Roth Capital downgraded Murphy Oil (MUR) to Neutral from Buy with a price target of $25, down from $27. The firm is cautious on the macro setup for oil prices in the near term. Supply and demand are trending more out of balance as pending OPEC+ production increases are pointing to a likely oversupply situation this summer, the analyst tells investors in a research note. Roth believes Murphy Oil is one of the more oil-levered names in the sector with around a 51% oil cut. It downgrades the shares to reflect its near-term concerns over oil prices.
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