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Marathon Oil

Marathon is an independent exploration and production company primarily focusing on unconventional resources in the United States. At the end of 2023, the company reported net proved reserves of 1.1 billion barrels of oil equivalent. Net production averaged 405 thousand barrels of oil equivalent per day in 2023 at a ratio of roughly 70% oil and NGLs and 30% natural gas.

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Marathon Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) is gearing up to announce its quarterly earnings on Wednesday, 2024-11-06. Here's a quick overview of what investors should know before the release.
Analysts are estimating that Marathon Oil will report an earnings per share (EPS) of $0.63.
The announcement from Marathon Oil is eagerly anticipated, with investors seeking news of surpassing estimates and favorable guidance for the next quarter.
It's worth noting for new investors that guidance can be a key determinant of stock price movements.
<h3>Earnings Track Record</h3>
The company's EPS missed by $0.08 in the last quarter, leading to a 1.53% increase in the share price on the following day.
Here's a look at Marathon Oil's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.71</td>
<td>0.56</td>
<td>0.63</td>
<td>0.71</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.63</td>
<td>0.55</td>
<td>0.69</td>
<td>0.77</td>
</tr>
<tr>
<td>Price Change %</td>
<td>2.0%</td>
<td>-0.0%</td>
<td>1.0%</td>
<td>3.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1730822584_0.png" alt="eps graph" />
<h3>Marathon Oil Share Price Analysis</h3>
Shares of Marathon Oil were trading at $27.51 as of November 04. Over the last 52-week period, shares are up 11.46%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<h3>Analysts' Take on Marathon Oil</h3>
Understanding market sentiments and expectations within the industry is crucial for investors. This analysis delves into the latest insights on Marathon Oil.
A total of 12 analyst ratings have been received for Marathon Oil, with the consensus rating being Neutral. The average one-year price target stands at $30.47, suggesting a potential 10.76% upside.
<h3>Analyzing Analyst Ratings Among Peers</h3>
The analysis below examines the analyst ratings and average 1-year price targets of Coterra Energy, Expand Energy and Ovintiv, three significant industry players, providing valuable insights into their relative performance expectations and market positioning.
<ul>
<li>Coterra Energy is maintaining an Outperform status according to analysts, with an average 1-year price target of $30.86, indicating a potential 12.18% upside.</li>
<li>Expand Energy is maintaining an Neutral status according to analysts, with an average 1-year price target of $93.4, indicating a potential 239.51% upside.</li>
<li>The prevailing sentiment among analysts is an Buy trajectory for Ovintiv, with an average 1-year price target of $52.89, implying a potential 92.26% upside.</li>
</ul>
<h3>Peer Analysis Summary</h3>
In the peer analysis summary, key metrics for Coterra Energy, Expand Energy and Ovintiv are highlighted, providing an understanding of their respective standings within the industry and offering insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Marathon Oil</td>
<td>Neutral</td>
<td>12.26%</td>
<td>$698M</td>
<td>3.12%</td>
</tr>
<tr>
<td>Coterra Energy</td>
<td>Outperform</td>
<td>0.22%</td>
<td>$476M</td>
<td>1.93%</td>
</tr>
<tr>
<td>Expand Energy</td>
<td>Neutral</td>
<td>-57.28%</td>
<td>$98M</td>
<td>-1.11%</td>
</tr>
<tr>
<td>Ovintiv</td>
<td>Buy</td>
<td>-9.10%</td>
<td>$1.29B</td>
<td>3.30%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Marathon Oil ranks first in revenue growth among its peers. It also leads in gross profit margin. However, it ranks lowest in return on equity.
<h3>All You Need to Know About Marathon Oil</h3>
Marathon is an independent exploration and production company primarily focusing on unconventional resources in the United States. At the end of 2023, the company reported net proved reserves of 1.1 billion barrels of oil equivalent. Net production averaged 405 thousand barrels of oil equivalent per day in 2023 at a ratio of roughly 70% oil and NGLs and 30% natural gas.
<h3>Marathon Oil: Financial Performance Dissected</h3>
Market Capitalization Analysis: Falling below industry benchmarks, the company's market capitalization reflects a reduced size compared to peers. This positioning may be influenced by factors such as growth expectations or operational capacity.
Revenue Growth: Over the 3 months period, Marathon Oil showcased positive performance, achieving a revenue growth rate of 12.26% as of 30 June, 2024. This reflects a substantial increase in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Energy sector.
Net Margin: Marathon Oil's net margin is impressive, surpassing industry averages. With a net margin of 20.95%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): Marathon Oil's ROE is below industry standards, pointing towards difficulties in efficiently utilizing equity capital. With an ROE of 3.12%, the company may encounter challenges in delivering satisfactory returns for shareholders.
Return on Assets (ROA): Marathon Oil's ROA is below industry averages, indicating potential challenges in efficiently utilizing assets. With an ROA of 1.77%, the company may face hurdles in achieving optimal financial returns.
Debt Management: With a below-average debt-to-equity ratio of 0.47, Marathon Oil adopts a prudent financial strategy, indicating a balanced approach to debt management.
<a href="https://www.benzinga.com/quote/MRO/earnings">To track all earnings releases for Marathon Oil visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

