Murphy Oil (MUR) Shares Gap Down Following Weak Earnings

Shares of Murphy Oil Co. (NYSE:MUR) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $32.51, but opened at $31.83. Murphy Oil shares last traded at $30.76, with a volume of 4050536 shares changing hands.

The oil and gas producer reported $0.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.01). The firm had revenue of $674.80 million during the quarter, compared to the consensus estimate of $633.20 million. Murphy Oil had a positive return on equity of 2.32% and a negative net margin of 6.19%. The business’s revenue for the quarter was up 35.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.38) EPS.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Monday, November 12th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.25%. The ex-dividend date is Thursday, November 8th. Murphy Oil’s dividend payout ratio is currently -769.23%.

MUR has been the topic of several research analyst reports. Morgan Stanley restated a “sell” rating and set a $30.00 target price (up previously from $24.00) on shares of Murphy Oil in a research note on Friday, October 12th. Mizuho upgraded shares of Murphy Oil from an “underperform” rating to a “neutral” rating and set a $41.00 target price on the stock in a research note on Friday, October 19th. KLR Group restated a “buy” rating and set a $39.00 target price on shares of Murphy Oil in a research note on Monday, August 20th. Zacks Investment Research upgraded shares of Murphy Oil from a “strong sell” rating to a “strong-buy” rating and set a $41.00 target price on the stock in a research note on Tuesday, October 16th. Finally, Wells Fargo & Co lowered their target price on shares of Murphy Oil from $36.00 to $34.00 and set a “market perform” rating on the stock in a research note on Friday, August 10th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. Murphy Oil presently has a consensus rating of “Hold” and an average target price of $36.27.

Several hedge funds have recently bought and sold shares of MUR. UBS Group AG grew its holdings in shares of Murphy Oil by 29.4% in the first quarter. UBS Group AG now owns 107,274 shares of the oil and gas producer’s stock valued at $2,772,000 after purchasing an additional 24,369 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Murphy Oil by 4.3% in the first quarter. Principal Financial Group Inc. now owns 1,092,164 shares of the oil and gas producer’s stock valued at $28,221,000 after purchasing an additional 44,877 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in shares of Murphy Oil by 119.4% in the first quarter. Allianz Asset Management GmbH now owns 24,704 shares of the oil and gas producer’s stock valued at $639,000 after purchasing an additional 13,446 shares in the last quarter. Clinton Group Inc. purchased a new position in shares of Murphy Oil in the second quarter valued at $489,000. Finally, State of Alaska Department of Revenue grew its holdings in shares of Murphy Oil by 40.0% in the second quarter. State of Alaska Department of Revenue now owns 17,930 shares of the oil and gas producer’s stock valued at $605,000 after purchasing an additional 5,120 shares in the last quarter. 88.62% of the stock is owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.35 and a current ratio of 1.46. The firm has a market cap of $5.40 billion, a price-to-earnings ratio of -236.62 and a beta of 2.11.

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Murphy Oil Company Profile (NYSE:MUR)

Murphy Oil Corporation operates as an oil and gas exploration and production company worldwide. 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. Murphy Oil Corporation was founded in 1950 and is headquartered in El Dorado, Arkansas.

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