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Marathon Oil stock leaps to accelerate S&P 500 gains after bullish earnings and outlook

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Shares of Marathon Oil Corp. MRO,
+ 10.29%
climbed 8.7% to a one-year high in afternoon trading, enough to accelerate the S&P 500’s SPX,
+ 0.38%
winners, after the natural gas company reported a narrower-than-expected loss in the fourth quarter and provided an optimistic outlook for capital spending and free cash flow (FCF). Trusted analyst Neal Dingmann reiterated the buy rating he had on the stock since mid-January, while increasing his price target by 25%, to $ 15 from $ 12. His new target ties him to Matthew Portillo of Tudor Pickering Holt for the highest of 29 analysts surveyed by FactSet. Dingmann highlighted the company’s plan to keep 2021 spending at around $ 1 billion, regardless of the rise in oil prices, so it can focus on paying down debt. “Capital discipline will not only provide a significant FCF, but the program extends the war chest life of the main Bakken and Eagle Ford sites to more than 10 years, although an accretive acquisition is still possible.” , Dingmann wrote in a research note. “While we expect production in 1Q21 to be sequentially lower, in part due to recent weather conditions in Texas, we still believe the company may soon be rewarding its shareholders in one way or another.” The stock has climbed 79.7% over the past three months, while the SPDR Energy Select Sector ETF XLE,
+ 1.81%
rallied 26.4% and the S&P 500 SPX,
+ 0.38%
gained 8.2%.

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