UPDATE: Societe Generale Upgrades Murphy Oil to Buy on Pullback

Societe Generale raised its rating on Murphy Oil

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.