Marathon Oil upgraded to Buy at Argus on attractive valuation, ongoing buybacks

As previously reported, Argus upgraded Marathon Oil to Buy from Hold with a $31 price target. The analyst notes that the upgrade not only highlights the company’s attractive valuation metrics, on both an absolute basis and on a comparative basis, but also takes into account its strong balance sheet, with its relatively low-debt levels and strong free cash flow yields. Argus adds that Marathon Oil continues to be shareholder-friendly, with continuing increases in the dividend and ongoing share repurchases.