Murphy Oil (NYSE:MUR) Shares Gap Up - Here's Why

Key Points

• Murphy Oil Corporation's shares gapped up from $27.37 to $28.88 before trading, ending at $29.11 with a trading volume of 293,966 shares.
• Analysts have mixed views on the stock, with Scotiabank raising the price target to $30, while Mizuho and Wells Fargo lowered theirs, resulting in a consensus rating of "Reduce" and an average price target of $28.25.
• The company declared a quarterly dividend of $0.325, payable on December 1st, representing a 4.5% yield based on an annualized rate of $1.30.

Murphy Oil Corporation (NYSE:MUR - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $27.37, but opened at $28.88. Murphy Oil shares last traded at $29.11, with a volume of 293,966 shares trading hands.

Wall Street Analysts Forecast Growth

MUR has been the topic of a number of recent research reports. Scotiabank raised their price objective on shares of Murphy Oil from $26.00 to $30.00 and gave the company a "sector perform" rating in a research note on Thursday, October 9th. Mizuho cut their price objective on shares of Murphy Oil from $31.00 to $29.00 and set a "neutral" rating for the company in a report on Monday, September 15th. Wells Fargo & Company cut their price target on shares of Murphy Oil from $28.00 to $26.00 and set an "equal weight" rating for the company in a report on Friday, October 17th. Piper Sandler lifted their target price on Murphy Oil from $32.00 to $34.00 and gave the stock an "overweight" rating in a report on Tuesday. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Murphy Oil in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $28.25.

Murphy Oil Trading Up 6.2%

The firm's 50 day moving average is $26.61 and its 200 day moving average is $24.19. The company has a market cap of $4.15 billion, a PE ratio of 15.13 and a beta of 1.03. 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 announced its earnings results on Monday, March 21st. The oil and gas producer reported ($0.09) earnings per share (EPS) for the quarter. Murphy Oil had a net margin of 10.20% and a return on equity of 5.25%. The company had revenue of $440.08 million for the quarter. On average, equities analysts anticipate that Murphy Oil Corporation will post 2.94 earnings per share for the current year.

Murphy Oil Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be paid a $0.325 dividend. This represents a $1.30 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend is Monday, November 17th. Murphy Oil's payout ratio is currently 67.36%.

Hedge Funds Weigh In On Murphy Oil

A number of hedge funds and other institutional investors have recently bought and sold shares of MUR. Charles Schwab Investment Management Inc. grew its stake in Murphy Oil by 210.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,610,766 shares of the oil and gas producer's stock worth $159,346,000 after buying an additional 3,805,565 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Murphy Oil by 72.9% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 4,812,267 shares of the oil and gas producer's stock worth $136,668,000 after acquiring an additional 2,029,685 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Murphy Oil by 8,530.7% in the 1st quarter. Pacer Advisors Inc. now owns 1,763,345 shares of the oil and gas producer's stock worth $50,079,000 after acquiring an additional 1,742,914 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Murphy Oil by 111.6% in the 1st quarter. AQR Capital Management LLC now owns 2,157,707 shares of the oil and gas producer's stock worth $61,279,000 after acquiring an additional 1,137,882 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Murphy Oil by 44.9% in the 2nd quarter. American Century Companies Inc. now owns 3,068,290 shares of the oil and gas producer's stock worth $69,037,000 after acquiring an additional 950,630 shares during the last quarter. Hedge funds and other institutional investors 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.