Morgan Stanley analyst Devin McDermott downgraded Murphy Oil (MUR) to Underweight from Equal Weight with a $37 price target The firm expects year-ahead production guidance to come in below consensus alongside Q4 results and while Murphy’s recent exploration success in Vietnam offers a source of longer-term upside, near-term free cash flow is limited by spending on longer-cycle projects and further exploration, the analyst tells investors.
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Read More on MUR:
- Murphy Oil price target raised to $42 from $40 at Truist
- Murphy Oil Announces Significant Vietnam Oil Discovery
- Murphy Oil announces oil discovery at Hai Su Vang-1X in offshore Vietnam
- Murphy Oil price target lowered to $39 from $42 at Piper Sandler
- Murphy Oil price target lowered to $45 from $50 at Mizuho