Stock Update (NYSE:MRO): Marathon Oil Corporation Sells Non-Operated Conventional Assets for $235 Million

Marathon Oil Corporation (NYSE:MRO) announced that the Company has signed an agreement for the sale of certain non-operated CO2 and waterflood assets in West Texas and New Mexico for $235 million, excluding closing adjustments. The properties averaged approximately 4,000 barrels of oil equivalent per day in the first half of 2016. The effective date of the transaction is Sept. 1, 2016, and closing is expected by year end.

Since August 2015, Marathon Oil has announced or closed non-core asset sales in excess of $1.5 billion.

As previously announced, the Company plans to issue its third quarter 2016 earnings news release on Wednesday, Nov. 2, after the close of U.S. financial markets. The Company will conduct a conference call, which will be webcast live, on Thursday, Nov. 3, at 9 a.m. ET. (Original Source)

Shares of Marathon Oil closed last Friday at $15.81, down $0.09 or -0.57%. MRO has a 1-year high of $20.44 and a 1-year low of $6.52. The stock’s 50-day moving average is $15.29 and its 200-day moving average is $13.75.

On the ratings front, MRO has been the subject of a number of recent research reports. In a report issued on September 30, Canaccord Genuity analyst Stephen Berman initiated coverage with a Hold rating on MRO and a price target of $16, which represents a slight upside potential from current levels. Separately, on September 12, Credit Suisse’s Edward Westlake reiterated a Hold rating on the stock and has a price target of $19.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Stephen Berman and Edward Westlake have a total average return of -14.7% and 12.1% respectively. Berman has a success rate of 39% and is ranked #4076 out of 4197 analysts, while Westlake has a success rate of 70% and is ranked #259.

The street is mostly Bullish on MRO stock. Out of 11 analysts who cover the stock, 6 suggest a Buy rating and 5 recommend to Hold the stock. The 12-month average price target assigned to the stock is $17.00, which represents a potential upside of 7.5% from where the stock is currently trading.

Marathon Oil Corp. engages in the exploration, production, and marketing of liquid hydrocarbons and natural gas. It operates through the following segments: North America E&P, International E&P, and Oil Sands Mining. The North America E&P segment engages in the explores for, produces, and markets crude oil and condensate, natural gas liquids (NGL), and natural gas in the United States. The International E&P segment involves exploration, production, and marketing of crude oil and condensate, NGL and natural gas outside of North America; and production and marketing of products manufactured from natural gas such as liquefied natural gas and methanol in Equatorial Guinea. The Oil Sands segment includes mining, extraction, and transport of bitumen from oil sands deposits in Alberta, Canada, and the upgrade of bitumen to produce and market synthetic crude oil and vacuum gas oil. 


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