Murphy Oil price target lowered to $37 from $50 at KeyBanc

KeyBanc analyst Tim Rezvan lowered the firm’s price target on Murphy Oil (MUR) to $37 from $50 and keeps an Overweight rating on the shares. The firm sees a line-in-the-sand moment for Murphy Oil shares. The firm believes the 4.9% dividend yield is easily supported by existing CF, repurchases of 9% of the market cap are possible over the next two years and Vietnam lingers as a transformative catalyst with more exploration and appraisal updates expected this year. Estimate changes reflect 2025 guidance and updated modeling assumptions post-earnings, KeyBanc adds.