Marathon Petroleum Outpaces Many Tech Stocks in 2026 as Raymond James Lifts Target to $560

what happened

Shares of Marathon Petroleum (MPC) have climbed more than 200% since January, outpacing chipmakers such as AMD, Qualcomm and Broadcom, according to Stocktwits. The rally in energy equities took hold after the U.S.-Iran conflict began in February and pushed oil prices sharply higher, widening crack spreads and lifting throughput at the refiner.

Second-quarter revenue reached $52.33 billion, up more than 53% and far above the $41.44 billion analysts had projected. Earnings per share came in at $17.73, versus $3.96 a year earlier, while refining and marketing margin rose to $36.33 per barrel from $17.58. The company also finished two refinery upgrades, at El Paso in Texas and Robinson in Illinois, the latter adding roughly 10,000 barrels per day of jet fuel output.

Raymond James raised its price target to $560 from $445 and kept an Outperform rating. The stock hit a new 52-week high of $493.98 on Monday, and the company will report third-quarter earnings on November 3.

why it matters

For markets, the report shows that high refining margins and elevated oil prices can keep supporting refiners' earnings for a while. Koyfin data puts the 12-month average target at $442.33, more than 6% below the last close. Of 19 analysts covering the stock, nine rate it Buy or higher, nine Hold and one Sell, so bullish sentiment is split from the consensus view.

market impact

Refiners: strong margins support MPC and energy sector ETFs such as XLE

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