Zacks Investment Research downgraded shares of Murphy Oil Corporation (MUR) from NEUTRAL to UNDERPERFORM on November 14, 2014, with a target price of $47.00.
We are downgrading our recommendation on Murphy Oil Corporation to Underperform from Neutral. Reduction in crude oil prices and the possibility of a reduction in oil consumption during the winter primarily led to the downgraded recommendation. In addition, intense competition in the market as along with rising demand for alternative energy sources and uncertain drilling outcomes might deter future growth. In the third quarter of 2014, Murphy Oil's earnings per share and revenues surpassed the Zacks Consensus Estimate. On a year-over-year basis, the bottom line decreased primarily due to an increase in depreciation and lease operating expenses.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on Murphy Oil Corporation (MUR),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment