Oppenheimer Downgrades Murphy Oil Corp. (MUR) to Perform
Get Alerts MUR Hot Sheet
Rating Summary:
14 Buy, 16 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Join SI Premium – FREE
Oppenheimer downgraded Murphy Oil Corp. (NYSE: MUR) from Outperform to Perform amid continued deficit spending.
Analyst Fadel Gheit commented, "We are downgrading MUR to Perform from Outperform and removing our $55 PT as we expect the deficit spending to continue into 2017 and beyond at average crude oil prices below $80/b. We expect MUR to face a cash flow deficit of $1.6B this year and $900M next year, which will be funded from $1.3B cash on hand and additional borrowing. MUR had a loss of $83.1M, or ($0.48)/share in 2Q15 vs. a consensus estimate of ($0.54), and down from EPS of $0.90 in 2Q14 but up from ($1.11) in 1Q15. The swings were driven by crude oil price volatility between periods. MUR completed the sale of the remaining UK downstream assets and spent $250M on share buybacks in 2Q15."
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 $34.97 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- HSBC Downgrades Feng Tay Enterprises (9910:TT) to Hold
- Piper Sandler Downgrades Southwestern Energy (SWN) to Neutral
- Prysmian SpA (PRY:IM) (PRYMY) PT Raised to EUR53 at HSBC
Create E-mail Alert Related Categories
Analyst Comments, DowngradesRelated Entities
Crude OilSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!