Marathon Oil's Earnings: A Preview

The stock market indexes have enjoyed record highs in recent years with the S&amp;P 500 outperforming other years with President Joe Biden leading the country for the last <a href="https://www.benzinga.com/general/education/24/02/37275812/if-you-invested-in-the-s-p-500-when-joe-biden-became-president-heres-how-much-youd-have-today">nearly four years.</a>
With the 2024 presidential election nearing, here's a look back at the top performing S&amp;P 500 stocks in 2021, which was Biden's first year in the White House.
What Happened: Biden stepped down from <a href="https://www.benzinga.com/topic/2024-election">the 2024 presidential election </a>earlier this year. While the current president won't be re-elected to the White House, past performance with a Democrat as president could highlight which stocks and sectors could be winners if Kamala Harris is victorious in Tuesday's election.
The S&amp;P 500, which is tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was up 26.9% in 2021. This marked the best yearly performance since 2018 and the second-best performance for the key stock market index in the last 11 years.
The 12 months following Election Day 2020, which was won by Biden, <a href="https://www.benzinga.com/news/22/01/25137004/biden-vs-trump-how-did-stock-market-returns-compare-after-their-first-year-as-president">saw the S&amp;P 500 gain 37.4%.</a> This was the best one-year market return under a president in many years.
Here were the 10 best-performing S&amp;P 500 stocks in 2021, according to a <a href="https://finance.yahoo.com/news/top-10-best-performing-stocks-190949855.html">report </a>from InvestorPlace, and their sectors.
<ol>
<li>Devon Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>): 196.1%, energy</li>
<li>Marathon Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>): 149.7%, energy</li>
<li>Moderna (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>): 143.1%, health care/biotech</li>
<li>Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>): 142.0%, technology/cybersecurity</li>
<li>Signature Bank (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SBNY#OTC">SBNY</a>): 141.5%, financials</li>
<li>Ford (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>): 137.5%, automotive</li>
<li>Bath &amp; Body Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBWI#NYSE">BBWI</a>): 133.7%, consumer discretionary/retail</li>
<li>Diamondback Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>): 127.4%, energy</li>
<li>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>): 125.5%, technology/semiconductors</li>
<li>Nucor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>): 118.4%, industrials</li>
</ol>
The results above show that energy was a top sector in 2021 and represented several of the top-performing stocks for the year. Technology also had several companies on the list.
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent103124">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Why It's Important: Click through <a href="https://www.benzinga.com/general/politics/24/10/41584466/these-10-stocks-were-the-best-s-p-500-performers-in-2017-when-trump-was-president-will-history-r">to see the 10 best</a> and <a href="https://www.benzinga.com/general/politics/24/10/41606114/10-s-p-500-stocks-were-worst-performers-in-first-year-of-trumps-presidency-will-they-sink-again">10 worst-performing</a> S&amp;P 500 stocks of 2017, Donald Trump's first year in the White House.
The list above included Nvidia, which was also a top 10 winner in 2017, during Donald Trump's first year in the White House.
<a href="https://www.benzinga.com/topic/signature-bank" target="_blank" rel="noopener">Signature Bank</a>, which was the third-largest bank failure in U.S. history, was a top performer in 2017.
Investors should consider whether these past results could repeat if Harris is elected and begins her presidential term in 2025. Energy isn't often thought of as a segment that could do well under a Democratic president, but past results show that the sector could do well, at least in the first year.
Coincidentally, energy was cited as a potential poor sector if Trump wins the 2024 election based on the 2017 results. What likely happened in 2017, and what could happen again, is a run-up in stocks during the election year and a potential selloff in the year after as investors take profits.
With less than one week until the 2024 election, investors are likely positioning their portfolio based on a Trump or&nbsp;Harris&nbsp;victory in some regards. With a close election predicted, investors may want to look to sectors that could benefit under either candidate.
Freedom Capital Markets&nbsp;Chief Global Strategist&nbsp;Jay Woods&nbsp;previously<a href="https://www.benzinga.com/etfs/sector-etfs/24/08/40515453/exclusive-trump-or-harris-12-stocks-2-etfs-could-win-no-matter-whos-president-says-market-strate" target="_blank" rel="noreferrer noopener">&nbsp;shared some sectors&nbsp;</a>and stocks to watch with Benzinga that could benefit regardless of whether Trump or Harris wins the 2024 election.
Woods named defense stocks and cybersecurity stocks as two of the top sectors to watch ahead of the 2024 election.
&#8220;I think you&#8217;ve got to watch this sector closely,&#8221; Woods said of the defense sector.
Woods added that defense stocks could continue to benefit from geopolitical concerns and the world's many adverse events.
Read Next: 
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<li><a href="https://www.benzinga.com/general/sports-betting/24/10/41589659/trump-vs-harris-state-by-state-2024-election-betting-odds-which-candidate-is-favored-to-wi">Trump Vs. Harris: State-By-State 2024 Election Betting Odds, Which Candidate Is Favored To Win In Your Community?</a></li>
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These 10 Stocks Were S&P 500's Top Performers In Biden's First Year: Could Trend Continue If Harris Wins 2024 Election?

Crude oil prices plummeted over 6% on Monday, approaching levels not seen since early October, as investors processed news of targeted <a href="https://www.benzinga.com/news/24/10/41567809/oil-etfs-plunge-premarket-after-israels-strikes-on-iran">Israeli airstrikes in Iran</a>.
U.S. energy stocks followed suit during premarket trading in New York, with sector ETFs posting sharp losses at the start of the week. 
Contracts on West Texas Intermediate (WTI) light crude, as tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), fell over 6% to around $67 per barrel on Monday morning, marking what could be the worst one-day drop since July 2022.
The sell-off followed Israeli airstrikes over the weekend that targeted military facilities in Iran but spared the country's oil infrastructure.
According to the Israel Defense Forces, the strikes were "targeted and precise," focusing on Iranian missile production and air defense installations. 
This measured response likely averted a deeper crisis in the oil market, as analysts warned that a broader assault on Iran's energy sector could have risked up to 1.7 million barrels per day (bpd) of Iranian crude exports and led to further regional destabilization. 
U.S. President Joe Biden had cautioned Israel against actions that would directly impact Iran's oil output, warning that such moves could prompt Tehran to retaliate by targeting oil shipping routes in the Middle East.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="503" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/28085347/image-274-1024x503.png" alt="" class="wp-image-617043" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/28085347/image-274-1024x503.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/28085347/image-274-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/28085347/image-274-768x377.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/28085347/image-274-1536x754.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/28085347/image-274.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Analysts Expect Oil Prices To Remain Under Pressure</h3>
Goldman Sachs analysts had previously estimated that a sustained 1 million bpd disruption to Iranian oil supply could have pushed Brent prices up by $10–$20 per barrel. 
With no immediate threat to Iran's oil exports, the bank's forecast for Brent reaching the mid-$80s by late 2025 now appears overly optimistic compared to the consensus view.
The restrained nature of Israel's actions has led some analysts to predict that oil prices will remain subdued, especially in light of broader market dynamics. 
Warren Patterson, head of commodity strategy at ING Group, highlighted that Israel's focused response leaves "the door open for de-escalation," which seems to be reflected in Monday&#8217;s price action.
"If we do see some de-escalation, it would allow fundamentals to dictate price direction once again," Patterson explained, adding that a projected market surplus in 2025 &#8220;would mean that oil prices are&nbsp;likely to remain under pressure.&#8221;
Ole Hansen, head of commodity strategy at Saxo Bank, indicated that crude prices have now retraced most of the gains made in early October, which were fueled by Chinese economic stimulus and concerns over potential disruptions to Iran's supply. Hansen pointed out that "sluggish demand" and the impending reintroduction of OPEC+ barrels could further weigh on oil prices.
<h3 class="wp-block-heading">China's Declining Demand, OPEC+ Production Decisions Add To Bearish Sentiment</h3>
On the demand side, Chinese consumption—accounting for roughly 15% of global oil demand—has been trending downward since May 2024
According to Pascal Devaux, an economist at BNP Paribas, this decline is tied not only to China's economic slowdown but also to structural changes within its energy sector. "Around 45% of new car registrations in China are for electric vehicles, either battery-powered or hybrid," Devaux said, underscoring the impact of the country's low-carbon transition on oil demand.
Capital Economics forecasts that if OPEC+ follows through on its plan to unwind voluntary production cuts initiated in October, an increase in oil supply combined with weak demand growth could drive prices lower throughout the remainder of 2024 and into 2025.
<h3 class="wp-block-heading">US Energy Stocks See Sharp Losses</h3>
Sector ETFs posted notable declines in early trading:
<ul>
<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), which tracks large-cap U.S. energy companies, was down 2.3% at the start of Monday's session. APA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APA#NASDAQ">APA</a>), Diamondback Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), and Marathon Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) all registered losses between 3% and 4%.</li>
</ul>
<ul>
<li>SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>), a broader measure of exploration and production stocks, slid 2.8%. Kosmos Energy Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KOS#NYSE">KOS</a>) and Vital Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTLE#NYSE">VTLE</a>) are both down 4%.</li>
</ul>
<ul>
<li>VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) dropped 1.7%. Companies like ProPetro Holding Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PUMP#NYSE">PUMP</a>), Liberty Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LBRT#NYSE">LBRT</a>), and Noble Corporation plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NE#NYSE">NE</a>) were hit particularly hard, each falling by about 4%.</li>
</ul>
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Crude Oil Faces Steepest One-Day Drop In Over Two Years, Energy Stocks Plunge: Prices 'Are Likely To Remain Under Pressure,' Analyst Says

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Shares of oil and oil-related companies are trading lower after Israel reportedly did not damage Iran's oil sites amid strikes over the weekend.

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Shares of energy stocks are trading lower as oil prices fall after Israel reportedly indicated it could target military sites in Iran but not oil or nuclear targets.

JPMorgan's Arun Jayaram just initiated coverage of ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) with a Neutral rating and a price target of $126, down from the <a href="https://www.benzinga.com/markets/commodities">previous target of $139</a>. 
The change reflects Jayaram's cautious outlook on oil fundamentals as a host of geopolitical and market uncertainties loom, but there's no denying ConocoPhillips' defensive prowess, as the company prepares for potential upside surprises.
While oil prices face potential downside pressure — due to factors like the Israel-Iran conflict, the U.S. election, and the OPEC+ wild card — ConocoPhillips' portfolio has a unique strength.
The energy giant pairs solid defense (low sustaining capital requirements and strong balance sheet) with the ability to go on offense, ready to cash in if oil prices swing higher. 
Jayaram sees the pending merger with Marathon Oil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) as a factor that slightly increases ConocoPhillips&#8217; oil beta but also boosts its capacity for growth.
<h2 class="wp-block-heading">Cash Is King, And COP Knows It</h2>
ConocoPhillips is putting its cash where its strategy is, targeting a whopping $9 billion in cash returns in 2024, with $5 billion of that earmarked for buybacks. 
But here's the kicker—after the Marathon Oil merger, those returns could swell to $11 billion in 2025, contingent on commodity prices playing nice. 
Even in a cautious scenario, Jayaram expects ConocoPhillips to shell out $9-10 billion in total cash returns to shareholders over the next two years, which would represent nearly half of its forecasted operating cash flow (CFO).
Read Also: <a href="https://www.benzinga.com/news/24/10/41143156/oil-prices-spike-energy-stocks-jump-after-irans-missile-attack-on-israel-what-investors-need-to-know">Oil Prices Spike, Energy Stocks Jump After Iran&#8217;s Missile Attack On Israel: What Investors Need To Know</a>
<h2 class="wp-block-heading">Can Long-Cycle Investments Fuel Long-Term Growth?</h2>
ConocoPhillips&#8217; commitment to long-cycle projects, including the massive Willow and Port Arthur developments, is a key piece of its strategy. 
Jayaram's long-term model through 2032 suggests these investments will yield strong free cash flow (FCF) and production growth, with ConocoPhillips&#8217; adjusted production forecast to grow by 4% annually to 3.1 million barrels of oil equivalent per day by 2032. 
With cumulative FCF potentially reaching $99 billion by 2032, ConocoPhillips&#8217; long-term prospects look solid—even if near-term uncertainty persists.
<h2 class="wp-block-heading">Core E&amp;P Stock With A Conservative Outlook</h2>
Despite its &#8216;Neutral&#8217; rating, JPMorgan views ConocoPhillips as a core holding in the E&amp;P sector, thanks to its robust portfolio and shareholder-friendly cash return framework. 
Jayaram highlights ConocoPhillips&#8217; ability to navigate macro uncertainties with strength while offering investors attractive cash returns, with expected yields of 7% in 2025-26. However, with oil prices facing potential volatility, the path ahead for ConocoPhillips remains cautious but prepared for opportunity.
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ConocoPhillips Plays Defense, Preps For Offense With $9B Cash Return On Deck: Analyst

For meteorologists who study extreme weather events like Hurricane Milton — and Hurricane Helene just two weeks ago — the most frightening aspect of the back-to-back storms <a href="https://www.benzinga.com/news/24/10/41257552/how-strong-is-milton-what-to-expect-from-hurricane-categories-1-through-5">isn&#8217;t just strength</a>. 
It&#8217;s speed. 
The fact that Milton mutated from tropical storm to Category 5 hurricane in under 24 hours stunned NBC6 Miami&#8217;s John Morales to the point where he held back tears. Watch the video<a href="https://twitter.com/JohnMoralesTV?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor"> in his X account</a>.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I debated whether to share this. I did apologize on the air. But I invite you to read my introspection on <a href="https://twitter.com/BulletinAtomic?ref_src=twsrc%5Etfw">@BulletinAtomic</a> of how extreme weather &#x1f4c8; driven by global warming has changed me. Frankly, YOU should be shaken too, and demand <a href="https://twitter.com/hashtag/ClimateActionNow?src=hash&amp;ref_src=twsrc%5Etfw">#ClimateActionNow</a>. <a href="https://t.co/09vxgabSmX">https://t.co/09vxgabSmX</a> <a href="https://t.co/GzQbDglsBG">https://t.co/GzQbDglsBG</a>
&mdash; John Morales (@JohnMoralesTV) <a href="https://twitter.com/JohnMoralesTV/status/1843325629741285439?ref_src=twsrc%5Etfw">October 7, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Morales isn&#8217;t alone. Other scientists sounded the alarm, too. They used words like &#8220;<a href="https://x.com/AndyHazelton/status/1843342493318033642?utm_source=substack&amp;utm_medium=email">unprecedented</a>&#8221; and &#8220;<a href="https://x.com/webberweather/status/1843317499091382515?s=46&amp;t=xkbHVlvdaIg9MYo3Hv8M_w&amp;utm_source=substack&amp;utm_medium=email">jaw-dropping</a>.&#8221;
See Also: <a href="https://www.benzinga.com/real-estate/24/10/41251171/hurricane-helenes-destruction-sparks-search-for-safety-10-states-where-property-is-at-the-lowest-ris">Hurricane Helene&#8217;s Destruction Sparks Search For Safety — 10 States Where Property Is At The Lowest Risk</a>
Within 36 hours of formation, Milton&#8217;s winds reached 180 miles per hour. That&#8217;s lightning fast in the world of storm tracking. 
But it shouldn&#8217;t have been a surprise. Helene also mutated from a tropical storm to a Category 4 hurricane in just two days.
For those wondering how two storms, with rains Morales described as &#8220;<a href="https://thebulletin.org/2024/09/hurricane-helene-isnt-an-outlier-its-a-harbinger-of-the-future/#post-heading">biblical</a>,&#8221; are a sudden reality, NASA has an answer: Warm ocean waters due to human-caused climate change.
These conditions caused Milton and Helene to become powerful Category 5 storms.
&#8220;Sea surface temperatures in the Gulf of Mexico were well above average for this time of year as Milton churned toward Florida,&#8221; NASA Climate, an account affiliated with NASA, posted on X.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Warm ocean waters due to human-caused climate change helped fuel Hurricane <a href="https://twitter.com/hashtag/Milton?src=hash&amp;ref_src=twsrc%5Etfw">#Milton</a> to become a powerful Category 5 storm. Sea surface temperatures in the Gulf of Mexico were well above average for this time of year as Milton churned toward Florida. <a href="https://t.co/p4WvGdpcWE">https://t.co/p4WvGdpcWE</a> <a href="https://t.co/P3qashjqoc">pic.twitter.com/P3qashjqoc</a>
&mdash; NASA Climate (@NASAClimate) <a href="https://twitter.com/NASAClimate/status/1844030081460502696?ref_src=twsrc%5Etfw">October 9, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The primary business activities of certain companies are directly linked to greenhouse gases such as carbon dioxide and methane.
You know the names: Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), Marathon Oil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>), BP plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) and PetroChina (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PCCYF#OTC">PCCYF</a>), to name a few.
&#8220;I tried to warn people,&#8221; Morales wrote in the Bulletin of Atomic Scientists last month. &#8220;Except that the warning was not well received by everyone. A person accused me of being a &#8216;climate militant,&#8217; a suggestion that I'm embellishing extreme weather threats to drive an agenda. Another simply said that my predictions were &#8216;an exaggeration.&#8217; But it wasn't an exaggeration.&#8221;
Meanwhile, oil companies operating in the Gulf are currently experiencing setbacks. Chevron&#8217;s Blind Faith platform, for example, shut down and forced personnel to evacuate. It produces around 65,000 barrels of oil per day.
Historically, companies like Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) and others in the Gulf region followed similar protocols, ahead of significant storms like Helene and — just a couple of weeks earlier — Hurricane Francine​.
See Also: <a href="https://www.benzinga.com/government/24/09/40822108/hurricane-francine-approaches-louisiana-coast-may-become-category-2-storm">Hurricane Francine Approaches Louisiana Coast With Category 2 Storm Potential, Local Oil Refineries Cut Production</a>
<h1 class="wp-block-heading">ExxonMobil Accepts, Then Denies</h1>
Like Morales, ExxonMobil&#8217;s own scientists made similar predictions — in 1977. 
InsideClimateNews <a href="https://insideclimatenews.org/news/02052024/from-the-archive-exxon-research-global-warming/?utm_source=substack&amp;utm_medium=email#:~:text=He%20warned%20Exxon%20scientists%20and,degrees%20Fahrenheit)%20at%20the%20poles.">republished</a> a 2015 article this past May that chronicles how James Black presented evidence to Exxon brass decades ago, detailing how the oil industry&#8217;s operations would endanger humanity.
&#8220;There is general scientific agreement that the most likely manner in which mankind is influencing the global climate is through carbon dioxide release from the burning of fossil fuels," Black said at the time.
Exxon eventually <a href="https://insideclimatenews.org/wp-content/uploads/2015/10/Exxon-Review-of-Climate-Research-Program-1981.pdf">nixed its carbon dioxide research</a> and chose, instead, to deny climate change. 
Fast-forward to today, elected officials are either <a href="https://www.youtube.com/watch?v=4RbvIMfwNzU">dismissing</a> it entirely or calling it a <a href="https://x.com/realDonaldTrump/status/265895292191248385">hoax</a>. Meanwhile, the U.S. produces more oil <a href="https://www.benzinga.com/government/23/10/35240230/us-is-producing-more-oil-under-biden-than-at-any-point-under-the-trump-administration">than ever before</a>. 
&#8220;We're seeing it play out in this post-truth era, in ways that's really damaging society. And I'm not talking more in the psychological, esoterical ways, or maybe in the election outcome ways. This is getting in the way of emergency management agencies doing their job and saving lives and getting people out of harm's way,&#8221; Morales <a href="https://thebulletin.org/2024/10/meteorologist-john-morales-theres-rapid-intensification-theres-extreme-rapid-intensification-and-then-theres-hurricane-milton/">says</a>. &#8220;It's getting in the way of recovery efforts&#8230; And yeah, it's definitely a hindrance to my mission as a person whose life mission is saving life and property.&#8221;
What&#8217;s Next: The U.S. Energy Information Administration continues to analyze energy data, and how Milton <a href="https://www.eia.gov/todayinenergy/detail.php?id=63444">affects</a> energy infrastructure. The agency will publish an inventory report on Thursday; The Wall Street Journal <a href="https://www.wsj.com/finance/commodities-futures/u-s-natural-gas-futures-move-lower-as-storm-looms-24b63a6f?mod=latest_headlines">expects</a> the surplus in U.S. natural gas to contract as Hurricane Milton makes its way across Florida.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/10/41257792/oil-dips-to-73-as-china-withholds-stimulus-biden-attempts-to-contain-netanyahu-over-israels-attack-o">Oil Dips To $73 As China Withholds Stimulus, Biden Attempts To Contain Netanyahu Over Israel&#8217;s Attack On Iran</a></li>
</ul>
Photo: Courtesy of NASA

News

PCCYF

How Did Hurricanes Milton, Helene Intensify So Quickly? ExxonMobil's Scientists Warned Us... In 1977

CEIX

CGBS

CIVI

Shares of energy companies are trading lower, pulling back after recently rising amid Middle East tensions. China stimulus uncertainty may also be impacting the demand outlook.

