03:40 PM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of $28, up $2, reflects a 4.8x multiple of EV to projected 2024 EBITDA, in line with MRO's historical average. We lift our 2024 EPS view by $0.50 to $2.82 and 2025's by $0.37 to $3.20. Q1 EPS of $0.55 vs. $0.48 was in line with consensus. Q1 revenue ($1.55B) was down 8% Y/Y and sequentially, driven by weaker natural gas pricing (-15%). Q1 production (371k boe/d) fell by 6% Y/Y and 8% sequentially due to weaker international volumes (-18%). MRO reiterated its 2024 guidance, with expected production to be in range of 390k boe/d (vs. 405k boe/d in 2023), while capex is expected to be in range of $2B (in line with $2B in 2023). In addition, MRO noted that its adjusted free cash flow is expected to be in range of $2.2B in 2024 (in line with $2.2B in 2023), assuming $80/b WTI pricing, which we believe is fair given the U.S. Energy Information forecasts WTI to average $84/b in 2024 (vs. $78/b in 2023). However, at current valuation, we see limited upside and stay at Hold. Shares yield 1.7%.