UPDATE: Credit Suisse Reiterates Underperform Rating, Lowers PT on Murphy Oil Corporation Following Record Quarter

In a report published Friday, Credit Suisse analyst Edward Westlake reiterated an Underperform rating on

, but lowered the price target from $44.00 to $42.00. In the report, Credit Suisse noted, “MUR delivered a record quarter in terms of production and announced the closing of the final part of the Malaysian sale. We view both as obvious positives. It is good to have cash on the balance sheet at times like this. The company unveiled a defensive capital budget of $2.3B for 2015, which, when coupled with cash on hand and low decline assets in Malaysia, should give it ample defense to weather the commodity price environment. We lower our TP and EPS estimates.” Murphy Oil Corporation closed on Thursday at $43.68.