In the current session, the stock is trading at $29.11, after a 0.41% increase. Over the past month, Marathon Oil Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) stock increased by 11.25%, and in the past year, by 11.21%. With performance like this, long-term shareholders are optimistic but others are more likely to look into the price-to-earnings ratio to see if the stock might be overvalued.

<img src="https://www.benzinga.com/files/images/story/2024/1728330322_0.png" alt="Past Year Chart" />

<h3>Comparing Marathon Oil P/E Against Its Peers</h3>
The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E could indicate that shareholders do not expect the stock to perform better in the future or it could mean that the company is undervalued. 
Compared to the aggregate P/E ratio of the 18.32 in the Oil, Gas &amp; Consumable Fuels industry, Marathon Oil Inc. has a lower P/E ratio of 11.32. Shareholders might be inclined to think that the stock might perform worse than it's industry peers. It's also possible that the stock is undervalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1728330322_1.png" alt="Guage" />

In summary, while the price-to-earnings ratio is a valuable tool for investors to evaluate a company's market performance, it should be used with caution. A low P/E ratio can be an indication of undervaluation, but it can also suggest weak growth prospects or financial instability. Moreover, the P/E ratio is just one of many metrics that investors should consider when making investment decisions, and it should be evaluated alongside other financial ratios, industry trends, and qualitative factors. By taking a comprehensive approach to analyzing a company's financial health, investors can make well-informed decisions that are more likely to lead to successful outcomes.

Intraday Update

Price Over Earnings Overview: Marathon Oil

Shares of U.S. energy giants surged this week, marking the strongest performance in two years, as fears of a wider conflict in the Middle East between Iran and Israel drove oil prices <a href="https://www.benzinga.com/government/24/10/41172781/oil-prices-rally-biden-confirms-us-discussions-with-israel-about-striking-iran-facilities">to $75 per barrel. </a>
The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), which tracks 31 major U.S. energy companies, including giants like Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), recorded a remarkable 6.4% gain this week.
Investors poured nearly $300 million into the XLE ETF this week, the highest inflow since late July, according to Tradingview data.
Exxon Mobil, the largest U.S. oil company, reached a record high of $125 per share on Friday. The stock posted its sixth consecutive day of gains, ending the week up over 7%, marking its best performance since October 2022.
Oil prices continued their rally, with West Texas Intermediate (WTI) crude recording its fourth straight day of gains, hitting levels last seen in late August. The geopolitical tensions between Israel and Iran have sparked concerns over global oil supply disruptions.
<h3 class="wp-block-heading">Rising Middle East Tensions, Biden Calls For Measured Israeli Response</h3>
Israel promised a strong retaliation after Iran launched more than 180 ballistic missiles on Tuesday. While Israel&#8217;s air defense systems successfully intercepted most of the missiles, the attack further intensified the already heightened regional instability.
On Friday, President Joe Biden addressed the escalating crisis during a rare appearance at the White House daily press briefing. He mentioned Israel&#8217;s right to defend itself but said the country had not yet decided how it would respond to Iran&#8217;s ballistic missile strike.
Biden said he advised Israel against further escalating the conflict, suggesting that Israel might consider alternatives to targeting oil fields in its retaliation.
In his first public appearance since the attack, Iran's Supreme Leader Ayatollah Ali Khamenei defended the strike as &#8220;legitimate punishment&#8221; for what he called Israeli crimes and urged greater resistance against Israel in the region, Reuters reported.
Iran's deputy commander of the Islamic Revolutionary Guard Corps also issued a stark warning, stating that Iran could target Israeli oil refineries and gas fields if Israel chooses to strike Iranian territory.
<h3 class="wp-block-heading">This Week&#8217;s Top 10 Performing US Energy Stocks</h3>
U.S. energy stocks posted sharp gains, with the top performers this week including:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Price Chg. % (5D)</td>
<td>Market Cap</td>
</tr>
<tr>
<td>Diamondback Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NYSE">FANG</a>)</td>
<td>13.62%</td>
<td>$57.14B</td>
</tr>
<tr>
<td>APA Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APA#NYSE">APA</a>)</td>
<td>9.36%</td>
<td>$9.92B</td>
</tr>
<tr>
<td>The Williams Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMB#NYSE">WMB</a>)</td>
<td>9.04%</td>
<td>$60.02B</td>
</tr>
<tr>
<td>Marathon Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>)</td>
<td>8.44%</td>
<td>$16.06B</td>
</tr>
<tr>
<td>Occidental Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>)</td>
<td>8.35%</td>
<td>$51.71B</td>
</tr>
<tr>
<td>Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>)</td>
<td>8.25%</td>
<td>$27.38B</td>
</tr>
<tr>
<td>ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>)</td>
<td>8.19%</td>
<td>$131.57B</td>
</tr>
<tr>
<td>EOG Resources, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>)</td>
<td>8.05%</td>
<td>$75.23B</td>
</tr>
<tr>
<td>Devon Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>)</td>
<td>7.94%</td>
<td>$26.33B</td>
</tr>
<tr>
<td>Kinder Morgan, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>)</td>
<td>7.82%</td>
<td>$52.15B</td>
</tr>
</tbody>
</table>
</figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41187740/blowout-september-jobs-report-spurs-reactions-6-economists-say-aggressive-fed-rat">&#8216;Blowout&#8217; September Jobs Report Spurs Reactions: 6 Economists Say Aggressive Fed Rate Cuts May Face Obstacles</a></li>
</ul>
Photo: Shutterstock

Macro Economic Events

Economics

US Energy Stocks Notch Biggest Weekly Gains In 2 Years, Exxon Hits Record Highs As Crude Surges To $75 On Israel-Iran Jitters

Barclays analyst Betty Jiang maintains Marathon Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) with a Overweight and lowers the price target from $35 to $34.

Price Target

Barclays Maintains Overweight on Marathon Oil, Lowers Price Target to $34

Wells Fargo analyst Roger Read maintains Marathon Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) with a Equal-Weight and lowers the price target from $29 to $27.

Wells Fargo Maintains Equal-Weight on Marathon Oil, Lowers Price Target to $27

Shares of energy stocks are trading higher amid a rise in oil prices after Iran launched a missile attack on Israel.

