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MPC

Marathon Petroleum

$49.66

0.69 (1.41%)

16:30
01/11/17
01/11
16:30
01/11/17
16:30

MarkWest Hydrocarbon co-founder opposes Marathon 2017 plan

Marathon Petroleum's board received an open letter from shareholder John M. Fox, the co-founder of MarkWest Hydrocarbon, former CEO, Chairman and Director of MarkWest Energy GP, the general partner of MarkWest Energy Partners and beneficial owner of 1,542,072 MPLX common units, and 15,900 shares of Marathon Petroleum through its merger with MarkWest in 2015 and from follow-on investments. The open letter claims that the accelerated dropdown of refining assets hurts long-term MPC value and vastly diminishes growth prospects at MPLX resulting in increased cost of capital. The letter goes on to state that MPC needs to execute the IDR elimination plan immediately at a fair and transparent price without burdening MPC to $1.4B in annual payments to MPLX from dropdown assets that don't fit the growth profile and are strategic to MPC's refining business. The letter proposes that spinning out MPC's current ownership of 87 million MPLX units, plus the MPLX units received from the IDR elimination to its shareholders, will yield an estimated immediate uplift in value for MPC shareholders ranging between $20-$30 per share.

  • 19

    Jan

  • 01

    Feb

MPC Marathon Petroleum
$49.66

0.69 (1.41%)

11/01/16
UBSW
11/01/16
UPGRADE
Target $44
UBSW
Neutral
Marathon Petroleum upgraded to Neutral from Sell at UBS
UBS analyst Spiro Dounis upgraded Marathon Petroleum to Neutral citing the company's newly announced plans to unlock value in the General Partner and accelerate growth at the MLP. The analyst estimates the General Partner interest in MPLX (MPLX) could be worth $4.6B-$4.8B. He raised his price target for Marathon Petroleum to $44 from $38.
11/08/16
MSCO
11/08/16
NO CHANGE
MSCO
Overweight
Marathon Petroleum a top idea for 2017, bull case to $70 at Morgan Stanley
Morgan Stanley analyst Evan Calio highlighted Marathon Petroleum (MPC) as a top idea for 2017 saying it has the potential to transform to a +70% mid-stream/retail company in the next 1-3 years that will re-rate shares. He believes the transformation is in the early stages and sees further upside in the potential monetization of the General Partner through an IPO or sale to MPLX (MPLX). Calio raised his price target on shares to $56 from $52 and has a new bull case to $70, and said downside is limited while risk/reward is attractive at 3:1. Marathon Petroleum is Overweight rated.
12/07/16
JPMS
12/07/16
UPGRADE
Target $57
JPMS
Overweight
Marathon Petroleum upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Phil Gresh upgraded Marathon Petroleum to Overweight citing the potential for incremental value to be unlocked via a faster dropdown and partnership swap. The analyst raised his price target for the shares to $57 from $46.
12/12/16
WELS
12/12/16
UPGRADE
WELS
Outperform
Tesoro upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Roger Read upgraded Tesoro (TSO) to Outperform saying the outlook for refiners has become more positive following the recent presidential election and OPEC's production cuts. The analyst raised his price target range for the shares to $100-$105 from $90-$94. His top pick in the space remains Marathon Petroleum (MPC).

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