Company Update (NYSE:MRO): Marathon Oil Corporation Releases Solomon Exploration Well Results
Marathon Oil Corporation (NYSE:MRO) announced the Solomon exploration well in the Gulf of Mexico reached its total depth of approximately 34,600 feet on Walker Ridge Block 225 and did encounter the lower tertiary target interval. The well has been plugged and abandoned, and the rig has been released with no further activity planned on the block. Marathon Oil is the operator with a 58 percent working interest in the well. Venari holds a 22 percent working interest and Murphy holds 20 percent. (Original Source)
Shares of Marathon Oil are down 0.72% to $16.56 in after-hours trading. MRO has a 1-year high of $31.53 and a 1-year low of $14.03. The stock’s 50-day moving average is $18.12 and its 200-day moving average is $20.35.
On the ratings front, Marathon Oil has been the subject of a number of recent research reports. In a report issued on November 10, Nomura analyst Lloyd Byrne reiterated a Buy rating on MRO, with a price target of $24, which implies an upside of 44.0% from current levels. Separately, on November 6, Tudor Pickering’s Matthew Portillo downgraded the stock to Hold .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Lloyd Byrne and Matthew Portillo have a total average return of -19.2% and -6.5% respectively. Byrne has a success rate of 0.0% and is ranked #3187 out of 3644 analysts, while Portillo has a success rate of 46.7% and is ranked #3043.
Overall, 3 research analysts have assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $16.00 which is -4.0% under where the stock opened today.
Marathon Oil Corp is an energy company engaged in the exploration, production and marketing of liquid hydrocarbons and natural gas, production and marketing of products manufactured from natural gas and oil sands mining.