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Analyst Update: Marathon Petroleum Corp, QLogic Corporation, and Seventy Seven Energy Inc

Analysts adjusted their ratings on MPC, QLGC, and SSE

by 7/11/2014 2:06 PM
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Analysts are weighing in today on oil refiner Marathon Petroleum Corp (NYSE:MPC), network infrastructure specialist QLogic Corporation (NASDAQ:QLGC), and oilfield services issue Seventy Seven Energy Inc (NYSE:SSE). Here's a quick look at today's brokerage notes on MPC, QLGC, and SSE.

  • MPC is on the upswing this afternoon, rising 1.6% to trade at $78.63. Ahead of the bell, Citigroup upgraded the stock to "buy" from "neutral," even as the brokerage firm lowered its price target for the shares to $94 from $96. (Likewise, Macquarie trimmed its price target on MPC to $100 from $116 earlier, but kept its "outperform" recommendation.) Bullish analysts seem unfazed by the lackluster price action for Marathon Petroleum Corp so far this year, with the stock down about 14% since the start of 2014. The energy firm sports roughly 82% "buy" ratings, and there's not a single "sell" in the bunch.

  • After hitting a two-month high of $10.65 earlier today, QLGC is currently sitting on a gain of 1.9% at $10.40. Despite a morning upgrade to "equal weight" from "underweight" at Morgan Stanley, the stock hasn't been able to maintain its footing above emerging resistance at $10.50. Today's relatively lukewarm note is more of the same for QLogic Corporation; among the six analysts tracking the shares, only one considers the stock worthy of a "buy" rating. With the equity down about 12% year-to-date, though, this skeptical configuration isn't too surprising.

  • SSE has popped 2.8% to $25.75, bolstered by a new "buy" rating and $34 price target from Wunderlich. While the Chesapeake Energy Corporation (NYSE:CHK) spin-off has edged mostly sideways since making its public trading debut on July 1, news that Carl Icahn holds a 9.98% stake in Seventy Seven Energy Inc has generated some excitement over the past couple of days. Currently, SSE is up 4.6% from its July 9 all-time closing low of $24.62.

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