Marathon Petroleum Corp. shred slumped 0.86% to $57.45 Thursday. This proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX falling 0.86% to 4,320.82 and Dow Jones Industrial Average DJIA falling 0.75% to 34,421.93.
Marathon Petroleum Corp. closed $7.39 short of its 52-week high ($64.84), which the company reached on June 10th. The stock underperformed when compared to some of its competitors Thursday, as Exxon Mobil Corp. XOM fell 0.45% to $60.14, Chevron Corp. CVX fell 0.32% to $102.60, and BP PLC ADR BP fell 0.58% to $25.58.
Marathon Petroleum Corp trading volume (6.9 M) remained 629,554 below its 50-day average volume of 7.5 M.This was the stock’s fourth consecutive day of losses. The S&P 500 finished the first half of 2021 with a gain of 14.4% for its second-best January-June performance since 1998. As the index made a stunning recovery following last year’s pandemic-induced crisis, Oil/Energy stocks were the standout trades. While most energy companies had a strong six-month period, one stock gained more than 100%.
It boasts some 10 years of North American unconventional inventory at a breakeven price of less than $40 per barrel that extends to 15 years if the breakeven points are in the $40-$50 range. Overall, the wells drilled by Marathon have extremely low oil price breakeven costs and need oil prices of just $35 a barrel to be profitable. Marathon has a good earnings surprise history. It surpassed estimates in three of the last four quarters and met in the other, delivering an earnings surprise of 26.19%, on average.