/PRNewswire/ -- Marathon Oil Corporation (NYSE: MRO) announced today it plans to issue its third quarter 2022 earnings release on Wednesday, Nov. 2, after the…
The global macro environment took another beating late last week with disappointing Eurozone PMIs and a UK mini-budget causing a havoc in markets as it fueled further debt and inflation concerns. Dollar dominance continued with sterling pressured despite higher UK yields, and risk off tone is likely to continue as Russia-Ukraine tensions in focus. The yen’s intervention risks also on watch as Japan returns from holiday today. Oil prices slid to multi-month lows amid a stronger dollar and demand concerns, with supply factors turning supportive for now, weighing on energy stocks. What is happening in markets? The Nasdaq 100 (USNAS100.I) and S&P 500 (US500.I) continue to tumble on rising interest rates The selloff last Friday continued its long stretch of turbulence, which first kicked off following Powell’s hawkish Jackson Hole speech on August 26, then was exacerbated by a much-stronger-than expected CPI on September 13. And the selloff has most recently been bolstered by the hawkish rate and economic projections released after the FOMC meeting last Wednesday.
Stocks tumbled on Friday to close out a brutal week for financial markets as surging interest rates and foreign currency turmoil heightened fears of a global recession. The Dow Jones Industrials withered 486.27 points, or 1.6%, to 29,590.41. The Dow notched a new low for the year and closed below 30,000 for the first time since June 17. The 30-stock index fell 19.9% on an intraday basis and flirted with bear market territory. The S&P 500 retreated 64.76 points, or 1.7%, to 3,693.23, a new 2022 closing low. The NASDAQ Composite moved sharply into the red, 198.88 points, or 1.8%, to 10,867.93. Friday marked the fourth negative session in a row for the major averages. The Fed on Wednesday enacted another super-sized rate hike of 75 basis points and indicated it would do another at its November meeting. The major averages are on pace for their fifth decline in the last six weeks. The Dow has given up about 4.5% this week, while both the S&P tunneled 5.2%, and the NASDAQ fell 5.5%. Shares of APA Corp. dipped 12.3%, and Marathon Oil led the S&P’s losses, slumping 11.3% to lead the S&P’s losses.
Gainers: Snow Lake Resources Ltd. (LITM) +44%. Losers: Patterson-UTI Energy (PTEN) -16%. MV Oil Trust (MVO) -16%. Tellurian Inc. (TELL) -16%. Marathon Oil (MRO) -11%.
Shares of oil and gas companies were taking a broad beating ahead of Friday''s open, as growing concerns of a coming recession has sent crude oil futures sinking toward an eight-month low. The SPDR Energy Select Sector ETF slumped 3.2% in premarket trading, with all 21 components selling off, as crude futures shed 3.4% and while futures for the S&P 500 fell 1.4%. Within energy ETF, the biggest decliners were shares of Marathon Oil Corp. and Devon Energy Corp. , which both fell 4.0%. Among the more-active components, shares of Occidental Petroleum Corp. slid 3.5% and Exxon Mobil Corp. declined 2.9%. The best performer was Williams Companies Inc.''s stock , which gave up 2.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
It’s been a banner year for energy stocks. With oil prices cresting above $120 a barrel and continuing to trade in a range between $85 and $105, energy companies are reaping record profits and issuing incredible earnings. Many energy companies have announced net income that is up more than 3,000% from year-earlier levels. It all amounts to a windfall for an industry that was decimated during the pandemic when oil prices finished 2020 below $50 per barrel. The strong earnings have led to outperformance among energy stocks this year, with many share prices up 25%, 50%, even 100%. Oil stocks have been the lone bright spot in an otherwise dismal year for equities. While some analysts continue to debate whether oil prices have peaked, the consensus view is that the earnings of oil companies will remain strong through the remainder of this year. With that in mind, here are seven energy stocks primed for a Q3 earnings gusher. XOM ExxonMobil $90.95 OXY Occidental Petroleum $62.68 CVX Chevron $155.01 DVN Devon Energy $64.48 PXD Pioneer Natural Resources $228.00 KMI Kinder Morgan $17.52 MRO Marathon Oil $25.18 ExxonMobil (XOM) Source: Michael Gordon / Shutterstock.com For this year’s second quarter, ExxonMobil (NYSE: XOM ) reported that its revenues rose 69% year-over-year to $111.99 billion.
