Murphy Oil (MUR) Reaches New 1-Year High Following Analyst Upgrade
Murphy Oil Co. (NYSE:MUR) shares reached a new 52-week high during trading on Thursday after Credit Suisse Group raised their price target on the stock from $37.00 to $39.00. Credit Suisse Group currently has a neutral rating on the stock. Murphy Oil traded as high as $36.53 and last traded at $35.92, with a volume of 399594 shares. The stock had previously closed at $31.77.
A number of other analysts also recently issued reports on MUR. Zacks Investment Research downgraded Murphy Oil from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 26th. Barclays raised their price objective on Murphy Oil from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 11th. National Alliance Securities raised Murphy Oil from a “hold” rating to a “buy” rating in a research report on Thursday. Morgan Stanley began coverage on Murphy Oil in a research report on Thursday, July 12th. They set an “underweight” rating and a $26.00 price objective for the company. Finally, Piper Jaffray Companies reissued a “neutral” rating on shares of Murphy Oil in a research report on Friday, September 28th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. Murphy Oil has a consensus rating of “Hold” and an average price target of $34.80.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. grew its position in Murphy Oil by 1.9% in the 2nd quarter. BlackRock Inc. now owns 16,118,018 shares of the oil and gas producer’s stock valued at $544,306,000 after acquiring an additional 295,199 shares in the last quarter. FMR LLC grew its position in Murphy Oil by 7.2% in the 2nd quarter. FMR LLC now owns 15,868,414 shares of the oil and gas producer’s stock valued at $535,876,000 after acquiring an additional 1,065,018 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Murphy Oil by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,663,498 shares of the oil and gas producer’s stock valued at $191,257,000 after acquiring an additional 33,477 shares in the last quarter. Principal Financial Group Inc. grew its position in Murphy Oil by 4.3% in the 1st quarter. Principal Financial Group Inc. now owns 1,092,164 shares of the oil and gas producer’s stock valued at $28,221,000 after acquiring an additional 44,877 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in Murphy Oil by 3.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 881,655 shares of the oil and gas producer’s stock valued at $29,774,000 after acquiring an additional 31,304 shares in the last quarter. 89.65% of the stock is owned by institutional investors.
Murphy Oil (NYSE:MUR) last released its earnings results on Wednesday, August 8th. The oil and gas producer reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.01. The company had revenue of $655.15 million during the quarter, compared to the consensus estimate of $623.76 million. Murphy Oil had a positive return on equity of 2.32% and a negative net margin of 6.19%. Murphy Oil’s revenue was up 37.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.11) EPS. On average, research analysts predict that Murphy Oil Co. will post 1.64 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Monday, November 12th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend is Thursday, November 8th. Murphy Oil’s payout ratio is presently -769.23%.
Murphy Oil Company Profile (NYSE:MUR)
Murphy Oil Corporation operates as an oil and gas exploration and production company worldwide. It explores for and produces crude oil, natural gas, and natural gas liquids. The company was formerly known as Murphy Corporation and changed its name to Murphy Oil Corporation in 1964. Murphy Oil Corporation was founded in 1950 and is headquartered in El Dorado, Arkansas.
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