Wells Fargo Reaffirms Their Buy Rating on Marathon Petroleum (MPC)

Wells Fargo analyst Roger Read maintained a Buy rating on Marathon Petroleum (MPCResearch Report) yesterday. The company’s shares closed last Tuesday at $29.24.

According to TipRanks.com, Read has 0 stars on 0-5 stars ranking scale with an average return of -6.7% and a 36.6% success rate. Read covers the Utilities sector, focusing on stocks such as Occidental Petroleum, Delek US Holdings, and Conocophillips.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Marathon Petroleum with a $42.44 average price target, representing a 48.4% upside. In a report issued on October 13, RBC Capital also maintained a Buy rating on the stock with a $40.00 price target.

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Based on Marathon Petroleum’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $15.02 billion and net profit of $9 million. In comparison, last year the company earned revenue of $33.53 billion and had a net profit of $1.11 billion.

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Marathon Petroleum Corp. is an independent petroleum product refiners, marketers and transporters in the United States. The company operates through the following segments: Refining & Marketing; Retail; and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast and Midwest regions of the United States, purchases ethanol and refined products for resale and distributes refined products through various means, including barges, terminals and trucks that the company owns or operates. The Retail sells transportation fuels and convenience products in the retail market across the United States through company-owned and operated convenience stores, primarily under the Speedway brand, and long-term fuel supply contracts with direct dealers who operate locations mainly under the ARCO brand. The Midstream transports, stores, distributes and markets crude oil and refined products principally for the Refining & Marketing segment via refining logistics assets, pipelines, terminals, towboats and barges; gathers, processes and transports natural gas; and gathers, transports, fractionates, stores and markets NGLs. Marathon Petroleum was founded in 1887 and is headquartered in Findlay, OH.