Ratings for Marathon Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) were provided by 12 analysts in the past three months, showcasing a mix of bullish and bearish perspectives.
The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">8</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets, analyzed by analysts, offer insights with an average target of $31.47, a high estimate of $39.00, and a low estimate of $27.00. Experiencing a 7.2% decline, the current average is now lower than the previous average price target of $33.91. 
<img src="https://www.benzinga.com/files/images/story/2024/1727722812_0.png" alt="price target chart" />
<h2>Investigating Analyst Ratings: An Elaborate Study</h2>
The perception of Marathon Oil by financial experts is analyzed through recent analyst actions. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$27.00</td>
<td>$35.00</td>
</tr>
<tr>
<td>Josh Silverstein</td>
<td>UBS</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$28.00</td>
<td>$30.00</td>
</tr>
<tr>
<td>Nitin Kumar</td>
<td>Mizuho</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$32.00</td>
<td>$34.00</td>
</tr>
<tr>
<td>Arun Jayaram</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$30.00</td>
<td>$33.00</td>
</tr>
<tr>
<td>Scott Gruber</td>
<td>Citigroup</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$28.00</td>
<td>$29.00</td>
</tr>
<tr>
<td>Biju Perincheril</td>
<td>Susquehanna</td>
<td>Lowers</td>
<td>Positive</td>
<td>$37.00</td>
<td>$39.00</td>
</tr>
<tr>
<td>Mark Lear</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$37.00</td>
<td>$34.00</td>
</tr>
<tr>
<td>Josh Silverstein</td>
<td>UBS</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$30.00</td>
<td>$32.00</td>
</tr>
<tr>
<td>Paul Cheng</td>
<td>Scotiabank</td>
<td>Lowers</td>
<td>Sector Perform</td>
<td>$27.61</td>
<td>$29.00</td>
</tr>
<tr>
<td>Biju Perincheril</td>
<td>Susquehanna</td>
<td>Raises</td>
<td>Positive</td>
<td>$39.00</td>
<td>$33.00</td>
</tr>
<tr>
<td>Arun Jayaram</td>
<td>JP Morgan</td>
<td>Announces</td>
<td>Neutral</td>
<td>$33.00</td>
<td>-</td>
</tr>
<tr>
<td>Paul Cheng</td>
<td>Scotiabank</td>
<td>Lowers</td>
<td>Sector Perform</td>
<td>$29.00</td>
<td>$45.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Marathon Oil. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Gaining insights, analysts provide qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of Marathon Oil compared to the broader market.</li>
<li>Price Targets: Understanding forecasts, analysts offer estimates for Marathon Oil's future value. Examining the current and prior targets provides insight into analysts' changing expectations.</li>
</ul>
For valuable insights into Marathon Oil's market performance, consider these analyst evaluations alongside crucial financial indicators. Stay well-informed and make prudent decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/MRO/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Marathon Oil analyst ratings.</a>
<h2>About Marathon Oil</h2>
Marathon is an independent exploration and production company primarily focusing on unconventional resources in the United States. At the end of 2023, the company reported net proved reserves of 1.1 billion barrels of oil equivalent. Net production averaged 405 thousand barrels of oil equivalent per day in 2023 at a ratio of roughly 70% oil and NGLs and 30% natural gas.
<h3>Marathon Oil: A Financial Overview</h3>
Market Capitalization Perspectives: The company's market capitalization falls below industry averages, signaling a relatively smaller size compared to peers. This positioning may be influenced by factors such as perceived growth potential or operational scale.
Positive Revenue Trend: Examining Marathon Oil's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 12.26% as of 30 June, 2024, showcasing a substantial increase in top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Energy sector.
Net Margin: Marathon Oil's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 20.95%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): Marathon Oil's ROE stands out, surpassing industry averages. With an impressive ROE of 3.12%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): Marathon Oil's ROA stands out, surpassing industry averages. With an impressive ROA of 1.77%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: Marathon Oil's debt-to-equity ratio is below the industry average. With a ratio of 0.47, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<h2>Analyst Ratings: Simplified</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
In addition to their assessments, some analysts extend their insights by offering predictions for key metrics such as earnings, revenue, and growth estimates. This supplementary information provides further guidance for traders. It is crucial to recognize that, despite their specialization, analysts are human and can only provide forecasts based on their beliefs.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Key Takeaways From Marathon Oil Analyst Ratings

Truist Securities analyst Neal Dingmann maintains Marathon Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) with a Buy and lowers the price target from $35 to $27.

Truist Securities Maintains Buy on Marathon Oil, Lowers Price Target to $27

AESI

KNTK

VIST

VNOM

VTNR

Shares of oil gas companies are trading lower amid reports suggesting Saudi Arabia may raise output.

UBS analyst Josh Silverstein maintains Marathon Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) with a Neutral and lowers the price target from $30 to $28.

UBS Maintains Neutral on Marathon Oil, Lowers Price Target to $28

Mizuho analyst Nitin Kumar maintains Marathon Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) with a Neutral and lowers the price target from $34 to $32.

Mizuho Maintains Neutral on Marathon Oil, Lowers Price Target to $32

JP Morgan analyst Arun Jayaram maintains Marathon Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) with a Neutral and lowers the price target from $33 to $30.

