UPDATE: Brean Murray Carret & Co. Downgrades Murphy Oil; Removes PT
According to a research report published this morning, Brean Murray Carret & Co. has downgraded Murphy Oil (NYSE: MUR) from Buy to Hold, and removed its $71 PT.
In the report, Brean Murray Carret & Co. commented, "We are downgrading Murphy Oil to Hold because the company's first quarter results highlight ongoing technical difficulties at its key property in Malaysia, while countervailing oily exploration catalysts appear skewed to the second half of 2012. Murphy's first quarter results were disappointing; Murphy missed on liquids volumes by 6% vs. our estimate, mostly due to shortfalls at its flagship Kikeh property in Malaysia, and lowered full‐year 2012 guidance by 3.5%, although overall first quarter production came in at 196.2 MBoe/d vs. 195 MBoe/d 1Q guidance."
Murphy Oil closed Friday at $50.86.
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