Piper Sandler downgrades Murphy Oil to Neutral on valuation

Piper Sandler downgraded Murphy Oil (MUR) to Neutral from Overweight with an unchanged price target of $34. The firm cites valuation for the downgrade. The stock has been a strong relative performer ahead of the company’s exploration and appraisal catalysts anticipated with the Q4 results in January, the analyst tells investors in a research note. Piper does not expect meaningful contribution from Cote d’Ivoire and the recent Vietnam discovery until 2030, and sees risk that Murphy’s higher exploration spend into fiscal 2026 could pressure the stock.