Murphy Oil (NYSE:MUR) Given New $30.00 Price Target at Scotiabank

Key Points

• Scotiabank has raised its target price for Murphy Oil from $26.00 to $30.00, indicating a potential upside of 1.07% from its previous close.
• Murphy Oil's stock is currently trading at $29.68, reflecting a decline of 1.1% during trading hours.
• The company reported earnings of $0.27 per share, surpassing analysts' expectations of $0.21, though revenue for the quarter was down 13.4% year-over-year.

Murphy Oil (NYSE:MUR - Get Free Report) had its target price hoisted by equities research analysts at Scotiabank from $26.00 to $30.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "sector perform" rating on the oil and gas producer's stock. Scotiabank's target price points to a potential upside of 1.07% from the company's previous close.

A number of other equities research analysts have also recently issued reports on the stock. UBS Group upped their price objective on shares of Murphy Oil from $23.00 to $24.00 and gave the stock a "neutral" rating in a report on Wednesday, August 13th. Evercore ISI decreased their price target on shares of Murphy Oil from $23.00 to $22.00 and set an "in-line" rating for the company in a report on Monday. Barclays upped their price target on shares of Murphy Oil from $22.00 to $23.00 and gave the company an "underweight" rating in a report on Monday, July 7th. Wells Fargo & Company set a $24.00 price target on shares of Murphy Oil and gave the company an "equal weight" rating in a report on Thursday, June 26th. Finally, Piper Sandler upped their price target on shares of Murphy Oil from $30.00 to $32.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Murphy Oil currently has a consensus rating of "Reduce" and an average price target of $27.58.

Murphy Oil Stock Down 1.1%

NYSE:MUR traded down $0.34 during trading hours on Thursday, reaching $29.68. The company's stock had a trading volume of 312,654 shares, compared to its average volume of 2,787,065. The company has a market cap of $4.24 billion, a price-to-earnings ratio of 15.37 and a beta of 1.03. Murphy Oil has a one year low of $18.94 and a one year high of $36.24. The business's 50-day moving average is $25.73 and its 200-day moving average is $24.17. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.84 and a quick ratio of 0.77.

Murphy Oil (NYSE:MUR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.21 by $0.06. The firm had revenue of $695.57 million during the quarter, compared to analysts' expectations of $632.51 million. Murphy Oil had a net margin of 10.20% and a return on equity of 5.25%. Murphy Oil's revenue for the quarter was down 13.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.81 earnings per share. Equities research analysts predict that Murphy Oil will post 2.94 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MUR. Wealth Enhancement Advisory Services LLC raised its position in shares of Murphy Oil by 21.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,881 shares of the oil and gas producer's stock valued at $238,000 after buying an additional 1,379 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Murphy Oil by 6,900.8% during the first quarter. GAMMA Investing LLC now owns 88,210 shares of the oil and gas producer's stock valued at $2,505,000 after buying an additional 86,950 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Murphy Oil during the first quarter valued at about $672,000. Fifth Third Bancorp raised its position in Murphy Oil by 2.8% in the first quarter. Fifth Third Bancorp now owns 18,060 shares of the oil and gas producer's stock worth $513,000 after purchasing an additional 499 shares in the last quarter. Finally, Byrne Asset Management LLC acquired a new position in Murphy Oil in the first quarter worth about $44,000. Institutional investors and hedge funds own 78.31% of the company's stock.

Murphy Oil Company Profile

Murphy Oil Corporation, together with its subsidiaries, operates as an oil and gas exploration and production company in the United States, Canada, and internationally. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.