Oil rig count declined to 555, with nine rigs taken out of production this week.
  • WTI crude oil prices rose 0.21% to $42.96 per barrel.
  • Brent crude oil prices fell 0.04% to $46.10 per barrel.
  • Marathon Petroleum Corp.'s earnings per share grew by 49.1% in the most recent quarter compared to the same quarter a year ago.
  • The company's net income increased by 41.1% when compared to the same quarter one year prior, rising from $672.00 million to $948.00 million.

Sources:

  • TheStreet (http://www.thestreet.com)
  • Reuters
  • CNBC.com index
  • TheStreet Ratings Team