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Marathon Oil downgraded at Wells Fargo after asset sale run-up

Apr. 13, 2016 11:49 AM ETMarathon Oil Corporation (MRO) StockMROBy: Carl Surran, SA News Editor7 Comments
  • Marathon Oil (MRO -0.9%) is lower after being downgraded to Market Perform from Outperform with an $11-$12 valuation at Wells Fargo following yesterday's surge after agreeing to sell $950M in non-core assets.
  • While Wells views the asset sale as a positive and says MRO is implementing its stated goals of achieving cash flow neutrality and protecting its balance sheet, it believes shares are fully valued, especially given the 25% dilution from its public offering earlier in Q1.
  • However, the firm says MRO’s ability to achieve cash flow neutrality in 2016 and potentially resume growth in 2017-18 in spite of lower oil prices creates an attractive long-term opportunity for investors.
  • Now read Marathon Oil: Smaller footprint, lower costs, stronger balance sheet

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