UPDATE: Cowen Securities Initiates Murphy Oil at Hold on Mixed Factors

In a report published Tuesday, Cowen Securities analyst Asit Sen initiated coverage on Murphy Oil Corporation

with a Hold rating. In the report, Sen noted, “We like MUR's long-term growth profile, high leverage to oil, meaningful exploration upside, and solid balance sheet. However, due to uneven track record (perception exaggerated by lowered 1Q13 guidance), emergence of consistent growth is necessary for continued outperformance.” Murphy Oil Corporation closed on Tuesday at $60.85.