Elliott affiliate wins Citgo share auction with $7 billion conditional offer
Written by Emily J. Thompson, Senior Investment Analyst
Source: Reuters
Elliott Investment Management's Bid: An affiliate of Elliott Investment Management has emerged as the presumptive winner in a U.S. court auction for shares in Citgo Petroleum's parent company, PDV Holding, with a bid valuing Citgo at up to $7.286 billion, amidst ongoing claims against Venezuela and PDVSA.
Legal Challenges and Controversies: The conditional nature of Elliott's bid has sparked opposition from Venezuelan parties, while bondholders pursuing claims against Citgo threaten to complicate the sales process, potentially delaying closure beyond the proposed mid-November timeline.
Analyst Views on MPC
Wall Street analysts forecast MPC stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for MPC is 201.50 USD with a low forecast of 184.00 USD and a high forecast of 213.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
14 Analyst Rating
9 Buy
5 Hold
0 Sell
Moderate Buy
Current: 175.760
Low
184.00
Averages
201.50
High
213.00
Current: 175.760
Low
184.00
Averages
201.50
High
213.00
About MPC
Marathon Petroleum Corporation is an integrated, downstream energy company. The Company’s segments include Refining & Marketing, Midstream and Renewable Diesel. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent and West Coast regions of the United States. It sells refined products to wholesale marketing customers domestically and internationally, to buyers on the spot market, and to independent entrepreneurs who operate primarily Marathon branded outlets. The Midstream segment gathers, transports, stores and distributes crude oil, refined products, including renewable diesel, and other hydrocarbon-based products, principally for the Refining & Marketing segment via refining logistics assets, pipelines, terminals, and others. The Renewable Diesel segment processes renewable feedstocks into renewable diesel, markets renewable diesel and distributes renewable products through its Midstream segment and third parties.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