JP Morgan Maintains Neutral on Marathon Oil, Lowers Price Target to $30

Oil futures edged up but then fell on Monday as <a href="https://www.benzinga.com/markets/commodities/24/09/40754979/gas-station-charges-less-than-2-50-per-gallon-how-inflation-energy-prices-are-faring-now">a possible hurricane </a>makes its way toward the U.S. Gulf Coast, continuing last week&#8217;s losses.
Brent crude was up 16 cents, or 0.23%, to $71.22 a barrel at 8:15 a.m. ET while West Texas Intermediate crude futures were 19 cents, or 0.28%, higher at $67.86, Reuters reported.
By 10 a.m. ET, however, Brent crude slipped 26 cents, or 0.37%, to $70.80 a barrel by 10 a.m. ET while West Texas Intermediate crude futures were down 21 cents, or 0.3%, at $67.53.
Prices of Brent crude had dropped over the past six trading sessions, falling by more than 11%, or almost $9 a barrel, to post the lowest closing price since December 2021 on Friday.
Analysts noted that Monday&#8217;s brief rebound was driven in part by concerns over a potential hurricane approaching the U.S. Gulf Coast, along with supply disruptions from Libya, which have been pushing prices higher, according to Reuters.
Libya&#8217;s NOC (National Oil Corporation) late last week declared force majeure on several crude cargoes loading from the Es Sider port, with oil production curtailed by a political standoff over the central bank and oil revenue, four trading sources with knowledge of the matter told Reuters.
Read Also: <a href="https://www.benzinga.com/markets/asia/24/08/40553739/oil-prices-rally-as-middle-east-tensions-rise-libya-warns-of-potential-production-halt-10-energy-sto">Oil Prices Rally As Middle East Tensions Rise, Libya Warns Of Potential Production Halt: 10 Energy Stocks On The Move Monday</a>
A weather system in the southwestern Gulf of Mexico is forecast to become a hurricane before it reaches the northwestern U.S. Gulf Coast, the U.S. National Hurricane Center said on Sunday. The U.S. Gulf Coast accounts for about 60% of U.S. refining capacity.
&#8220;A small recovery in prices is under way this morning, inspired by hurricane warnings that might threaten the U.S. Gulf Coast, but the wider conversation remains on where demand will come from and what OPEC+ can do,&#8221; said PVM analyst John Evans, according to Reuters.
The OPEC+ oil producer group last week held back a planned output increase of 180,000 barrels per day for October by two months in reaction to tumbling crude prices
Trading houses Gunvor and Trafigura are expecting oil prices to range between $60 and $70 a barrel due to sluggish Chinese demand and persistent oversupply, executives told the APPEC conference in Singapore on Monday.
Meanwhile, Morgan Stanley cut its Brent price forecast for the fourth quarter from $80 a barrel to $75, adding that prices are likely to remain around that level unless demand weakens further.
Price Action: Oil companies saw gains into Monday&#8217;s early-morning trading.
<ul>
<li>Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) gained 0.56% to $113.28</li>
<li>Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) rose 0.58% to $139.37</li>
<li>Marathon Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) picked up 0.52% to $26.86</li>
</ul>
Exchange-traded funds that hold oil stocks declined.
<ul>
<li>United States Oil Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) declined 1.15%</li>
<li>ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>) fell 2.13%</li>
<li>United States Brent Oil Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNO#NYSE">BNO</a>) declined 1.04%</li>
</ul>
Read Now:
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<li><a href="https://www.benzinga.com/etfs/specialty-etfs/24/07/39600380/oil-prices-near-3-month-high-at-84-as-record-us-travel-demand-hurricane-season-impact-supply">Oil Prices Near 3-Month High At $84 As US Travel Demand Hits Record, Hurricane Season Impacts Supply</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Futures

Oil Prices Seesaw As Potential Storm Nears US Gulf Coast

Companies in the Energy sector have received a lot of coverage today as analysts weigh in on APA (APA – Research Report) and Marathon Oil (MRO – Re...

Analysts Conflicted on These Energy Names: APA (APA) and Marathon Oil (MRO)

Piper Sandler analyst Mark Lear maintained a Buy rating on Marathon Oil (MRO – Research Report) today and set a price target of $37.00. The company...

Piper Sandler Remains a Buy on Marathon Oil (MRO)

