Marathon Oil assumed with Neutral from Buy at Mizuho

Mizuho analyst Nitin Kumar downgraded Marathon Oil to Neutral from Buy with an unchanged price target of $32 as he assumed coverage of the stock. While admitting Marathon "has done more to return capital to investors since 2021 than most peers," core inventory is running out and capital efficiencies are likely to decline, Kumar tells investors. In that context, he believes a discounted multiple is merited for now and he thinks the company’s focus should be on long-term sustainability.