MichaelRLopez
Marathon Petroleum Corporation (NYSE:MPC) has continued to be a strong performer with shares recently hitting a 52-week high, up nearly 50% from a year ago. Since reiterating MPC as a strong buy in November, shares have risen a further 27%, more than doubling the S&P 500’s gains. With this rise, shares have reached my ~$186 price target, making now an appropriate time to revisit shares, as valuation may not be as compelling as it once was. I come to the conclusion that MPC is still a buy.
Seeking Alpha
Importantly, Marathon has continued to perform well, even in less favorable conditions for refiners in late 2023. In the company’s fourth quarter released at the end of January, MPC earned $3.98, blowing past consensus of $2.22 while revenue declined by 8% to $36.8 billion. When looking at MPC or refiners in general, revenue is of less importance than for most companies. It is ultimately tied to the level of crude oil,…
