Why Murphy Oil Stock Flew Nearly 8% Higher Today
Key Points
A recent trend for analysts has been to enact price target raises on the shares.
The latest was published early Monday morning.
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A second analyst price target raise in nearly as many trading days was the catalyst igniting the stock of Murphy Oil (NYSE: MUR) on Monday. Bullish investors traded the company's shares up by almost 8% on the day in response, a rate that trounced the 1.6% increase of the S&P 500 (SNPINDEX: ^GSPC).
A raiser and holder
Monday's raiser was Roger Read from top U.S. bank Wells Fargo. Well before market open, Read changed his Murphy Oil price target to $28 per share from $26.
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He remains cautious on the stock, however, as he maintained his equal weight (hold, in other words) recommendation on it.
According to reports, Read wrote in his update that the company is expecting to deliver impressive operational and financial results for its third quarter (it's scheduled to unveil those numbers on Oct. 30). The analyst expressed some concern about certain areas, such as the company's 2026 guidance.
Industrywide adjustments
Previous to that, last Thursday, Bank of Nova Scotia also enacted a price target raise while maintaining its equivalent of a hold recommendation. The Canadian lender increased its fair-value assessment on Murphy Oil to $30 per share from $26, as part of a broader set of price target adjustments to U.S. oil stocks.
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Wells Fargo is an advertising partner of Motley Fool Money. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Bank Of Nova Scotia and Murphy Oil. The Motley Fool has a disclosure policy.
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