RBC Europe analyst Biraj Borkhataria downgraded BP from Top Pick to Outperform and lowering the price target on BP's U.S. stock from $49.60 to $49.10.
At Marathon, RBC expects industry-leading free cash flow yields, Hanold said in the Tuesday upgrade note. The company should drive strong organic production through 2020, he said.
While Marathon's performance should be underpinned by its core drilling in the Eagle Ford and Bakken shale basins, the Permian Basin should also start to meaningfully contribute, the analyst said.
Borkhataria cited value for the BP downgrade, saying the share price has simply come up to the point where there’s less valuation upside.
Shares of Marathon were up 0.29 percent to $17.43 at publication time Tuesday. BP shares were down slightly, by 0.53 percent to $44.44.
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