UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Murphy Oil Corporation
In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Murphy Oil Corporation (NYSE: MUR), and raised its price target from $62.00 to $68.00.
Deutsche Bank noted, “Skate to where it's going next. We thought Murphy management might accelerate a strategy that has been, in some ways, drifting for several years. In the event full capitulation less than two weeks after Third Point sent an activist argument to its investors felt hasty. To paraphrase Wayne Gretzky, we can't keep skating after the Murphy puck, we need to skate to where it's going next, and that, in our space, first has to be Oxy and Hess. In both cases, investors have major questions over strategy and execution, and both are trading below NAV. The sleeper is ConocoPhillips, which easily has the scale for a major re-up on disposals.”
Murphy Oil Corporation closed on Tuesday at $63.74.
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