Murphy Oil Corp. (MUR) PT Raised to $35 at Mizuho

Mizuho analyst Nitin Kumar raised the price target on Murphy Oil Corp. (NYSE: MUR) to $35.00 (from $33.00) while maintaining a Neutral rating.

The analyst comments "Awaiting Côte d’Ivoire exploration results; 2026 outlook. The major catalyst will be initial results from MUR's first exploration well offshore Côte d’Ivoire (Civette; 440-1,000 mmboe gross resource potential) which should be announced with 4Q25 earnings and has the potential to add significant resource upside/optionality. While we believe some of MUR’s recent share price outperformance has been in anticipation of these initial results, exploration success at Civette has the potential to meaningfully move the stock in our view. We also look for official 2026 guidance: despite macro volatility, we expect MUR's capex budget to be within its $1.1-1.3bn/annum range and forecast 1H-weighted spending while production ramps up in 2H26. In a sustained lower-oil-price environment scenario (<$55/bbl), we believe MUR would be more susceptible to capex/activity cuts relative to peers given FCF constraints (modest 2026 outspend post-dividend). Raise PT to $35 (from $33) on Vietnam resource update; maintain Neutral rating."

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