Murphy Oil price target raised to $34 from $32 at Piper Sandler

Piper Sandler raised the firm’s price target on Murphy Oil (MUR) to $34 from $32 and keeps an Overweight rating on the shares. Heading into Q3 earnings season, the conversations around E&P have centered around improving intermediate-term oil sentiment, the secular gas demand story driven by power and data center, the FY26 outlook on capital efficiency, expectations for continued M&A, increased focus on exploration and international exposure and rate of change across the U.S. onshore landscape. Piper is adjusting estimates for its E&P coverage heading into Q3 prints.