Barclays downgraded Murphy Oil (MUR) to Underweight from Equal Weight with a price target of $24, down from $32. Murphy has struggled operationally the past few quarters, as unplanned downtime continues to come in higher than expected even against lowered expectations, resulting in disappointment on both production and cash costs, the analyst tells investors in a research note. The firm expects existing concerns will only be amplified by lower oil prices, noting the company requires the highest oil price breakeven in its coverage universe.
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