Murphy Oil price target raised to $41 from $39 at Evercore ISI

Evercore ISI raised the firm’s price target on Murphy Oil to $41 from $39 and keeps an In Line rating on the shares in conjunction with the firm’s Q3 upstream earnings preview. While the firm says “higher commodity price will flatter much of the coverage and for the most part our estimates are higher than consensus,” it adds that “the confusing thing in E&P” is whether unit of cash return to shareholders or evidence of underlying efficiency “matters more at this point.”