Marathon Petroleum Corp (MPC: NYE) is set to announce its Q3 earnings on November 5, 2024. With Wall Street analysts predicting a year-over-year decline in both earnings and revenue, the upcoming report will be closely watched to assess how MPC’s financials fare against the backdrop of volatile energy markets. The company’s earnings report could influence the stock’s short-term performance, especially if actual results diverge significantly from expectations.
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Expected Q3 Earnings from Marathon Petroleum:
For Q3 2024, analysts expect MPC to report earnings of $0.97 per share, marking a substantial year-over-year decline of 88.1%. Revenue is projected to be approximately $31.58 billion, down 24.1% from the previous year. These forecasts underscore the challenging environment faced by the refining industry due to fluctuating energy prices and demand patterns. With a recent downward revision of 50.78% in EPS estimates over the past month, the market’s outlook has become increasingly cautious, reflecting recalibrated expectations ahead of the earnings release.
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Stock Target Advisor’s Analysis on Marathon Petroleum:
According to Stock Target Advisor’s analysis, MPC holds a “Slightly Bullish” rating, supported by three positive indicators but weighed down by two negative ones. The platform’s 12-month target price for MPC is set at $188.53, implying a projected price increase of 31.72% from its recent closing price of $143.13. While MPC has exhibited impressive revenue growth (72.06% over the past five years) and substantial earnings growth (359.69% over five years), the stock’s high volatility and lower-than-average dividend growth within its sector may concern some investors.
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The broader Oil & Gas Refining & Marketing sector currently holds a bearish outlook from Stock Target Advisor, with recent sector-wide returns showing a steep decline, including a one-month return of -59.07%.
Conclusion:
With MPC’s Q3 earnings report on the horizon, investors are keen to see whether the company can surpass these tempered expectations. For investors, the combination of MPC’s high volatility and strong historical earnings growth presents both potential rewards and risks, making these earnings release a significant event for current and prospective shareholders.
Muzzammil is a content writer at Stock Target Advisor. He has been writing stock news and analysis at Stock Target Advisor since 2023 and has worked in the financial domain in various roles since 2020. He has previously worked on an equity research firm that analyzed companies listed on the stock markets in the U.S. and Canada and performed fundamental and qualitative analyses of management strength, business strategy, and product/services forecast as indicated by major brokers covering the stock.
