Zacks Investment Research upgraded shares of Murphy Oil Corp. (NYSE:MUR) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. The firm currently has $33.00 price target on the stock.
According to Zacks, “Murphy Oil’s systematic investments in exploration and production activities will act as a tailwind. Steady production from its assets is enabling the company to maintain its 2016 production levels despite a substantial reduction in capital expenditure for the year. The company’s entry into the Eagle Ford shale has been successful. Moreover, it is good to see that efficient cost management and systematic asset divestment have allowed the company to lower its expenses. Stringent regulations and a highly competitive industry are headwinds for the company. Operational risks and foreign currency translation issues also pose headwinds.”
A number of other research analysts have also recently issued reports on MUR. Raymond James Financial Inc. upgraded shares of Murphy Oil Corp. from an underperform rating to a market perform rating in a research note on Monday, June 20th. JPMorgan Chase & Co. restated a hold rating on shares of Murphy Oil Corp. in a research report on Thursday, June 30th. Barclays PLC upgraded shares of Murphy Oil Corp. from an equal weight rating to an overweight rating and boosted their price objective for the stock from $33.00 to $42.00 in a research report on Wednesday, July 13th. Finally, Credit Agricole SA restated a sell rating on shares of Murphy Oil Corp. in a research report on Tuesday, August 16th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company. Murphy Oil Corp. presently has an average rating of Hold and a consensus target price of $26.80.
Murphy Oil Corp. (NYSE:MUR) traded down 1.22% during mid-day trading on Wednesday, hitting $28.37. The stock had a trading volume of 717,791 shares. The company has a 50-day moving average price of $28.01 and a 200 day moving average price of $29.27. Murphy Oil Corp. has a 1-year low of $14.30 and a 1-year high of $37.48. The company’s market cap is $4.89 billion.
Murphy Oil Corp. (NYSE:MUR) last posted its earnings results on Wednesday, July 27th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.03. Murphy Oil Corp. had a negative net margin of 106.14% and a negative return on equity of 7.93%. During the same period in the previous year, the company earned ($0.48) earnings per share. Equities research analysts forecast that Murphy Oil Corp. will post ($1.32) EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Monday, November 14th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.48%. The ex-dividend date is Wednesday, November 9th. Murphy Oil Corp.’s dividend payout ratio (DPR) is -7.24%.
In other news, Director Robert Madison Murphy purchased 22,594 shares of the firm’s stock in a transaction dated Monday, August 8th. The stock was bought at an average price of $21.93 per share, with a total value of $495,486.42. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 6.39% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in MUR. Legal & General Group Plc raised its position in shares of Murphy Oil Corp. by 13.1% in the first quarter. Legal & General Group Plc now owns 1,030,188 shares of the company’s stock valued at $25,946,000 after buying an additional 119,032 shares during the period. Geode Capital Management LLC raised its position in shares of Murphy Oil Corp. by 2.6% in the first quarter. Geode Capital Management LLC now owns 1,338,696 shares of the company’s stock worth $33,655,000 after buying an additional 33,876 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Murphy Oil Corp. by 10.9% in the second quarter. Prudential Financial Inc. now owns 413,453 shares of the company’s stock worth $13,127,000 after buying an additional 40,634 shares during the last quarter. Babson Capital Management LLC raised its position in shares of Murphy Oil Corp. by 30.4% in the first quarter. Babson Capital Management LLC now owns 18,433 shares of the company’s stock worth $464,000 after buying an additional 4,300 shares during the last quarter. Finally, Spark Investment Management LLC bought a new position in shares of Murphy Oil Corp. during the first quarter worth $1,722,000. 92.61% of the stock is owned by institutional investors.
Murphy Oil Corp. Company Profile
Murphy Oil Corporation is an oil and gas exploration and production company. The Company’s exploration and production business explores for and produces crude oil, natural gas and natural gas liquids across the world. The Company’s exploration and production activities are subdivided into four geographic segments, including the United States, Canada, Malaysia and all other countries.
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