Keep an eye on oversold shares of Marathon Petroleum (MPC).

With the recent pullback in oil prices, MPC just pulled back to a 2023 low and has become wildly oversold on RSI, MACD and Williams’ %R. From its current price of $135.06, we’d like to see MPC retest $160 initially. Helping, director Jeffrey Campbell just bought 6,000 shares of MPC at $149.11 per share for $897,644 on December 4.

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Also, about a month ago, the company boosted its share buyback program by another $5 billion. With that, MPC now has $8.5 billion available under its share buyback program.

Recent earnings weren’t too shabby either. In its third quarter, its EPS of $1.87 beat estimates by 78 cents. Revenue of $35.37 billion, while down about 15%, beat by $2.06 billion. 

Sincerely,

Ian Cooper