Wells Fargo Raises Marathon Petroleum (MPC) Price Target to $560

Wells Fargo has reaffirmed its Overweight rating on Marathon Petroleum, increasing its price target to $560, a 18.14% upside from the current price.

By EarningsIQ Research Desk · Published Oct 15, 2026, 9:18 PM EDT · Updated Oct 16, 2026, 8:15 AM EDT

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Wells Fargo raised its price target on Marathon Petroleum Corporation ($MPC) to $560 from $400 on October 14, 2026, and rates the stock "Overweight".

Since the rating, $MPC is down 1.4% to date (from the $484.92 close on Oct 14, 2026).

MPC Marathon Petroleum Corporation

$478.07 +192.86% year to date

Daily close · Oct 16, 2026

Key Points

On October 14, 2026, Wells Fargo reiterated its Overweight rating on Marathon Petroleum, raising its price target from $400 to $560.
Wells Fargo's $560 price target implies 18.14% upside from Marathon Petroleum Corporation's ($MPC) current $474.01 share price.
Marathon Petroleum's stock recently traded at $474.01, which is 15.4% below the new target set by Wells Fargo.
The company is scheduled to report its next earnings on November 3, 2026, following a strong revenue growth of 53.7% year-over-year.

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Wells Fargo has reiterated its Overweight rating on Marathon Petroleum Corporation (NYSE: MPC) and raised its price target to $560 from $400 on October 14, 2026. This change reflects the bank's confidence in the company's performance and potential.

Analyst rating track record

Wells Fargo vs. the S&P 500

YTD return -2.53% hypothetical

All-time return -2.53% S&P 500 +0.47%

vs. S&P 500 -3% behind the index

Hypothetical returns from Wells Fargo's disclosed trades, not real profit or advice. How we model this.

Wells Fargo's Call on Marathon Petroleum

Wells Fargo's updated price target of $560 marks a significant increase from the previous target of $400. The stock recently traded at $474.01, placing it about 15.4% below the new target price. This rating suggests that Wells Fargo believes Marathon Petroleum has strong growth prospects in the energy sector.

Other Institutional Activity in Marathon Petroleum

Blackrock Inc. has continued to show confidence in Marathon Petroleum, growing its holdings by 1,610,129 shares, resulting in a total of 26,006,017 shares valued at approximately $12.4 billion. Geode Capital Management, LLC also increased its stake, adding 529,525 shares for a total of 8,351,157 shares worth around $3.99 billion. Meanwhile, Vanguard Capital Management LLC and State Street Corporation both reduced their positions slightly, with changes of -95,851 shares and -553,643 shares, respectively.

Marathon Petroleum Corporation Stock Up 11.6%

Marathon Petroleum's shares are currently priced at $474.01 as of October 16, 2026. This price is notably below the new target of $560 set by Wells Fargo, indicating potential upside if the stock aligns with analyst expectations. The company operates within the oil and gas refining and marketing industry, which has seen various dynamics influencing stock performance.

12-month forecast

$MPC price target

Marathon Petroleum Corporation daily closes and this analyst's $560 target. Not advice.

Recent Earnings

Marathon Petroleum reported trailing twelve-month revenue of approximately $154.1 billion and an EPS of $28.85. The company has shown strong financial results, with a revenue growth of 53.7% year-over-year. It is set to announce its next earnings on November 3, 2026, which will provide further insights into its financial health.

Insider Buying and Selling at Marathon Petroleum Corporation

Recent insider trading at Marathon Petroleum included several sales by company officers. Shawn M. Lyon sold 2,500 shares on August 13, 2026, valued at $875,000. Molly R. Benson sold 17,196 shares on August 17, 2026, for about $6.17 million. Erin M. Brzezinski also sold 570 shares on August 27, 2026, worth $206,790. These transactions occurred before the recent analyst ratings and do not necessarily indicate a negative outlook.

Analysts Set New Price Targets

On October 14, 2026, Wells Fargo maintained its Overweight rating on Marathon Petroleum with a new price target of $560. Earlier, on October 13, Citigroup also maintained a Neutral rating with a target of $518. Other recent ratings include Barclays, which maintained an Overweight rating with a target of $488, and Mizuho, which maintained a Neutral rating with a target of $457.

About Marathon Petroleum

Marathon Petroleum Corporation operates as an integrated downstream energy company in the United States, focusing on refining and marketing petroleum products. With a workforce of about 18,500 employees, the company plays a significant role in the oil and gas industry, helping to drive its stock performance and investor interest.

Bottom Line

Investors should watch for the upcoming earnings report on November 3, 2026, which may provide further insights into Marathon Petroleum's financial performance. The recent analyst ratings and price targets suggest a positive outlook for the company, reflecting confidence from major financial institutions.