Murphy Oil downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc downgraded Murphy Oil (MUR) to Sector Weight from Overweight without a price target The analyst believes oil prices are “overly pressured” near term, pricing in worst case outlooks on OPEC+ growth, U.S. oil growth, and a global recession. With no oil hedges and limited ability to repurchase more shares this year within its “Murphy 3.0 framework,” KeyBanc sees little ability for Murphy Oil to outperform oily peers. In addition, after extensive spring marketing, the firm sees little interest in offshore-focused operators from an increasingly risk-averse client base. It views Murphy as disadvantaged to oily mid-cap peers.