Murphy Oil Corporation Announces Second Quarter 2024 Financial and Operational Results, Revises Capital Allocation Framework to Accelerate Shareholder Returns, Increases Share Repurchase Authorization

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Go back to Murphy Oil Corporation Announces Second Quarter 2024 Financial and Operational Results, Revises Capital Allocation Framework to Accelerate Shareholder Returns, Increases Share Repurchase Authorization

Murphy Oil Corp. (MUR) PT Lowered to $50 at JPMorgan

August 9, 2024 5:17 AM EDT

JPMorgan analyst Arun Jayaram lowered the price target on Murphy Oil Corp. (NYSE: MUR) to $50.00 (from $53.00) while maintaining a Overweight rating.

The analyst comments "JPM View: In a quarter that saw several of MURs oil peers (APA, COP, EOG, DVN, and FANG) raising production outlooks within their overall capex guidance ranges, MURs operational update didnt keep up with the Joneses as we reduced our full-year production forecast by -1.1%, including -2.6% for closely watched oil volumes. That said, we were encouraged on the Boards decision to accelerate the timing of... More