Marathon Oil (MRO) PT Raised to $36 at RBC Capital

RBC Capital analyst Scott Hanold raised the price target on Marathon Oil (NYSE: MRO) to $36.00 (from $33.00) while maintaining a Outperform rating.

The analyst commented: "Following COP's announced acquisition of MRO, we do not expect a conference call or a detailed update. 2Q24 production was coming off seasonal lows, and could be modestly ahead of management's prior commentary. The shareholder returns should be below its 40% of CFO payout given the merger agreement with COP that does not allow for further stock buybacks."

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