Credit Suisse raised the price target on Morgan Stanley (NYSE: MS ) from $95 to $97. Credit Suisse analyst Susan Roth Katzke maintained the stock with an Outperform rating. Morgan Stanley shares rose 1.2% to $88.20 in pre-market trading. Citigroup boosted Marathon Oil Corporation (NYSE: MRO ) price target from $24 to $27. Citigroup analyst Scott Gruber maintained the stock with a Neutral. Marathon Oil shares rose 2% to $26.28 in … Full story available on Benzinga.com
Neurotic Markets Swing Ahead Of Fed Decision, Eyeing Ukraine War Escalation With traders nervously doing nothing ahead of today''s FOMC meeting, where Powell will announce a 75bps rate hike but all attention will be on whether the 2023 median dot (which as we previewed will unleash havoc if it comes above 4.5% which is where market expectations top out for this hiking cycle), today market got an extra jolt of volatility just before the European open when shortly after 2am ET Vladimir Putin delivered his postponed message to announce a "partial mobilization" over the Ukraine war. The news slammed stocks, yields, and the euro while sending oil and commodities sharply higher. And while the initial spike lower has reversed and futures are modestly in the green now, there is zero liquidity right now and the smallest sell program could topples risk assets. As of 7:15am ET, US futures pointed to a recovery from Tuesday’s tumble on anxiety policy makers are hoping to spark a recession in their zeal to subdue price pressures.
Marathon Oil (NYSE: MRO ) has outperformed the market over the past 5 years by 5.98% on an annualized basis producing an average annual return of 15.07%. Currently, Marathon Oil has a market capitalization of $17.48 billion. Buying $100 In MRO: If … Full story available on Benzinga.com
This article seeks to provide a valuation and pricing comparison for Marathon Oil vs the top oil and gas exploration and production stocks. Read more here.
Marathon Oil''s Q2 revenues were $2,303 million, up significantly YoY and up 31.4% QoQ. Read why I recommend buying MRO stock below $23.80, with potential lower support at $20.50.
Marathon Oil Corporation found using ticker (MRO) have now 24 analysts covering the stock. The analyst consensus points to a rating of ''Buy''. The range between the high target price and low target price is between 43 and 18 with a mean TP of 31.83. With the stocks previous close at 24.92 this indicates there is a potential upside of 27.7%. The 50 day moving average now sits at 23.32 and the 200 day moving average is 22.73. The market capitalisation for the company is $17,353m. Find out more information at: https://www.marathonoil.com [stock_market_widget type="chart" template="basic" color="green" assets="MRO" range="6mo" interval="1d" axes="true" cursor="true" api="yf"] The potential market cap would be $22,165m based on the market concensus. Marathon Oil Corporation operates as an independent exploration and production company in the United States and internationally. The company engages in the exploration, production, and marketing of crude oil and condensate, natural gas liquids, and natural gas; and the production and marketing of products manufactured from natural gas, such as liquefied natural gas and methanol.
Marathon Oil Corporation (NYSE: MRO ) is "good, but why not own one of these with a giant dividend?" Jim Cramer said on CNBC’s "Mad Money Lightning Round." Pioneer Natural Resources Company (NYSE: PXD ) has the biggest dividend in the S&P, Cramer … Full story available on Benzinga.com
Marathon Oil: “Marathon Oil is good, but why not own one of these with a giant dividend? How about Pioneer? Pioneer has the largest dividend in the S&P, and that’s my one. That’s the thing I would do. [CEO] Scott Sheffield know what he’s doing. He’s terrific.” Skyworks Solutions: “You know what, we own Qualcomm […] Cramer’s lightning round: I prefer Pioneer Natural Resources over Marathon Oil
"Mad Money" host Jim Cramer rings the lightning round bell, which means he''s giving his answers to callers'' stock questions at rapid speed.
