Market Overview

UPDATE: Societe Generale Upgrades Murphy Oil to Buy on Pullback

Related MUR
Murphy Oil Corp. (MUR) Misses on Q2 Earnings, Guides Down
Earnings Scheduled For July 30, 2014
Energy Stocks Move Higher as Oil Spikes (Fox Business)

Societe Generale raised its rating on Murphy Oil (NYSE: MUR) from Hold to Buy and reiterated its previous $65 price target.

Societe Generale noted, "It remains a headlines driven and traders market. As an oil-leveraged producer, MUR shares have fallen 9% since their announcement of a $2.50/share special dividend for shareholders (payable on 12/3/12), a $1 billion stock buyback program, and a 2013 spinoff of their retail marketing business, which would make MUR's E&P operations fully ‘independent'. Nevertheless, the stock has sold off. So much for rewarding shareholders. WTI prices have also fallen 6% since mid October, but with gratuitous payouts looming, we expect the stock to recoup and are upgrading to BUY on 20.5% 12m est. TSR."

Murphy Oil closed at $54.97 on Wednesday.

Posted-In: Societe GeneraleAnalyst Color Upgrades Intraday Update Analyst Ratings

 

Most Popular

Related Articles (MUR)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters