Morgan Stanley cut its price objective on Murphy Oil Corporation from $37 to $35 while reaffirming an Underweight rating. The revised target still implies an upside of over 3% from the current price level. The adjustment follows revised estimates reflecting the latest energy prices, with WTI crude having fallen about 60% from recent highs. Separately, Murphy Oil disclosed an oil discovery at the Bubale-1X exploration well offshore Côte d'Ivoire and reaffirmed its capital guidance range of $1.2 billion to $1.3 billion for the year.
Murphy Oil CorporationMorgan Stanley cut price target from $37 to $35 with Underweight rating.