Marathon Shares Still Drawing Investors

Marathon Shares Still Drawing Investors

Marathon Oil Corp. shares extended big gains sparked by better-than-expected earnings.

Shares rose $3.08, or 6.4 percent, to $50.99 in afternoon trading.

Lehman Brothers analyst Paul Cheng raised his target price on the stock, which he rates “Overweight.” Other analysts also cheered the Houston company’s results.

On Thursday, Marathon shares jumped more than 5 percent after the company said its first-quarter profit rose 2 percent, helped by soaring oil prices that offset weakness at its sizable refining operations. Adjusted earnings shot well past analysts’ forecasts.

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