For Immediate Release
Chicago, IL – September 8, 2026 – Zacks Equity Research shares Marathon Petroleum Corp. MPC as the Bull of the Day and The Campbell’s Company CPB as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Valero Energy VLO and PBF Energy PBF.
Here is a synopsis of all four stocks.
Bull of the Day:
Marathon Petroleum Corp. is in a golden age of refining. This Zacks Rank #1 (Strong Buy) is expected to grow earnings 341% year-over-year as crack spreads hit record highs.
Marathon Petroleum (“MPC”) is an integrated downstream and midstream energy company. Headquartered in Findlay, Ohio, it operates 13 refineries, the largest refining system in the United States. MPC has a crude oil refining capacity of about 3 million barrels per calendar day.
Marathon Petroleum’s marketing system includes gas station locations across the United States, including Marathon and ARCO retail outlets.
MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure.
High Crack Spreads Drove Marathon’s Second Quarter 2026 Results
On Aug 4, 2026, Marathon Petroleum reported its second quarter 2026 results and beat the Zacks Consensus on earnings by 22%. It was the third earnings beat in a row.
The Refining & Marketing margin was $36.33 per barrel for the second quarter of 2026, up from $17.58 in the prior year’s quarter.
Crude capacity utilization was 94%. The stellar results were driven by higher crack spreads in all regions.
Analysts Can’t Keep Up as MPC’s Earnings Continue to Rise
The crack spreads continue to move higher which means so will MPC’s earnings.
One estimate for 2026 was raised in just the last week pushing the Zacks Consensus up to $47.23 from $46.66.
However, the Most Accurate Estimate, which is the most recent one, was raised to $53.69.
How dramatic is the earnings increase this year?
Marathon Petroleum only made $10.70 in 2025. That’s earnings growth of 341.4% at the Zacks Consensus of $47.23 and it’s even higher if the Most Accurate Estimate of $53.69 holds up.
Here’s what it looks like on the price and consensus chart.
Higher Margins Means More Cash
MPC is awash in cash. This is the golden age for refiners.
As of June 30, 2026, the company had $7.8 billion in cash and cash equivalents, including $1 billion of cash at MPLX.
It’s giving back a lot of it to shareholders. In the second quarter of 2026, Marathon returned $2.8 billion to shareholders in share repurchases and a dividend. As of June 30, 2026, it had $6.1 billion remaining on the share repurchase authorization.
It’s dividend is $4.00 per share annually, which is yielding 1%.
Shares of Marathon Petroleum Soar in 2026
Not surprisingly, the refiners have been the place to park your money in 2026. Shares of Marathon Petroleum are up 125% year-to-date to new highs.
Yet Marathon is still cheap on a price-to-earnings (P/E) basis because the “E,” or earnings, keeps going up even as the stock price does.
MPC has a PEG ratio of 0.25. A PEG under 1.0 indicates a company has both growth and value.
In addition to being a Strong Buy stock, Marathon also has the top Zacks Style Scores of A for Value, A for Momentum, and A for Growth.
Only 7 companies in the entire Zacks screening universe of over 4400 stocks currently meet these criteria of having both the top Zacks Rank and the top Style Scores.
Buying a refining stock is a short-term trade. No one knows what is going to happen to the crack spreads in 2027.
But for investors looking for a way to cash in on high diesel and gasoline prices today, Marathon Petroleum should be on your short list.
Bear of the Day:
The Campbell’s Company is struggling with higher inflation and a volatile external environment which is impacting its snack division. This Zacks Rank #5 (Strong Sell) recently missed on earnings and cut its dividend for the first time since 2001.
The Campbell’s Company is a legendary food company which has been headquartered in Camden, N.J. since 1869. It has two divisions: Meals & Beverages and Snacks. The company has 16 brands including Campbell’s, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snack Factory, Snyder’s of Hanover, Swanson and V8.
Campbell’s Missed on Q4 Fiscal 2026 Earnings
On Sep 3, 2026, Campbell’s reported its fourth quarter fiscal 2026 earnings results and missed on the Zacks Consensus Estimate by a penny. Earnings were $0.39 versus the consensus of $0.40.