Marathon Oil Corporation (NYSE:MRO) traded at $25.58 at close of the session on Tuesday, 08/30/22, made a downward move of -4.52% on its previous day’s price. Looking at the stock we see that its previous close was $26.79 and the beta (5Y monthly) reads 2.62 with the day’s price range being $25.21 – $26.15. The … Marathon Oil Corporation (NYSE:MRO) Slides -4.52 Percent In Recent Trade, What Can We Expect Next? Read More »
Marathon Oil (NYSE: MRO ) has outperformed the market over the past 5 years by 7.38% on an annualized basis producing an average annual return of 17.58%. Currently, Marathon Oil has a market capitalization of $17.18 billion. Buying $1000 In MRO: If … Full story available on Benzinga.com
Marathon Oil Corporation (NYSE:MRO) shares, rose in value on Thursday, 08/25/22, with the stock price up by 0.30% to the previous day’s close as strong demand from buyers drove the stock to $26.37. Actively observing the price movement in the last trading, the stock closed the session at $26.29, falling within a range of $25.993 … Marathon Oil Corporation (NYSE: MRO): Unlocking Growth Opportunity Read More »
Marathon Oil Corporation with ticker code (MRO) now have 24 analysts covering the stock. The analyst consensus points to a rating of ''Buy''. The range between the high target price and low target price is between 43 and 18 with a mean TP of 31.96. Now with the previous closing price of 26.29 this is indicating there is a potential upside of 21.6%. The day 50 moving average is 23.08 and the 200 moving average now moves to 22.36. The market cap for the company is $17,868m. Visit the company website at: https://www.marathonoil.com [stock_market_widget type="chart" template="basic" color="green" assets="MRO" range="6mo" interval="1d" axes="true" cursor="true" api="yf"] The potential market cap would be $21,721m based on the market concensus. Marathon Oil Corporation operates as an independent exploration and production company in the United States and internationally. The company engages in the exploration, production, and marketing of crude oil and condensate, natural gas liquids, and natural gas; and the production and marketing of products manufactured from natural gas, such as liquefied natural gas and methanol.
NEW YORK , Aug. 22, 2022 /PRNewswire/ -- InvestorsObserver issues critical PriceWatch Alerts for CVX, NVDA, MRO, RTX, and MPC. … Full story available on Benzinga.com
Benzinga has examined the prospects for many investors'' favorite stocks over the past week, here''s a look at some of our top stories. Wall Street''s rally of four consecutive weeks came to an end on Friday, as stocks took a sharp downturn. The S&P 500 finished the week lower by 1.21%, while the Dow was down by a slight 0.16%, and the Nasdaq saw the biggest weekly decline, closing 2.62% lower. Traders got jittery this week after the release of minutes from the Federal Reserve’s July meeting and comments from St. Louis Federal Reserve President James Bullard indicating that further rate increases by the Fed are likely in the near term. The markets were also rattled by the plunging price of Bed Bath & Beyond Inc''s (NASDAQ: BBBY ) stock, which collapsed by more than 40% after Ryan Cohen sold his entire stake in the company. Benzinga continues to examine the prospects for many of the stocks most popular with investors. Here are a few of this past week''s most bullish and bearish posts that are …
Energy markets have been awful investment themes for a long time. Read more to find out why Marathon Oil is different.
Oil has corrected from highs with concerns related to global economic growth. However, it’s unlikely that oil will witness a deep correction considering supply and geo-political factors. The surge in oil price has translated into swelling cash flows for oil and gas exploration companies. With dividend growth in the last few quarters, there are several oil stocks to buy with safe dividends. Coming back to the outlook for oil prices, Fitch Solutions Country Risk & Industry Research believes that oil will average $105 per barrel in 2022 . Further, oil is expected to trade at around $100 in 2023. Even beyond this, Fitch does not expect a big correction in oil. Therefore, oil companies with an attractive break-even have strong free cash flow visibility for the next few years. This makes oil and gas stocks worth considering among safe dividend stocks. If we look at another estimate, Goldman Sachs believes that oil is likely to average $125 per barrel in 2023 . If this holds true, oil stocks will reward investors with robust dividends and handsome capital gains.
