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Basic Materials | Oil & Gas Refining & Marketing | USA

Marathon Petroleum's stock surges after Elliott urges action to unlock shareholder value

Shares of Marathon Petroleum Corp. MPC, shot up 6.2% toward a 4 1/2-month high in premarket trading Wednesday, after activist investor Elliott Management said it sees potential for the oil refiner's stock to rise 61% from current levels. In a letter to Marathon Chairman Gary Heminger, Elliott, which manages funds that own about 2.5% of the economic interest in Marathon, said it believes the company could unlock more than $22 billion in shareholder value with no change in operating assumptions, and an additional $17 billion in value through achieving full operating potential.

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https://www.marketwatch.com/story/marath...yptr=yahoo

Marathon Petroleum (MPC) Q4 Earnings, Revenues Top Estimates

Marathon Petroleum (MPC) came out with quarterly earnings of $1.56 per share, beating the Zacks Consensus Estimate of $0.85 per share. This compares to earnings of $2.41 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 83.53%. A quarter ago, it was expected that this refiner would post earnings of $1.30 per share when it actually produced earnings of $1.63, delivering a surprise of 25.38%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Marathon Petroleum, which belongs to the Zacks Oil and Gas - Refining and Marketing industry, posted revenues of $31.38 billion for the quarter ended December 2019, surpassing the Zacks Consensus Estimate by 5.66%. This compares to year-ago revenues of $32.54 billion.


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https://finance.yahoo.com/news/marathon-...12995.html