The stock of Marathon Oil Corporation (NYSE:MRO) is now priced at $5.45 and the shares are 0.18 points up or 3.42% higher compared to its previous closing price of $5.27. The stock had 21.096 million contracts set over the past session. MRO shares’ daily volume is compared to its average trading volume at 30.999 million shares. However, it has a float of 787 million and although its performance was -7.94% over the week, it’s one to watch. Analysts have given the MRO stock a yearly average price target of $8.01 per share. It means the stock’s upside potential is 46.97% with the MRO share price recently placing at $5.27 to $5.55. However, some brokerage firms have priced the stock below the average, including one that has called $5.
The shorts are running away from the Marathon Oil Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the MRO shares have declined. Short interest in the stock represents just 4.56% of its float, but the volume has dropped by 0.
In the last trading session, Marathon Oil Corporation (NYSE:MRO) dropped by -$0.47 over the week and lost -$0.18 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $14.39. The stock recorded its established 52-week high on 09/16/19.
Since 04/01/20, the stock has traded to a low of $3.02 at 80.46%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 3.34. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Marathon Oil Corporation’s two-week RSI is 42.81. This suggests that the stock is neutral at the moment and that MRO shares’ price movement remains stable. The stochastic readings are equally revealing at 12.16% meaning the MRO share price is currently in overbought territory.
The technical chart shows that the MRO stock will likely settle at between $5.58 and $5.7 per share. However, if the stock dips below $5.3, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $5.14.
Currently, the stock is trading in the red of MACD, with a reading of -0.34. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned MRO a rating of Neutral in their resuming review released on August 05. JP Morgan analysts upgraded their recommendation of the stock from Neutral to Overweight in a flash note released to investors on July 23. Wells Fargo seeing the stock struggling downgraded it from Overweight to Equal Weight on June 25 placing it at $10.
The average rating for the MRO equity is 2.93 and is currently gathering a bullish momentum. Of 28 analysts tracking Marathon Oil Corporation polled by Reuters, 17 rated MRO as a hold. The remaining 11 analysts were split evenly. However, the split wasn’t equal as a majority (7) rated it as a buy or strong buy. 4 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Marathon Oil Corporation (NYSE:MRO) will increase by about 49.1%, which will see them reach $731 million. The company’s full-year revenues are, however, expected to diminish by about -40.85%, down from $5190 million to $3070 million. MRO’s expected adjusted earnings should drop almost -321.43% to end up at -$0.31 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -273.33% to record -$1.3/share.