Evercore ISI analyst Stephen Richardson resumed coverage of Marathon Oil with an Outperform rating and $35 price target, citing what he calls an "attractive combination" of 2023 cash returns, asset clarity, and "a global gas kicker in 2024." Richardson sees the potential for a 14% total yield for Marathon from dividends plus buybacks in FY23 at current strip prices, while contending that the Street is "overly cautious on the need to reduce debt."
Published first on TheFly
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