Barclays Downgrades Murphy Oil Corp. (MUR) to Equalweight
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Price: $65.16 +0.57%
Rating Summary:
4 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 23 | New: 20
Rating Summary:
4 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 23 | New: 20
Trade MUR Now!
Barclays downgraded Murphy Oil Corp. (NYSE: MUR) from Overweight to Equalweight with a price target of $70.
The firm comments, "MUR shares are up 14% since it was publically approached by an activist shareholder, including up 8.0% yesterday (versus EPX up 1.6%, SPX up 1.0%) to $64.5/sh. While the current share price is 21% below our estimated break-up value of $81, we do not believe management is pursuing either a piecemeal breakup or a complete sale of the entire company. We value MUR assets identified for monetization (US retail, UK R&M, Syncrude, and Montney) at $23 - $32/sh, and the total company at $62 - 78/sh representing only 10% upside to yesterday's close at the midpoint. As a result we no longer believe the shares warrant an Overweight rating."
For an analyst ratings summary and ratings history on Murphy Oil Corp. click here. For more ratings news on Murphy Oil Corp. click here.
Shares of Murphy Oil Corp. closed at $63.74 yesterday, with a 52 week range of $43.29-$65.60.
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The firm comments, "MUR shares are up 14% since it was publically approached by an activist shareholder, including up 8.0% yesterday (versus EPX up 1.6%, SPX up 1.0%) to $64.5/sh. While the current share price is 21% below our estimated break-up value of $81, we do not believe management is pursuing either a piecemeal breakup or a complete sale of the entire company. We value MUR assets identified for monetization (US retail, UK R&M, Syncrude, and Montney) at $23 - $32/sh, and the total company at $62 - 78/sh representing only 10% upside to yesterday's close at the midpoint. As a result we no longer believe the shares warrant an Overweight rating."
For an analyst ratings summary and ratings history on Murphy Oil Corp. click here. For more ratings news on Murphy Oil Corp. click here.
Shares of Murphy Oil Corp. closed at $63.74 yesterday, with a 52 week range of $43.29-$65.60.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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