Goldman Sachs raised its price target for Marathon Petroleum Corp. to $519 from $472, reflecting a positive outlook on the company’s performance. Institutional interest also increased, with Monument Capital Management boosting its stake by 275% in the third quarter.
Strong refining margins are supporting the bullish outlook. Gasoline and diesel demand is high, while distillate inventories are below normal.
Marathon Petroleum had approximately $6.1 billion remaining under its share-repurchase authorization at the end of the second quarter. The stock is trading near its 52-week high, supported by recent quarterly results that exceeded expectations.