Brean Lifts Price Target on Murphy Oil (MUR) as Sea Lake Project Shows Promise

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November 20, 2012 1:32 PM EST
Get Alerts MUR Hot Sheet
Price: $34.12 -1.3%

Rating Summary:
    11 Buy, 19 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 18 | New: 20
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Brean Capital maintained a Buy rating on oil and gas exploration and production company, Murphy Oil Corp. (NYSE: MUR), and raised its price target to $77.00 (from $74.00). Analysts said they think repositioning of capital to Seal Lake and Eagle Ford will drive multiple expansion.

"We are raising our price target on Murphy Oil Corp. to $77/share, from $74/share, based on theory that stepped-up development of probables at its Seal Lake project in Alberta, Canada, will likely occur," said analyst Raymond Deacon.

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 $57.70 yesterday.

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