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Raymond James analyst John Freeman reiterated a Robust Purchase score on the shares of Marathon Oil Corp (NYSE: MRO) and raised the worth goal from $37 to $48.
The analyst mentioned Q3 earnings have been sturdy for Marathon, with manufacturing out of Delaware exceeding expectations.
Buybacks impressed to the upside as the corporate paid out ~80% of operational money circulate for the quarter, he added.
The one miss was on capex, Marathon needed to elevate their steering from $1.3 billion to $1.4 billion for the yr.
Freeman believes Marathon stays in a wonderful place to be a frontrunner in shareholder returns, along with his up to date mannequin projecting a 13% yield on buybacks and a 15% complete yield when accounting for the bottom dividend.
The analyst mentioned the corporate has a powerful stability sheet and top-tier return technique.
He thinks Marathon represented one of many few firms in his protection with regular and rising per-share metrics, due to their extremely aggressive buyback program.
Freeman specified that the corporate would construct money subsequent yr for debt discount, additional buybacks, and/or extra acquisitions.
Value Motion: MRO shares are buying and selling decrease by 1.42% at $29.96 on the final examine Monday.
| Date | Agency | Motion | From | To |
|---|---|---|---|---|
| Mar 2022 | Benchmark | Downgrades | Purchase | Maintain |
| Feb 2022 | Piper Sandler | Upgrades | Impartial | Chubby |
| Feb 2022 | Raymond James | Maintains | Robust Purchase |
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