TOKYO (AP) — Asian shares were mostly higher Wednesday as regional markets looked to strong economic signs out of the U.S. and China as drivers of growth. Benchmarks rose in Japan, China and Australia, although shares dipped in South Korea. Analysts warned major risks remain, such as surging cases of COVID-19 in some countries in Asia, worries about global inflation and China’s policies to curb infections. “Expectations of economic growth in China and the U.S. will likely remain key to gauging recession fears. China’s ‘zero-COVID’ policy is still an important headwind for global growth,” said Anderson Alves at ActivTrades. Japan’s benchmark Nikkei 225 added 1.2% to finish at 29,222.77. Australia’s S&P/ASX 200 rose 0.3% to 7,127.70. South Korea’s Kospi lost 0.5% to 2,521.84. Hong Kong’s Hang Seng added 0.6% to 19,948.66, while the Shanghai Composite edged up 0.5% to 3,292.53. In New Zealand, the central bank raised its benchmark interest rate from 2.5% to 3% as it continues trying to battle inflation.
Marathon Oil produced 167 thousand barrels of oil per day in Q2, roughly in line with Q1 levels. See why MRO stock is one of my favorites.
Stocks jumped out of the gate Thursday, building on Wednesday''s inflation-fueled gains . However, unlike yesterday where markets rallied hard into the close, today''s upside action stalled out as the session wore on, as momentum in tech stocks faded. Today''s positive start came courtesy of a number of headlines, including a strong earnings report from Walt Disney ( DIS ). The entertainment and media conglomerate last night reported higher-than-expected earnings and revenue for its fiscal third quarter. Disney also added 14.4 million subscribers to its Disney Plus streaming service over the three-month period, more than the 10 million analysts were expecting. DIS jumped 4.7% after earnings, easily making it the top-performing Dow Jones stock today. SEE MORE 10 Best Value REITs for Income Investors On the economic front, the Bureau of Labor Statistics this morning said U.S. producer prices were up 9.8% annually in July – well below June''s 11.3% rise and the lowest year-over-year increase since October 2021.
Marathon Oil Corporation (NYSE:MRO) traded at $21.96 at close of the session on Tuesday, 08/09/22, made an upward move of 0.60% on its previous day’s price. Looking at the stock we see that its previous close was $21.83 and the beta (5Y monthly) reads 2.62 with the day’s price range being $21.83 – $22.595. The … Marathon Oil Corporation (NYSE: MRO) Is Up 33.74% Year-To-Date, But Analysts Find Room For A Price Rally Read More »
The so-called Inflation Reduction Act is now almost a fact. The bill includes a 1% non-deductible excise tax on stock buybacks.
Marathon Oil Corporation has done well to generate strong cash flows for its investors this year. Check out why I rate MRO stock as a strong buy.
The stock market is still in the process of absorbing the many macro concerns that have been top of mind so far in 2022. This may make investing in today’s environment frustrating. However, the best course of action may be to take advantage of the uncertainty and consider loading up on the best long-term stocks to buy and hold until 2023. Why? The market may be on the verge of hitting a bottoming-out moment. In large part, this is due to a possible change in one factor that’s played a big role in the market’s selloff: rising interest rates. After raising rates to curb inflation, the Federal Reserve could next year lower rates to soften the blow of a recession. Admittedly, it’s too early to say a rate cut next year is a given. A comeback for stocks could also take time to play out. Even so, now may be the time to scoop up high-quality names that continue to trade at very favorable valuations. With that in mind, consider these seven long-term stocks to buy and hold until 2023. Each one earns an “A” rating in my Portfolio Grader .
The post Marathon Oil Prioritizing Investment Grade Over Capitalizing on High Commodity Prices appeared first on Natural Gas Intelligence
Marathon Oil Corp (NYSE: MRO) Q2 2022 earnings call dated Aug. 04, 2022
MRO earnings call for the period ending June 30, 2022.
Marathon Oil Corp (NYSE:NYSE:MRO) Q2 2022 Earnings Conference Call August 04, 2022, 09:00 ET Company Participants Guy Baber - VP, IR Lee Tillman - Chairman, President & CEO Dane…
The following slide deck was published by Marathon Oil Corporation in conjunction with their 2023 Q2 earnings call.