It has missed on earnings two out of the last four quarters.
Net sales fell 8% to $2.1 billion and decreased 1% on an organic basis with Snacks being the weaker division.
Adjusted gross profit margin fell 190 basis points to 28.6%, driven primarily by cost inflation and other supply chain costs inclusive of the impact from tariffs, but partially offset by supply chain productivity improvements.
“We enter fiscal 2027 with leading brands including Campbell's, Rao's, Goldfish and Pepperidge Farm, a resilient Meals & Beverages division benefiting from durable at-home cooking trends, and actions underway to strengthen Snacks,” said Mick Beekhuizen, CEO.
The First Cut to Campbell’s Dividend Since 2001
In order to accelerate the path to reducing debt on the company’s balance sheet, Campbell’s is “resetting” its dividend to a quarterly dividend of $0.25 per share, or $1.00 on an annualized basis, down from the prior quarter’s dividend of $0.39, which was $1.56 on an annualized basis. That’s a 36% cut.
It’s the first cut to the dividend since 2001.
That brings the yield down to 4.7% from 7.3%. It’s still generous.
Campbell’s Guides Fiscal 2027 Below the Zacks Consensus
Campbell’s expects a volatile external environment and another year of elevated inflation in Fiscal 2027 along with several longer-term benefits that are expected to build through the year to support the company’s margins.
It guided Fiscal 2027 net sales to fall in the range of 4% to 2% from Fiscal 2026.
Earnings are expected to decline as much as 24% in Fiscal 2027 with a range of $1.65 to $1.80.
This guidance range was below the Zacks Consensus of $1.97.
Not surprisingly, the analysts have had to cut their Fiscal 2027 estimates. Four estimates were cut in the last week, which pushed the Zacks Consensus down to $1.91 from $1.97.
That’s still above Campbell’s guidance range.
But the Most Accurate Estimate, which is the most recent, came in at just $1.75, which is within the company’s guidance range of $1.65 to $1.80.
The earnings are going the wrong way. Here’s what it looks like on the 5-year price and consensus chart.
Is the Bottom Already In?
Campbell’s shares lost about 7% on the earnings miss and the announcement of the dividend reset.
Shares have traded near 5-year lows this year and are now down 22.8% year-to-date.
But if you look at the 3-month chart, you can see the shares really aren’t making new lows, even with the latest news.
Could the bottom be in?
Campbell’s is cheap, with a forward price-to-earnings (P/E) of 11.2. A P/E ratio under 15 usually indicates value.
But with earnings expected to slide as much as 24% in Fiscal 2027, it’s more of a value trap than a true value.
For investors interested in food companies like Campbell’s, with all the uncertainty surrounding the consumer and inflation, waiting on the sidelines until the earnings estimates are revised higher is a good strategy.
Additional content:
3 Refining Stocks Up More Than +100% YTD with Further Upside Potential
Oil and Gas - Refining and Marketing stocks have been among the strongest performers in 2026, helped by a favorable environment for refiners. Conflicts in the Middle East and Russia have disrupted refinery operations and reduced the supply of gasoline, diesel and jet fuel globally. At the same time, demand for transportation fuels has remained healthy. This combination of limited supply and steady demand has strengthened refining margins. Despite the sharp year-to-date rally, the downstream industry backdrop remains supportive, as rebuilding fuel inventories and restoring damaged refining capacity could take considerable time.
Against this backdrop, Valero Energy, PBF Energy and Marathon Petroleum stand out. All three stocks have more than doubled year to date, but favorable conditions across the refining and marketing space suggest that their strong run may still have further room to continue.
Why the Downstream Space Remains Attractive
Less Refining Capacity is Keeping Fuel Supply Tight: Conflicts in the Middle East and Russia have forced several refineries to reduce or halt operations. Global planned and unexpected refining outages have risen well above normal levels, while some facilities have suffered physical damage that could take considerable time to repair. With fewer refineries available to turn crude oil into gasoline, diesel and other fuels, product supplies are likely to remain tight. This should continue to support the broader downstream and refining and marketing space.
