UPDATE: J.P. Morgan Upgrades Murphy Oil to Neutral

J.P. Morgan is out with its report today on Murphy Oil MUR, upgrading MUR from Underweight to Neutral. In a note to clients, J.P. Morgan writes, "We are upgrading shares of MUR from UW to N, believing that the remainder of 2011 holds a more balanced risk-reward outlook. We expect news flow to improve as MUR embarks on a 30-well exploration program and begins to announce the long-awaited divestiture of downstream assets. Although we believe a few operational performance concerns still linger, the shares do not appear aggressively priced relative to the peers, supporting a more positive view on the stock." J.P. Morgan maintains a $68 PT on MUR. Shares of MUR closed Thursday at $65.66, up 1.66% from Wednesday's close.