Murphy Oil price target raised to $38 from $32 at Wells Fargo

Wells Fargo raised the firm’s price target on Murphy Oil (MUR) to $38 from $32 and keeps an Equal Weight rating on the shares. Webinar insights refine the firm’s Vietnam PSC modeling and reinforce long-term offshore value, though the opportunity remains long dated and valuation continues to be anchored to near-term cash flow despite improving execution visibility, Wells says.