Stock Update (NYSE:MRO): Marathon Oil Corporation Announces Public Offering of Common Stock
Marathon Oil Corporation (NYSE:MRO) announced that it intends to offer, subject to market and other conditions, a public offering of 135,000,000 shares of its common stock. In connection with the offering,
Marathon Oil intends to grant the underwriters a 30 day option to purchase up to 20,250,000 additional shares of its common stock.
Marathon Oil intends to use the net proceeds of the proposed offering to strengthen its balance sheet and for general corporate purposes, including funding a portion of its capital program. (Original Source)
Shares of Marathon Oil are down nearly 3% in after-hours trading. MRO has a 1-year high of $31.53 and a 1-year low of $6.52. The stock’s 50-day moving average is $8.14 and its 200-day moving average is $14.19.
On the ratings front, Marathon Oil has been the subject of a number of recent research reports. In a report issued on February 22, Nomura analyst Lloyd Byrne reiterated a Buy rating on MRO, with a price target of $13, which represents a potential upside of 58.3% from where the stock is currently trading. Separately, on January 28, Barclays’ Thomas Driscoll maintained a Buy rating on the stock and has a price target of $9.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Lloyd Byrne and Thomas Driscoll have a total average return of -15% and -0.6% respectively. Byrne has a success rate of 45.5% and is ranked #3217 out of 3682 analysts, while Driscoll has a success rate of 43.3% and is ranked #2427.
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.