Murphy Oil Corporation (NYSE:MUR) stock is slick on energy sector rise
Energy stocks ended higher on Tuesday even as the NYSE Energy Sector rose 0.4%. Shares of the energy companies in the S&P 500 index have also risen by around 0.7% as a group. Murphy Oil Corporation (NYSE:MUR) rose by 2.78% in Tuesday’s trading session. The opening price of the shares was $59.06 which touched an intraday high of $59.87 and closed at $59.80. More than 5.84 million shares were traded in Tuesday’s trading session while the average volume of shares traded over 30 days was 1.24 million. The company has a market cap of $11.18 million.
The company has traded almost on par with its best levels for the day despite the fact that UBS analysts cut its price target from $9.00 to $61.00/share even as they reiterated its “neutral” rating. This revision followed the completion of the company’s spin-off of its former retail-marketing business in the U.S. This business is now an independent public company that is called Murphy USA Inc. This included the distribution of 1 new Murphy USA share for every 4 shares of MUR stock that is held on record as of 21 Aug
Apart from UBS stock analysts, numerous other analysts have also weighed in on Murphy Oil Corporation. Howard Weil have upgraded the MUR stock from an “underperform” to an “outperform” rating and have now set a price target of $76.00.
Barclay’s Capital analysts raised their price target on the company’s shares from $70.00/share to $78.00 and have now set an “equal weight” rating on MUR stock.
Zacks analysts reiterated their “neutral” rating and have a $75.00 price-target on the stock. Nine analysts have set a “hold” rating on the stock while 5 have assigned a “buy” rating. The average rating on the company stock at the moment is a “hold” and the average target-price is $70.55.