Fuel Inventories are Low While Demand Remains Healthy: Global supplies of gasoline, diesel and other refined products in storage have fallen considerably and remain well below normal levels. At the same time, demand for gasoline, diesel and jet fuel continues to hold up well in both U.S. and international markets. This combination of low inventories and healthy demand is keeping fuel markets tight. As a result, refiners should continue to benefit from favorable product prices and supportive refining and marketing margins.
Favorable Conditions Could Last Beyond the Current Disruptions: The strength in the downstream industry may not disappear quickly even if geopolitical tensions ease. Fuel inventories are expected to take considerable time to return to normal, while damaged refining infrastructure could keep global capacity constrained. Industry expectations also point to a stronger-than-usual refining environment extending into 2027, supported by tight supply-demand conditions and the rising cost of adding or operating refining capacity. Greater availability of Canadian and Venezuelan crude could provide an additional advantage for U.S. refiners.
The Rally May Not Be Over Yet
Despite having jumped more than 100% so far this year, Marathon Petroleum, Valero and PBF continue to carry a Zacks Rank #1 (Strong Buy) or #2 (Buy). With fuel supplies tight, inventories low and demand holding up well, the refining and marketing space still has a favorable outlook. These conditions suggest that the three stocks could remain attractive choices even after their substantial gains. You can see the complete list of today’s Zacks #1 Rank stocks here.
Valero Energy: Valero Energy is a major downstream energy company focused on refining, renewable diesel and ethanol. Its refining network has about 2.5 million barrels per day of crude capacity, with a large presence on the U.S. Gulf Coast. Valero also operates 12 ethanol plants and participates in renewable diesel through Diamond Green Diesel, giving it a broader fuels portfolio.
Valero’s flexible refineries can process different crude types and are supported by logistics and marketing operations. This should help the #1 Ranked company gain from low fuel inventories, limited excess refining capacity and steady transportation-fuel demand. Access to U.S., Canadian and Venezuelan crude provides an advantage in the current market.
Over the past 60 days, the Zacks Consensus Estimate for Valero Energy’s 2026 earnings has moved up 31.1% and indicates 283.6% growth from the year-ago reported number.
PBF Energy: PBF Energy has refining operations across the East Coast, Mid-Continent, Gulf Coast and West Coast. Its system includes facilities such as Torrance, Martinez, Chalmette, Paulsboro and Toledo, supported by logistics operations. PBF also has exposure to renewable diesel through its St. Bernard Renewables joint venture.
This regional footprint allows PBF to serve several fuel markets and respond to changing supply conditions. The Zacks #1 Ranked company should benefit from tight gasoline, diesel and jet-fuel inventories, reduced global refining capacity and healthy demand. Management is also working to improve refinery reliability, energy efficiency and costs, which could help it capture more value from strong refining margins.
PBF Energy’s expected EPS growth rate for three to five years is currently 56%, which compares favorably with the industry's growth rate of 31%. Over the past 60 days, the Zacks Consensus Estimate for the company’s 2026 earnings has gone up 67.8%.
Marathon Petroleum: Marathon Petroleum is a U.S. downstream energy company with a large refining and marketing system spread across the Gulf Coast, Mid-Continent and West Coast. Its operations are supported by extensive crude pipelines and logistics, while midstream unit MPLX adds a sizable business. Marathon Petroleum also has renewable diesel operations, giving it exposure beyond traditional fuels.
The company is well-positioned in today’s tight refining market because its system can process advantaged crude and adjust production toward higher-value fuels. Low gasoline and diesel inventories, strong demand and reduced global refining capacity should support margins. Its scale, flexibility and integrated network also help MPC capture opportunities across different regions.
Marathon Petroleum beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed in the other, with the average being 49.3%. Over the past 60 days, the Zacks Consensus Estimate for the company’s 2026 earnings has gone up 41.6%. MPC carries a Zacks Rank of 2.
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