Q2 2024 EPS Estimates for Murphy Oil Co. Increased by Analyst (NYSE:MUR)

Murphy Oil Co. (NYSE:MUR) – Equities researchers at Zacks Research increased their Q2 2024 earnings estimates for shares of Murphy Oil in a research report issued on Monday, July 22nd. Zacks Research analyst J. Saha now forecasts that the oil and gas producer will post earnings of $0.89 per share for the quarter, up from their previous estimate of $0.87. The consensus estimate for Murphy Oil’s current full-year earnings is $4.16 per share. Zacks Research also issued estimates for Murphy Oil’s Q3 2024 earnings at $1.27 EPS, Q4 2024 earnings at $1.31 EPS and FY2024 earnings at $4.32 EPS.

MUR has been the subject of several other research reports. Piper Sandler reduced their target price on shares of Murphy Oil from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Thursday, July 18th. KeyCorp boosted their price objective on Murphy Oil from $50.00 to $54.00 and gave the company an “overweight” rating in a research report on Monday, April 22nd. Truist Financial cut their target price on Murphy Oil from $59.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. StockNews.com downgraded shares of Murphy Oil from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Murphy Oil from $51.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, April 4th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.27.

Murphy Oil Stock Performance

MUR opened at $40.26 on Thursday. Murphy Oil has a 12-month low of $36.95 and a 12-month high of $49.14. The firm has a market capitalization of $6.14 billion, a P/E ratio of 11.21 and a beta of 2.25. The stock’s 50 day moving average price is $40.89 and its two-hundred day moving average price is $41.82. The company has a quick ratio of 0.87, a current ratio of 0.93 and a debt-to-equity ratio of 0.24.

Murphy Oil (NYSE:MUR) last posted its quarterly earnings data on Thursday, May 2nd. The oil and gas producer reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.03. The business had revenue of $794.80 million during the quarter, compared to the consensus estimate of $750.94 million. Murphy Oil had a net margin of 16.40% and a return on equity of 11.75%. Murphy Oil’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.24 EPS.

Hedge Funds Weigh In On Murphy Oil

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MUR. Dimensional Fund Advisors LP raised its holdings in shares of Murphy Oil by 2.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,861,968 shares of the oil and gas producer’s stock valued at $335,397,000 after purchasing an additional 207,547 shares during the last quarter. Natixis Advisors L.P. increased its position in shares of Murphy Oil by 11.9% in the fourth quarter. Natixis Advisors L.P. now owns 164,568 shares of the oil and gas producer’s stock valued at $7,020,000 after acquiring an additional 17,556 shares during the last quarter. Duality Advisers LP raised its holdings in Murphy Oil by 364.6% during the first quarter. Duality Advisers LP now owns 113,451 shares of the oil and gas producer’s stock worth $5,185,000 after acquiring an additional 89,032 shares in the last quarter. DRW Securities LLC boosted its position in Murphy Oil by 280.0% during the fourth quarter. DRW Securities LLC now owns 72,200 shares of the oil and gas producer’s stock valued at $3,080,000 after purchasing an additional 53,201 shares during the last quarter. Finally, Invenomic Capital Management LP bought a new position in Murphy Oil in the fourth quarter valued at approximately $16,349,000. 78.31% of the stock is owned by institutional investors and hedge funds.

Murphy Oil Company Profile

Murphy Oil Corporation, together with its subsidiaries, operates as an oil and gas exploration and production company in the United States, Canada, and internationally. It explores for and produces crude oil, natural gas, and natural gas liquids. The company was formerly known as Murphy Corporation and changed its name to Murphy Oil Corporation in 1964.