Murphy Oil price target raised to $53 from $51 at Mizuho

Mizuho analyst Nitin Kumar raised the firm’s price target on Murphy Oil to $53 from $51 and keeps a Buy rating on the shares. The analyst updated oil and gas estimates to reflect the commodity price rebound in Q3. A resurgent commodity price complex – particularly oil and refining cracks – have driven a share rebound as investors focus on OPEC+ cuts, undersupply in global oil markets, and product inventory tightness, the analyst tells investors in a research note.