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MPC

Marathon Petroleum

$45.90

2.585 (5.97%)

11:35
11/21/16
11/21
11:35
11/21/16
11:35

Marathon Petroleum expresses confidence in plan after Elliott letter

Marathon Petroleum issued a statement regarding the letter and presentation released by Elliott Management to MPC's board. It reads, "We have a history of engaging with shareholders on the important issues facing our company and have always considered their views objectively. We agree with Elliott Management that there is upside to our valuation, which we are addressing with the value-creating actions we announced last month, but we disagree with their letter and presentation. On October 27, we announced several sound, aggressive actions, including a schedule of substantial dropdown transactions to MPLX designed to support continued strong distribution growth of MPLX and drive value back to MPC. As discussed with Elliott, there are tax and other impediments to an immediate dropdown of all the assets to MPLX. In addition, we are evaluating strategic opportunities to highlight and capture the value of MPC's general partner interest in MPLX and optimize the cost of capital for MPLX. We also are assessing changes to our segment reporting structure related to our midstream assets. We have delivered substantial value through our integrated and diversified model, including our Speedway retail business with its best-in-class EBITDA per store. MPC has generated total shareholder return of 140% since our spinoff (vs. 86% for S&P 500).We have returned over $10 billion to shareholders and tripled our stable cash flows. MPC has a strong and longstanding track record of taking aggressive actions to increase shareholder value. We are confident our plan will deliver substantial shareholder value and we are moving ahead expeditiously on each of these actions."

MPC Marathon Petroleum
$45.90

2.585 (5.97%)

10/31/16
RAJA
10/31/16
UPGRADE
RAJA
Strong Buy
MPLX upgraded to Strong Buy from Market Perform at Raymond James
Raymond James upgraded MPLX (MPLX) two notches to Strong Buy from Market Perform citing the dropdown profile from Marathon Petroleum (MPC) announced last week, combined with the increasing likelihood that the long-term cost of capital concerns of the partnership will be rectified, he believes the current risk/reward appears increasingly positive.
10/31/16
10/31/16
UPGRADE
Target $54

Strong Buy
Marathon Petroleum upgraded to Strong Buy at Raymond James
As previously reported, Raymond James upgraded Marathon Petroleum (MPC) to Strong Buy from Buy and raised its price target to $54 from $47. Analyst Justin Jenkins believes Marathon's 2017 refining margin outlook is improving, and when combined with Speedway segment cash flow and valuation creation at MPLX and GP units, the discounted stock valuation is unwarranted.
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.

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