Analyst Jason Gabelman from TD Cowen maintained a Buy rating on Marathon Petroleum (MPC – Research Report) and increased the price target to $152.00 from $142.00.
Jason Gabelman has given his Buy rating due to a combination of factors including Marathon Petroleum’s stronger than anticipated first-quarter results across all segments. The company has achieved its balance sheet targets, and despite a potential slowdown in stock buybacks, it is expected to maintain robust earnings growth. This growth is supported by reduced downtime at competitor plants and decreased maintenance costs.
Additionally, the midstream segment continues to be a source of long-term cash flow growth, contributing to the positive outlook. Marathon Petroleum’s strategic debt management and the potential for increased distribution growth from MPLX further bolster the company’s financial position. These factors collectively justify the raised price target of $152 and the Buy rating.
In another report released on April 24, Morgan Stanley also maintained a Buy rating on the stock with a $160.00 price target.
Based on the recent corporate insider activity of 89 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MPC in relation to earlier this year.