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Will Marathon Petroleum See Strong 3Q17 Results?

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Part 3
Will Marathon Petroleum See Strong 3Q17 Results? PART 3 OF 7

Inside Marathon Petroleum’s Stock Performance ahead of Its 3Q17 Earnings

Marathon Petroleum stock performance

Since July 3, 2017, Marathon Petroleum (MPC) stock has risen 6%. Since July 3, Marathon Petroleum stock has risen likely due to Hurricane Harvey, which hit Texas on August 26, 2017.

Harvey impacted ~30% of refining capacities in the US, and as a result, refining cracks in the industry have risen. In 3Q17, MPC’s refining earnings indicators rose QoQ (quarter-over-quarter) and year-over-year.

Inside Marathon Petroleum&#8217;s Stock Performance ahead of Its 3Q17 Earnings

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The EIA (US Energy Information Administration) recorded a fall of 8.4 million barrels in gasoline inventories for the week ending September 8, 2017. This was the largest weekly fall in gasoline inventories in 27 years. MPC has delayed its planned maintenance at its Catlettsburg, Kentucky, refinery for one week to take advantage of stronger cracks in September.

Previously, MPC posted its 2Q17 earnings, which missed analysts’ estimates. But overall, Hurricane Harvey has caused higher refining cracks.

Peer stock performances

Since July 3, 2017, Phillips 66 (PSX), Andeavor (ANDV), and Valero Energy (VLO) have risen 12%, 12%, and 14%, respectively. HollyFrontier (HFC) stock has risen 29% in the same period.

The SPDR S&P 500 ETF (SPY) has risen 5% since July 3, and so Marathon Petroleum stock, with its 6% gain, has outperformed SPY.

Continue to the next part for a look at where MPC’s moving averages stand ahead of its 3Q17 earnings.

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