Oppenheimer Raises PT on Murphy Oil Corporation to $90 (MUR)

Oppenheimer is out with its report today on Murphy Oil Corporation MUR, raising its PT from $82 to $90. In a note to clients, Oppenheimer writes, "We reiterate our Outperform rating on MUR shares as we believe their upside potential is greater than the downside risk from a sharp decline in oil prices, which we think is unlikely. We are raising our price target to $90 from $82 to reflect higher oil prices, strong production growth and better drilling results. MUR has lagged its peers and the S&P 500 this year following disappointing drilling results offshore West Africa a few months ago. MUR is participating in 31 exploration wells in 2011-12, including 12 wells this year and 19 wells in 2012, with 2-4 bboe of net resource potential, and drilling results are likely to be key to the stock performance." Shares of MUR closed Tuesday at $73.06, down 2.72% from Monday's close.