Murphy Oil price target raised to $35 from $34 at Piper Sandler

Piper Sandler raised the firm’s price target on Murphy Oil (MUR) to $35 from $34 and keeps an Overweight rating on the shares. The firm sees a tricky set up into Q1 prints amid a trade-war and overall macro uncertainty paired with increased OPEC+ supply and a messy seasonal gas tape. While periods of volatility certainly provide entry opportunities in names with deep low-cost inventory and strong balance sheets, for a group where reversion and positioning have also had a big impact on shorter term performance, Piper has a bit of a stronger bias toward oil vs gas heading into Q1.