210
3 days ago
Murphy Oil (MUR) Soars to 52-Week High on 21% Price Target, Rating Upgrade
Summary
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Murphy Oil Corp. (NYSE:MUR) is one of the 10 Must-Watch Stocks Right Now.
Murphy Oil rallied to a new 52-week high on Friday, as investors snapped up shares after an investment firm upgraded its rating and price target by 21 percent on optimism for its ongoing oil drilling program in Vietnam.
At intra-day trading, the stock soared to a record high of $36.90 before paring gains to finish the session just up by 6.02 percent at $36.81 apiece.
In a market note during the day, Piper Sandler raised Murphy Oil Corp. (NYSE:MUR) to “overweight” from “neutral,” and boosted its price target to $41 from $33 previously.
The coverage reflected its optimism that Murphy Oil Corp. (NYSE:MUR) would be able to find more oil sources at the Hai Su Vang (HSV) field in the Cuu Long Basin, which could serve as a huge catalyst for the company in the first half of the year.
Murphy Oil Corp. (NYSE:MUR) is currently underway with the drilling of the HSV project to measure the field’s size and commercial potential under what it calls the appraisal stage, a necessary step before it can proceed with full commercial operations.
Initial discovery in October last year showed that the HSV project had approximately 370 feet of net oil pay across two reservoirs. During the first appraisal stage, drilling registered 429 feet of net oil pay across the two reservoirs.
Two more appraisal programs, HSV-3x and HSV-4x, are slated for this year.
While we acknowledge the potential of MUR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. Follow Insider Monkey on Google News.
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Murphy Oil Corp. (NYSE:MUR) is one of the 10 Must-Watch Stocks Right Now.
Murphy Oil rallied to a new 52-week high on Friday, as investors snapped up shares after an investment firm upgraded its rating and price target by 21 percent on optimism for its ongoing oil drilling program in Vietnam.
At intra-day trading, the stock soared to a record high of $36.90 before paring gains to finish the session just up by 6.02 percent at $36.81 apiece.
In a market note during the day, Piper Sandler raised Murphy Oil Corp. (NYSE:MUR) to “overweight” from “neutral,” and boosted its price target to $41 from $33 previously.
The coverage reflected its optimism that Murphy Oil Corp. (NYSE:MUR) would be able to find more oil sources at the Hai Su Vang (HSV) field in the Cuu Long Basin, which could serve as a huge catalyst for the company in the first half of the year.
Murphy Oil Corp. (NYSE:MUR) is currently underway with the drilling of the HSV project to measure the field’s size and commercial potential under what it calls the appraisal stage, a necessary step before it can proceed with full commercial operations.
Initial discovery in October last year showed that the HSV project had approximately 370 feet of net oil pay across two reservoirs. During the first appraisal stage, drilling registered 429 feet of net oil pay across the two reservoirs.
Two more appraisal programs, HSV-3x and HSV-4x, are slated for this year.
While we acknowledge the potential of MUR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. Follow Insider Monkey on Google News.
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AI Description
Murphy Oil Corp. experienced a significant surge in stock price, reaching a 52-week high. This was driven by an investment firm's upgrade of its rating and price target, reflecting optimism about its oil drilling activities in Vietnam.