Imperial Capital reported on Wednesday that they have raised their price target on petroleum product company, Marathon Petroleum Corp(MPC).
The firm has reaffirmed an “Outperform” rating on MPC, and has increased the company’s price target from $64 to $79. This price target suggests a 19% increase from the stock’s current price of $67.11.
An analyst from the firm commented, “we are raising our one-year price target on MPC to $79 from $64, reflecting the inclusion of the pending acquisition of BP’s Texas City, Texas refinery and associated assets. We are maintaining our Outperform rating. MPC is expected to complete the transaction in early 2013, and we estimate that the assets will contribute an incremental $1.85/share and $1.2bn in EBITDA.”
Marathon Petroleum shares were up 61 cents, or 0.91% during Wednesday morning trading. The stock has increased 78% in the past year.
The Bottom Line
Shares of Marathon Petroleum (MPC) have a 2.09% dividend yield, based on last night’s closing stock price of $67.11. The stock has technical support in the $60-$62 price area. The shares are trading near all-time highs.
Marathon Petroleum Corp(MPC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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