Marathon Oil Earnings, Revenue Beat in Q2
HOUSTON (AP) _ Marathon Oil Corp. (MRO) on Wednesday reported second-quarter net income of $966 million. On a per-share basis, the Houston-based company said it had net income of $1.37. Earnings, adjusted for non-recurring gains, were $1.32 per share. The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.23 per share. The energy company posted revenue of $2.3 billion in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $2.1 billion. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MRO at https://www.zacks.com/ap/MRO
Marathon Oil (NYSE: MRO ) reported its Q2 earnings results on Wednesday, August 3, 2022 at 04:15 PM. Here''s what investors need to know about the announcement. Earnings Marathon Oil beat estimated earnings by 2.33%, reporting an EPS of $1.32 versus an … Full story available on Benzinga.com
The trading price of Marathon Oil Corporation (NYSE:MRO) floating lower at last check on Tuesday, August 02, closing at $23.87, -0.50% lower than its previous close. Traders who pay close attention to intraday price movement should know that it has been fluctuating between $23.50 and $24.355. The company’s P/E ratio in the trailing 12-month period … Marathon Oil Corporation (NYSE: MRO) Declines -0.50%: This $16.35 billion Stock Could Go Down -80.14% Read More »
With energy prices down from their multi-year highs, bullishness for stocks in the space has cooled recently. Shares that spiked in tandem with soaring crude oil and natural gas prices have pulled back. That said, there is a silver lining. Right now, there are plenty of oversold energy stocks out there. Why? Growing concern about falling demand due to a global recession may be starting to counter the factors that drove energy prices higher. For instance, Russia’s invasion of Ukraine. Even so, that’s not to say prices are set to fall back to levels last seen at the start of 2022. Per the latest short-term energy outlook from the U.S. Energy Information Administration (EIA), crude oil prices are projected to remain elevated compared to prior-year levels through 2023 . Natural gas prices could pull back next year, yet stay above late 2010s/pandemic-era levels. 7 Cryptos That Are Presenting ‘Sell-Into-Strength’ Opportunities This all points to oil and gas companies continuing to report strong results.
Although soaring gasoline prices represented one of the signature pain points of the year so far, the crippling inflation rate has finally seeped into the hydrocarbon energy sector’s demand profile, thus leading to unusual weakness in pricing. Nevertheless, this favorable dynamic for consumers may not last that long — thus inviting a look at oil stocks to buy on the dip. Primarily, the travel sector has been one of the surprising sectors to flourish despite the pain of inflation. For instance, the Fourth of July weekend drove airport traffic to a pandemic high . And while recent data shows that rising prices are finally hitting consumers in the wallet, a full normalization of society could boost the case for oil stocks to buy on the dip. Second, investors should consider travel demand to Asia. Due to strict coronavirus mitigation policies , Far East Asia remains an unattractive proposition for international tourists. However, once the pandemic fades away or if government agencies decide the economic pain is not worth the restrictions, travel demand to the region will likely boon. 7 Stocks to Buy on the Dip In such a scenario, you’ll want to focus on oil stocks like these seven to buy on the dip.
Marathon Oil Corporation with ticker code (MRO) have now 25 analysts in total covering the stock. The consensus rating is ''Buy''. The range between the high target price and low target price is between 43 and 18 calculating the average target price we see 33.12. Now with the previous closing price of 23.88 this now indicates there is a potential upside of 38.7%. There is a 50 day moving average of 25.49 and the 200 moving average now moves to 21.64. The market cap for the company is $16,999m. You can visit the company''s website by visiting: https://www.marathonoil.com [stock_market_widget type="chart" template="basic" color="green" assets="MRO" range="6mo" interval="1d" axes="true" cursor="true" api="yf"] The potential market cap would be $23,576m based on the market concensus. Marathon Oil Corporation operates as an independent exploration and production company in the United States and internationally. The company engages in the exploration, production, and marketing of crude oil and condensate, natural gas liquids, and natural gas; and the production and marketing of products manufactured from natural gas, such as liquefied natural gas and methanol.
Marathon Oil Corporation (NYSE:MRO) price on Thursday, July 28, fall -1.01% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $23.64. A look at the stock’s price movement, the level at last check in today’s session was $23.88, moving within a range at $22.855 and $24.055. The beta … Marathon Oil Corporation’s (MRO) Stock Is Harder To Predict Than You Think Read More »
Marathon Oil (MRO) declares $0.08/share quarterly dividend, in line with previous.
