Research Analysts Set Expectations for Murphy Oil Co.’s Q2 2024 Earnings (NYSE:MUR)

Murphy Oil Co. (NYSE:MUR) – Equities research analysts at Zacks Research upped their Q2 2024 earnings estimates for shares of Murphy Oil in a research report issued to clients and investors on Monday, July 22nd. Zacks Research analyst J. Saha now anticipates that the oil and gas producer will post earnings of $0.89 per share for the quarter, up from their prior forecast of $0.87. The consensus estimate for Murphy Oil’s current full-year earnings is $4.16 per share. Zacks Research also issued estimates for Murphy Oil’s Q3 2024 earnings at $1.27 EPS, Q4 2024 earnings at $1.31 EPS and FY2024 earnings at $4.32 EPS.

Other research analysts have also recently issued reports about the company. Barclays began coverage on Murphy Oil in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $54.00 target price on the stock. Wolfe Research began coverage on shares of Murphy Oil in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Truist Financial cut their price objective on shares of Murphy Oil from $59.00 to $55.00 and set a “buy” rating for the company in a report on Monday, July 22nd. JPMorgan Chase & Co. lifted their target price on Murphy Oil from $51.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, April 4th. Finally, StockNews.com cut shares of Murphy Oil from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $50.27.

Murphy Oil Stock Performance

Shares of MUR stock opened at $40.26 on Thursday. The company has a quick ratio of 0.87, a current ratio of 0.93 and a debt-to-equity ratio of 0.24. The company has a 50 day moving average price of $40.89 and a 200-day moving average price of $41.82. Murphy Oil has a 52 week low of $36.95 and a 52 week high of $49.14. The firm has a market capitalization of $6.14 billion, a PE ratio of 11.21 and a beta of 2.25.

Murphy Oil (NYSE:MUR) last released its quarterly earnings data on Thursday, May 2nd. The oil and gas producer reported $0.85 EPS for the quarter, beating the consensus estimate of $0.82 by $0.03. Murphy Oil had a return on equity of 11.75% and a net margin of 16.40%. The company had revenue of $794.80 million for the quarter, compared to analysts’ expectations of $750.94 million. During the same period last year, the firm posted $1.24 earnings per share. Murphy Oil’s revenue was down 5.4% compared to the same quarter last year.

Hedge Funds Weigh In On Murphy Oil

Several hedge funds have recently made changes to their positions in MUR. Dimensional Fund Advisors LP boosted its holdings in shares of Murphy Oil by 2.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,861,968 shares of the oil and gas producer’s stock valued at $335,397,000 after acquiring an additional 207,547 shares during the last quarter. Earnest Partners LLC boosted its holdings in Murphy Oil by 7.7% in the first quarter. Earnest Partners LLC now owns 2,737,409 shares of the oil and gas producer’s stock valued at $125,100,000 after purchasing an additional 195,906 shares during the last quarter. Bank of New York Mellon Corp grew its position in Murphy Oil by 5.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,138,985 shares of the oil and gas producer’s stock worth $88,212,000 after purchasing an additional 107,462 shares during the period. International Assets Investment Management LLC raised its stake in shares of Murphy Oil by 3,904.6% during the 4th quarter. International Assets Investment Management LLC now owns 2,090,904 shares of the oil and gas producer’s stock valued at $89,198,000 after buying an additional 2,038,692 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Murphy Oil by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,777,408 shares of the oil and gas producer’s stock valued at $75,824,000 after buying an additional 45,236 shares during the period. 78.31% of the stock is owned by institutional investors and hedge funds.

Murphy Oil Company Profile

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.