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Marathon Oil shares slide 7% after two executives leave

Marathon Oil Corporation pumpjack during sunset in Oklahoma
Source: Marathon Oil Corporation

Shares of Marathon Oil fell more than 7.5 percent in midday Monday trade after the energy exploration and production firm said two executives, including the CFO, will leave.

"This announcement introduces unfortunate uncertainty into an equity story that has been playing out nicely," Guy Baber, senior research analyst at Piper Jaffray, said in a Monday note titled "Unexpected Leadership Changes." The firm has an "overweight" rating on Marathon Oil and a price target of $18 a share.

The stock recovered some of its losses and ended the day down 6.9 percent.

Marathon Oil did not immediately respond to requests for comment over the phone and by email.

The stock closed 0.72 percent higher at $16.80 Friday, up more than 33 percent for the year so far.