Murphy Oil price target raised to $28 from $26 at Wells Fargo

Wells Fargo analyst Hanwen Chang raised the firm’s price target on Murphy Oil (MUR) to $28 from $26 and keeps an Equal Weight rating on the shares. The firm says Murphy is entering a major exploration phase, testing big offshore targets while delivering stronger ops. Key wells in Vietnam and Cote d’Ivoire drive the story, with flexible but steady capex planned as the company pursues high-impact growth, Wells adds.