FY2024 Earnings Forecast for Murphy Oil Issued By Scotiabank

Murphy Oil Co. (NYSE:MUR) – Equities research analysts at Scotiabank issued their FY2024 earnings per share (EPS) estimates for Murphy Oil in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst P. Cheng forecasts that the oil and gas producer will earn $3.05 per share for the year. Scotiabank currently has a “Sector Perform” rating and a $36.00 target price on the stock. The consensus estimate for Murphy Oil’s current full-year earnings is $3.15 per share. Scotiabank also issued estimates for Murphy Oil’s FY2025 earnings at $2.95 EPS.

Murphy Oil (NYSE:MUR) last issued its earnings results on Thursday, November 7th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.02). Murphy Oil had a return on equity of 9.22% and a net margin of 14.78%. The company had revenue of $758.33 million during the quarter, compared to analyst estimates of $759.74 million. During the same period last year, the business earned $1.59 earnings per share. The firm’s revenue was down 21.0% compared to the same quarter last year.

Other research analysts have also issued reports about the company. Wells Fargo & Company lowered their price objective on Murphy Oil from $39.00 to $35.00 and set an “equal weight” rating for the company in a research report on Monday, December 9th. BMO Capital Markets lowered their price target on Murphy Oil from $42.00 to $40.00 and set a “market perform” rating for the company in a report on Friday, October 4th. Morgan Stanley reduced their price objective on shares of Murphy Oil from $43.00 to $39.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. UBS Group lowered their target price on shares of Murphy Oil from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Finally, Mizuho reduced their price target on shares of Murphy Oil from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Ten research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $39.58.

Murphy Oil Stock Performance

Murphy Oil stock opened at $33.81 on Monday. The firm has a 50 day simple moving average of $31.30 and a 200-day simple moving average of $34.86. The stock has a market cap of $4.93 billion, a price-to-earnings ratio of 10.91 and a beta of 2.17. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.71 and a quick ratio of 0.65. Murphy Oil has a 1-year low of $27.75 and a 1-year high of $49.14.

Institutional Investors Weigh In On Murphy Oil

A number of hedge funds have recently added to or reduced their stakes in MUR. Quadrature Capital Ltd purchased a new stake in shares of Murphy Oil during the third quarter worth $1,217,000. Mutual of America Capital Management LLC raised its position in Murphy Oil by 21.2% in the 2nd quarter. Mutual of America Capital Management LLC now owns 218,739 shares of the oil and gas producer’s stock valued at $9,021,000 after purchasing an additional 38,334 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its stake in shares of Murphy Oil by 24.2% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 166,316 shares of the oil and gas producer’s stock valued at $6,859,000 after buying an additional 32,411 shares during the period. Prospector Partners LLC grew its position in shares of Murphy Oil by 50.5% during the third quarter. Prospector Partners LLC now owns 307,092 shares of the oil and gas producer’s stock worth $10,361,000 after buying an additional 103,092 shares in the last quarter. Finally, AXA S.A. increased its stake in shares of Murphy Oil by 86.5% during the second quarter. AXA S.A. now owns 132,710 shares of the oil and gas producer’s stock worth $5,473,000 after buying an additional 61,537 shares during the period. 78.31% of the stock is currently owned by institutional investors and hedge funds.

About Murphy Oil

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.