Why Marathon Petroleum Stock Slipped Today
Yahoo Finance ·
The latest White House proposal to rein in diesel prices and an analyst's recommendation downgrade were the major factors behind Marathon Petroleum 's ( MPC -3.16% ) stock price dip on Tuesday. At the close of that day's trading session, the company's equity was down more than 3%. Treasury Secretary Scott Bessent said that the Trump administration is mulling a ban on U.S. diesel exports. He added that this would reduce prices for the fuel, commonly used for cargo trucks, which continue to reach all-time high prices. Almost needless to say, many analysts and economists attribute this rise mainly to the impact of the Iran war. Bessent implied this was only a proposal at this stage. He said the Trump team is "examining whether it's feasible in terms of the overall refining capacity and whether a full or partial ban would work." Compounding that, well before market open, Jefferies ' Lloyd Byrne downgraded his rating on Marathon to hold from buy, with a price target of $413 per share. According to reports, the analyst wrote that the current price and valuation are consistent with historical levels, while threats loom on the horizon -- such as a consumer pull-back due to those rising diesel prices.
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