Coterra Energy's Careful Growth

The outlook for oil demand growth appears promising despite economic uncertainties and worldwide supply deficit. Amid this, investing in quality oil stocks Enterprise Products Partners (EPD), Marathon Oil (MRO), and Plains All American Pipeline (PAA) could be ideal as global demand rebounds. Read more... Amid the concerning market conditions caused by the Middle East tensions, crude oil prices are projected to hike strongly in the coming period. This is due to the current supply deficit and increasing withdrawals from oil inventories, pushing prices to record levels and causing high volatility and uncertainties.
Given the industry tailwinds, it could be wise to buy fundamentally solid oil stocks Enterprise Products Partners L.P. (<a href="https://stocknews.com/stock/EPD/">EPD</a>), Marathon Oil Corporation (<a href="https://stocknews.com/stock/MRO/">MRO</a>), and Plains All American Pipeline, L.P. (<a href="https://stocknews.com/stock/PAA/">PAA</a>) with high upside potential.
The Organization of Petroleum Exporting Countries (OPEC) maintained its bullish view on global oil demand growth in its recent <a href="https://www.cnbc.com/2024/09/24/opec-is-bullish-on-long-term-oil-demand-growth-not-everyone-agrees.html">World Oil Outlook for 2024</a>, forecasting robust growth as far ahead as 2050. The oil producer group predicted strong energy demand growth of 24% globally between 2024 and 2050.
The organization also forecasted robust medium-term growth in oil demand, totaling over 112.3 million barrels per day in 2029, indicating an increase of 10.1 million barrels per day as compared to 2023.
This indication was further supported by predictions from the <a href="https://www.reuters.com/business/energy/us-eia-lifts-oil-demand-forecast-says-prices-will-recover-above-80bbl-2024-09-10/">U.S. Energy Information Administration (EIA)</a> on global oil demand. According to EIA, demand will expand at a higher pace, reaching new record levels this year. The ongoing supply restraints will result in increased withdrawals of oil from global stockpiles, likely to further Brent crude prices back above $80 a barrel.
Besides, concerns over declines in oil inventories and OPEC+ members' decision to delay production increases until December 2024 are majorly affecting the market. The <a href="https://www.eia.gov/outlooks/steo/report/global_oil.php">Brent spot price increased to $79/b on October 4</a>, reflecting a surge of 11% from a week earlier.
Given the industry's bright prospects, investing in fundamentally strong energy stocks EPD, MRO, and PAA could be wise.
Let's discuss the fundamentals of these stocks in detail:
Enterprise Products Partners L.P. (<a href="https://stocknews.com/stock/EPD/">EPD</a>)
EPD provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. The company operates through four segments: NGL Pipelines &amp; Services; Crude Oil Pipelines &amp; Services; Natural Gas Pipelines &amp; Services; and Petrochemical &amp; Refined Products Services.
On October 29, EPD announced the completion of the second phase of its Texas Western Products system. Located in Grand County, Utah, the facility is a refined products truck terminal serving the Grand Junction, Colorado, and Moab, Utah, areas. It has a storage capacity of 400,000 barrels for gasoline and diesel and can load trucks at a rate of up to 20,000 bpd.
On October 28, EPD completed its previously announced acquisition of Piñon Midstream, LLC. EPD purchased Piñon Midstream for $950 million in cash consideration as part of a debt-free transaction.
The assets acquired under the transaction, including natural gas gathering and treating services, will expand EPD's footprint in the eastern flank of the prolific Delaware Basin of Texas and New Mexico.
During the third quarter of 2024, which ended on September 30, 2024, EPD's total revenues increased 14.8% year-over-year to $13.78 billion. Its operating income rose 5% year-over-year to $1.78 billion. The company's net income attributable to common unitholders amounted to $1.42 billion or $0.65 per unit, up 7.5% and 8.3% from the prior year's quarter, respectively.
Furthermore, the company's adjusted <a href="https://www.investopedia.com/terms/e/ebitda.asp">EBITDA</a> rose 4.9% from the year-ago value to $2.44 billion.
The consensus revenue estimate of $14.85 billion for the first quarter (ending March 2025) represents a 0.6% increase year-over-year. The consensus EPS estimate of $0.70 for the same quarter indicates a 3.8% improvement year-over-year. Moreover, the company surpassed the consensus revenue estimates in three of the trailing four quarters.
EPD's stock has gained 1.9% over the past six months and 10.2% over the past year to close the last trading session at $29.14. Wall Street analysts expect the stock to hit $34 in the near term, indicating a potential <a href="https://www.tipranks.com/stocks/epd/forecast">upside of 16.80%</a>.
EPD's solid fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. It has an overall rating of B, which equates to a Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, each weighted to an optimal degree.
EPD has a B grade for Growth, Value, Momentum, and Stability. It is ranked #6 out of 23 stocks in the A-rated <a href="https://stocknews.com/category/oil-gas-mlps/">MLPs – Oil &amp; Gas</a> industry.
In addition to the POWR Ratings we've stated above, we also have EPD ratings for Sentiment and Quality. Get all EPD ratings <a href="https://stocknews.com/stock/EPD/">here</a>.
Marathon Oil Corporation (<a href="https://stocknews.com/stock/MRO/">MRO</a>)
MRO is an independent exploration and production company that engages in international exploration, production, and marketing of crude oil and condensate, natural gas liquids, and natural gas. It also produces and markets products manufactured from natural gas, like liquefied natural gas and methanol.
On August 29, MRO received the necessary stockholder approval for its pending merger with ConocoPhillips (<a href="https://stocknews.com/stock/COP/">COP</a>). The companies will continue the transaction to close late in the fourth quarter of 2024.
On July 31, MRO's Board of Directors declared a dividend of $0.11 per share on the company's common stock. The dividend was paid on September 10, 2024, to stockholders of record on August 21, 2024.
MRO's annual dividend of $0.44 translates to a yield of 1.69% at the current share price. Its four-year average dividend yield is 1.25%. And the company's dividend payouts have increased at a CAGR of 43.2% over the past three years.
During the second quarter that ended June 30, 2024, MRO's total revenues and other income increased 12.8% year-over-year to $1.71 billion. Its income from operations grew 15.2% from the year-ago value to $523 million. The company's adjusted net income came in at $357 million and $0.63 per share, up 21% and 31.2% from the prior year's quarter, respectively.
Also, the company's adjusted free cash flow was $364 million for the period.
Analysts expect MRO's revenue and EPS for the first quarter (ending March 2025) to grow 5% and 2.7% year-over-year to $1.63 billion and $0.56, respectively. Also, the company topped the consensus EPS estimates in three of the four trailing quarters.
Shares of MRO have plunged 6.6% over the past six months to close the last trading session at $16.93. Wall Street analysts expect the stock to hit $30.54 in the near term, indicating a potential <a href="https://www.tipranks.com/stocks/mro/forecast">upside of 17.69%</a>.
MRO's POWR Ratings reflect its robust outlook. The stock has an overall rating of B, equating to a Buy in our proprietary rating system.
The stock has a B grade for Quality. Within the <a href="https://stocknews.com/category/energy-oil-gas/">Energy – Oil &amp; Gas</a> industry, MRO is ranked #21 on the list of 81 stocks.
<a href="https://stocknews.com/stock/MRO/">Click here</a> to access additional ratings of MRO for Sentiment, Growth, Value, Momentum, and Stability.
Plains All American Pipeline, L.P. (<a href="https://stocknews.com/stock/PAA/">PAA</a>)
PAA engages in the pipeline transportation, terminaling, storage, and gathering crude oil and natural gas liquids (NGL). The company operates through two segments: Crude Oil and NGL.
On October 2, PAA and Plains GP Holdings (<a href="https://stocknews.com/stock/PAGP/">PAGP</a>) announced their quarterly distributions for the third quarter of 2024 in the following manner: PAA Common Units – $0.32 per unit, PAGP class A shares – $0.32 per share, PAA series A preferred units – $0.61 per unit, and PAA series B preferred units - $24.25 per unit.
PAA pays an annual distribution of $1.27, which translates to a yield of 7.58% at the current share price. Its four-year average dividend yield is 7.26%. Moreover, the company's dividend payouts have increased at a CAGR of 19.2% over the past three years.
PAA's revenues increased 11.5% year-over-year to $12.93 billion for the second quarter that ended June 30, 2024. Adjusted net income attributable to PAA was $288 million, or $0.31 per common unit, indicating increases of 18.5% and 24% from the prior year's quarter, respectively.
In addition, the company's adjusted EBITDA rose 15.3% year-over-year to $807 million.
Analysts expect PAA's revenue for the third quarter (ended September 2024) to increase 8.3% year-over-year to $13.07 billion. The company's revenue for the fiscal year 2024 is expected to increase 6.1% year-over-year to $51.70 billion. Furthermore, the company surpassed the consensus EPS estimates in three of the trailing four quarters.
PAA's stock has surged 12.4% over the past year to close the last trading session at $16.76. Wall Street analysts expect the stock to hit $19.14 in the near term, indicating a potential <a href="https://www.tipranks.com/stocks/paa/forecast">upside of 15.14%</a>.
PAA's bright prospects are reflected in its POWR Ratings. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system.
It has an A grade for Growth. It also has a B grade for Value, Momentum, and Stability. PAA is ranked #5 among 23 stocks in the A-rated MLPs – Oil &amp; Gas industry.
<a href="https://stocknews.com/stock/PAA/">Click here</a> to access PAA's ratings for Sentiment and Quality.
What To Do Next?
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<a href="https://report.stocknews.com/free-report/10-stocks-to-sell/?formplacement=artbotad_10sell">10 Stocks to SELL NOW! &gt;</a>

<hr />
EPD shares rose $0.07 (+0.24%) in after-hours trading Tuesday. Year-to-date, EPD has gained 16.65%, versus a 23.55% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Rjkumari Saxena</h2> <img src='https:/wp-content/uploads/2024/04/Rajkumari-Saxena_Image-1.jpeg' style="float:left; padding:5px;width:125px;">Rajkumari started her career as a writer but gradually shifted her focus to financial journalism, leveraging her educational background in Commerce. Fascinated by the interplay of business and economic shifts in equities, she aspires to evolve as an analyst. With a knack for simplifying complex financial concepts, her mission is to empower investors with insights that lead to profitable decisions.<a href="https://stocknews.com/authors/?author=rajkumari-saxena">More...</a>The post <a href=https://stocknews.com/news/epd-mro-paa-pagp-cop-3-oil-stocks-with-high-upside-as-global-demand-rebounds/>3 Oil Stocks With High Upside as Global Demand Rebounds</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Oil Stocks With High Upside as Global Demand Rebounds

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