Marathon Oil is slated to report its Q2 earnings release on August 3, which we expect to be a solid report. Read more to see if MRO stock is a buy.
https://www.investing.com/news/pro/marathon-oil-pt-lowered-to-35-at-barclays-432SI-2853773
At the close of the New York Stock Exchange, the Dow Jones rose 0.28%, the S&P 500 rose 0.13%, and the NASDAQ Composite index fell 0.43%. Chevron Corp was the top performer among the components of the Dow Jones index today, up 4.29 points or 2.98% to close at 148.48. The Travelers Companies Inc rose 3.56 points or 2.28% to close at 159.98. Caterpillar Inc rose 3.19 points or 1.79% to close at 181.81. The biggest losers were Salesforce.com Inc, which shed 5.18 points or 2.84% to end the session at 177.29. McDonald''s Corporation was up 3.61 points (1.42%) to close at 250.38, while Boeing Co was down 1.52 points (0.96%) to close at 156.64 . Leading gainers among the components of the S&P 500 in today''s trading were SVB Financial Group, which rose 8.25% to 391.16, Marathon Oil Corporation, which gained 6.57% to close at 23.18, and also shares of CF Industries Holdings Inc, which rose 6.45% to end the session at 90.28. The biggest losers were Newmont Goldcorp Corp, which shed 13.23% to close at 44.59.
Hello, Reader. The statement “Don’t fear the bear market” has a similar feel to Blue Öyster Cult’s 1976 hit “(Don’t Fear) The Reaper” – why the heck wouldn’t we fear the reaper or the bear market? Bear markets, like the Grim Reaper, are not known for boding well; they are often thought to be harbingers of worst things to come… and you’d be out of your mind not to fear them – even a little bit. But I disagree. In fact, at the risk of you exiting out of this email and shutting your laptop or tossing your smartphone across the room, I believe that bear markets are a good thing . Bear markets are a bit like volcanic eruptions; the initial thought one has about both is a picture of chaos and destruction. But the soil around volcanoes is considered some of the most fertile on the planet, and that’s because the ash and magma following such terror is incredibly rich in nutrients. Source: Shutterstock You get where I’m going with this. While at their apex, bear markets elicit a feeling of panic and hopelessness, it’s what comes after that makes it all worthwhile.
With crude oil prices stabilizing at the 200-day moving average, the rout in energy stocks is over. With seeds for the next ascent now planted, it’s time to identify cheap oil stocks to cash in on the next rally. And I’m not just talking about those boasting low price tags. Valuation is a function of price and earnings. For an oil stock to qualify as cheap, it must be trading with a P/E ratio lower than the S&P 500 and its sector. I used trailing 12-month earnings. Had I used forecast earnings for the next year, the valuations would have looked even better. Much of the prospect for future energy growth comes down to crude oil behavior. While the consumer inside me would love for black gold prices to get destroyed, current inflationary pressures aren’t likely to disappear overnight. If prices remain near their current perch for any time, energy companies will continue to print massive profits. That said, here are three cheap oil stocks to consider. Ticker Company Recent Price MRO Marathon Oil $22.94 COP Conoco Phillips $91.28 OXY Occidental Petroleum $63.78 Marathon Oil (MRO) MRO ) stock chart with bullish breakout.” width=”1387″ height=”879″ /> Source: The thinkorswim® platform from TD Ameritrade Marathon Oil (NYSE: MRO ) offers a double dose of cheapness.
Source: bht2000 / Shutterstock.com Energy stocks are rising higher on Monday as the price of crude oil starts to climb higher ahead of a Federal Reserve meeting later this week. According to analysts at Bank of America, the price of oil in the U.S. is likely to trade above $100 per barrel in 2023 . The only way around this would be a worsening recession or easing restrictions on Russia. However, it’s unclear if either of those things will come to pass. We’re already starting to see this as the price of oil climbs higher today . WTI Crude is currently up 1.3%, which has it trading at $95.89 per barrel as of this writing. Brent Crude is seeing a similar gain that has it at $104.59 today. If those prices continue to increase, investors can expect energy stocks to benefit from higher prices at the pump. Also, the Fed is going to meet this week and will likely increase interest rates by another 75 basis points. This comes as the organization continues to increase interest rates in an effort to reign in rising inflation.