Marathon Oil call volume above normal and directionally bullish » 13:2508/1008/10/20
Bullish option flow…
Bullish option flow detected in Marathon Oil with 15,948 calls trading, 1.8x expected, and implied vol increasing over 1 point to 60.16%. 8/14 weekly 6 calls and 8/14 weekly 6.5 calls are the most active options, with total volume in those strikes near 4,600 contracts. The Put/Call Ratio is 0.20. Earnings are expected on November 4th.
Marathon Oil cuts FY20 CapEx view to $1.2B » 16:3408/0508/05/20
Due to strong execution…
Due to strong execution and capital efficiency improvement, Marathon Oil has reduced its full year 2020 capital spending guidance to $1.2B and raised its full year 2020 oil production guidance. The midpoint of revised, full year 2020 total company oil production guidance is now 190,000 net bopd, inclusive of year-to-date curtailments. As a reminder, previously provided production guidance was on an underlying basis and excluded the impact from production curtailments. Revised full year guidance accounts for a sequential reduction in expected third quarter Equatorial Guinea production due to the impact of higher forward prices on net interest under the production sharing contract and natural decline.
Marathon Oil reports Q2 adjusted EPS (60c), consensus (61c) » 16:3308/0508/05/20
Reports Q2 revenue $272M,…
Reports Q2 revenue $272M, consensus $618.3M. Second quarter total company oil production of 197,000 net bopd, inclusive of approximately 11,000 net bopd of curtailments.
Energy shares surge amid spike in natural gas, crude inventory drop » 13:5808/0508/05/20
XLE, OIH, UNG, CVX, XOM, WMB, COP, DVN, MRO, NBL, AM
This past week saw a…
This past week saw a noticeable outperformance of energy-related shares as measured by the Energy Select Sector SPDR Fund (XLE) compared to the S&P 500. NATURAL GAS: Natural gas futures clocked in their largest single-day gain in approximately 18 months. September Nymex gas settled Tuesday at $2.193, up 9.2 cents from Monday's close. October rose 9.5 cents to $2.334. The rally in natural gas has been sparked by the forecast for hot temperatures and an improved outlook for export demand. According to natural gas intelligence firm, NGI, Bespoke Weather Services has not made any changes to its projections, "although the firm noted declines in expected demand from both the American and European models." "This is simply the market accepting that containment risks are much lower than what was being priced in even as late as last week," Bespoke said. CRUDE OIL: Oil futures jumped on Wednesday, holding price amid government data from the Energy Information Administration, confirming a 7.4M barrel drop in U.S. crude inventories. The global benchmark for oil, October Brent crude was up $1.64, or 3.7%, at 46.07 a barrel. The Energy Information Administration noted that gasoline inventories rose 419,000 barrels and distillate supplies increased by 1.6 million barrels."A much larger fall will all but confirm that U.S. oil production has fallen materially, by possibly millions of barrels a day," said Jeffrey Halley, senior market analyst at OANDA, according to an earlier Reuters story. "That could be enough to overcome COVID-19 slowdown fears, and force oil prices higher, and out of their one-month summer doldrums," he said. PRICE ACTION: Shares of companies in the energy sector that are moving higher include Chevron (CVX), Exxon (XOM), ConocoPhillips (COP), The Williams Companies (WMB), Devon Energy (DVN), EOG Resources (EOG), Marathon (MRO), Noble Energy (NBL), Antero (AM), Western Midstream (WES), and EnLink Midstream (ENLC).
Marathon Oil assumed with a Neutral at Credit Suisse » 19:4808/0408/04/20
Credit Suisse analyst…
Credit Suisse analyst William Janela assumed coverage of Marathon Oil with a Neutral rating and $6 price target. The analyst made no changes to the firm's ratings, target prices or estimates in the Oil and Gas Exploration and Production sector.
|Over a week ago|
Fly Intel: Top five analyst upgrades » 10:1407/2307/23/20
TSLA, TXN, APA, MRO, GNFT, SUM
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Tesla (TSLA) upgraded to Market Perform from Underperform at Cowen. 2. Texas Instruments (TXN) upgraded to Buy from Hold at DZ Bank. 3. Apache (APA) and Marathon Oil (MRO) upgraded to Overweight from Neutral at JPMorgan. 4. Genfit (GNFT) upgraded to Buy from Hold at Stifel with analyst Derek Archila saying the move to discontinue its nonalcoholic steatohepatitis program to focus on elafibranor's Phase 3 in primary biliary cholangitis where it has "solid proof-of-concept data and can benefit from orphan pricing would be a positive." 5. Summit Materials (SUM) upgraded to Buy from Hold at Loop Capital with analyst Garik Shmois saying he thinks the pullback yesterday disconnected with what was an exceptionally strong quarter and very solid Q3 outlook and sees the risk/reward as too favorable to ignore. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Marathon Oil upgraded to Overweight with 38% upside potential at JPMorgan » 08:1507/2307/23/20
JPMorgan analyst Arun…
JPMorgan analyst Arun Jayaram upgraded Marathon Oil to Overweight from Neutral with an unchanged price target of $8. Given "widespread bearish sentiment" on the stock, the "mere blessing" in Street expectations could be positively received by investors, Jayaram tells investors in a research note. The analyst sees 38% upside to current share levels at the current strip.
Marathon Oil upgraded to Overweight from Neutral at JPMorgan » 05:1607/2307/23/20
JPMorgan analyst Arun…
JPMorgan analyst Arun Jayaram upgraded Marathon Oil to Overweight from Neutral with an $8 price target.
Marathon Oil call volume above normal and directionally bullish » 13:4507/2107/21/20
Bullish option flow…
Bullish option flow detected in Marathon Oil with 16,951 calls trading, 1.6x expected, and implied vol increasing over 1 point to 75.94%. 7/24 weekly 5.5 calls and 7/24 weekly 6 calls are the most active options, with total volume in those strikes near 6,800 contracts. The Put/Call Ratio is 0.34. Earnings are expected on August 5th.
|Over a month ago|
Marathon Oil downgraded to Equal Weight from Overweight at Wells Fargo » 06:2606/2506/25/20
Wells Fargo analyst Nitin…
Wells Fargo analyst Nitin Kumar downgraded Marathon Oil to Equal Weight from Overweight with a $10 price target. Despite a track record of generating free cash flow, Kumar believes the company will struggle to spend ~70% of CFO without losing volume momentum.Meanwhile, the stock is pricing in $50/bbl WTI compared to ~$40/bbl for the sector, he says. Against the backdrop of his cautious oil view, Kumar is moving to the sidelines.