JPMorgan Chase & Co. Cuts Murphy Oil (NYSE:MUR) Price Target to $28.00

Murphy Oil (NYSE:MUR) had its target price reduced by JPMorgan Chase & Co. from $33.00 to $28.00 in a research note issued to investors on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the oil and gas producer’s stock.

Several other research firms have also recently issued reports on MUR. KeyCorp decreased their price objective on shares of Murphy Oil from $50.00 to $37.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Roth Capital set a $37.00 price target on Murphy Oil in a report on Thursday, January 23rd. UBS Group lowered their price objective on Murphy Oil from $34.00 to $32.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Morgan Stanley reissued an “underweight” rating and set a $37.00 target price on shares of Murphy Oil in a research report on Wednesday, January 22nd. Finally, Piper Sandler lowered their price target on Murphy Oil from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $35.46.

Murphy Oil Price Performance

Shares of NYSE MUR opened at $24.86 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.83 and a quick ratio of 0.77. The company has a market cap of $3.63 billion, a price-to-earnings ratio of 9.24 and a beta of 2.18. The stock’s 50-day moving average is $28.66 and its two-hundred day moving average is $31.49. Murphy Oil has a 1-year low of $22.90 and a 1-year high of $49.14.

Murphy Oil (NYSE:MUR) last released its earnings results on Thursday, January 30th. The oil and gas producer reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.27). Murphy Oil had a return on equity of 7.66% and a net margin of 13.44%. During the same quarter in the previous year, the business earned $0.90 EPS. Analysts forecast that Murphy Oil will post 2.94 EPS for the current fiscal year.

Murphy Oil Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were issued a $0.325 dividend. This represents a $1.30 dividend on an annualized basis and a dividend yield of 5.23%. This is a boost from Murphy Oil’s previous quarterly dividend of $0.30. The ex-dividend date was Tuesday, February 18th. Murphy Oil’s payout ratio is presently 48.33%.

Insider Activity at Murphy Oil

In related news, VP Meenambigai Palanivelu purchased 1,573 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were purchased at an average price of $26.70 per share, for a total transaction of $41,999.10. Following the transaction, the vice president now directly owns 37,065 shares of the company’s stock, valued at approximately $989,635.50. The trade was a 4.43 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Claiborne P. Deming acquired 50,000 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were bought at an average cost of $26.47 per share, with a total value of $1,323,500.00. Following the completion of the transaction, the director now directly owns 931,651 shares in the company, valued at $24,660,801.97. This trade represents a 5.67 % increase in their position. The disclosure for this purchase can be found here. 5.95% of the stock is owned by insiders.

Hedge Funds Weigh In On Murphy Oil

A number of hedge funds and other institutional investors have recently bought and sold shares of MUR. Covestor Ltd raised its position in Murphy Oil by 266.8% during the 3rd quarter. Covestor Ltd now owns 741 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 539 shares during the last quarter. Huntington National Bank increased its stake in shares of Murphy Oil by 342.8% during the fourth quarter. Huntington National Bank now owns 828 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 641 shares during the period. GeoWealth Management LLC purchased a new position in Murphy Oil during the fourth quarter worth about $39,000. Lindbrook Capital LLC lifted its position in Murphy Oil by 60.5% in the fourth quarter. Lindbrook Capital LLC now owns 1,441 shares of the oil and gas producer’s stock valued at $44,000 after purchasing an additional 543 shares during the period. Finally, Headlands Technologies LLC boosted its holdings in Murphy Oil by 32.9% in the 4th quarter. Headlands Technologies LLC now owns 1,903 shares of the oil and gas producer’s stock valued at $58,000 after purchasing an additional 471 shares in the last quarter. 78.31% of the stock is currently owned by hedge funds and other institutional investors.

Murphy Oil Company Profile

Murphy Oil Corporation, together with its subsidiaries, operates as an oil and gas exploration and production company in the United States, Canada, and internationally. It explores for and produces crude oil, natural gas, and natural gas liquids. The company was formerly known as Murphy Corporation and changed its name to Murphy Oil Corporation in 1964.