Murphy Oil $MUR Set For Outperformance In 2022

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MUR stock is set for another year of outperformance according to several analysts.

Murphy Oil poised for another year of outperformance

On January 3, 2022, Mizuho analyst Vincent Lovaglio lowered the firm’s price target on Murphy Oil to $33 from $34 and keeps a Neutral rating on the shares. The analyst reduced some price targets in the exploration and production space to reflect lower natural gas price expectations in 2022 and 2023. However, he believes energy is “poised for another year of outperformance” relative to the broader market, led by E&P.

Murphy Oil upgraded on forecast of upstream outperformance

On December 7, 2021, JPMorgan analyst Arun Jayaram upgraded Murphy Oil to Overweight from Neutral with a price target of $37, up from $29. The analyst thinks conditions for exploration and production companies “are ripe for another year of upstream outperformance” in 2022 as the structural oversupply in oil, gas, and natural gas liquids abates. Jayaram is “more constructive” on oil versus gas, and upgraded Murphy Oil as he sees an “important” free cash flow inflection point for the company by mid-year 2022.

Murphy Oil price target raised to $37 from $34 at MKM Partners

On November 10, 2021. MKM Partners analyst John Gerdes raised the firm’s price target on Murphy Oil to $37 from $34 and keeps a Buy rating on the shares after its Q3 earnings beat. The analyst also cites the approximate 4% higher production outlook attributable to the Gulf of Mexico, and its increased ownership in the offshore Canada Terra Nova field, adding that his Q4 output expectation of 152.1MMBOE/D is in the upper half of the company’s guidance.

📺 The History of Murphy Oil Corporation

The History of Murphy Oil Corporation

📈 Murphy Oil Stock Technical Analysis

The long-term trend is positive and the short-term trend is neutral. MUR is part of the Oil, Gas & Consumable Fuels industry. There are 397 other stocks in this industry. MUR outperforms 81% of them. MUR is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market. Prices have been rising strongly lately, it may be a good idea to wait for a consolidation or pullback before considering an entry.

There is a support zone ranging from 26.66 to 26.85. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames. There is also support at 25.38 from a trend line in the weekly time frame.

Although MUR has an excellent technical rating, it does not offer a high-quality setup at the moment. Prices have been extended to the upside lately. For a nice entry it is better to wait for a consolidation. Click here to sign up for email alerts on when MUR stock consolidates and is a good entry.

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