Morgan Stanley Lifts Price Target on Murphy Oil (MUR). Here is Why

With an annual dividend yield of 4.30%, Murphy Oil Corporation (NYSE:MUR) is included among the 10 Energy Stocks with Highest Dividends.

Morgan Stanley Lifts Price Target on Murphy Oil (MUR). Here is Why

Murphy Oil Corporation (NYSE:MUR) is a global independent oil and natural gas exploration and production company.

On June 29, Morgan Stanley cut its price objective on Murphy Oil Corporation (NYSE:MUR) from $37 to $35, while reaffirming an ‘Underweight’ rating on the shares. The lowered target still implies an upside of over 3% from the current price level.

The move comes after the analyst firm revised its estimates to reflect the latest energy prices. The WTI crude price has fallen by about 60% from its recent highs and is now hovering only slightly above its pre-conflict levels following the US-Iran MoU on June 14.

Separately, Murphy Oil Corporation (NYSE:MUR) disclosed on June 23 that it had discovered oil at the Bubale-1X exploration well offshore Côte d’Ivoire. The company is targeting net production of 171,000 barrels of oil equivalents per day (boepd) for FY 2026, and recently reaffirmed its capital guidance range of $1.2 billion to $1.3 billion for the year.

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