Murphy Oil Corporation (NYSE: MUR) raised its quarterly dividend by 17% to $0.175 per share, which equates to an annual dividend of $0.70 per share.
Murphy Oil Corp. is a holding company engaged in the exploration and production of oil and natural gas. It operates through the Exploration and Production and Corporate and Other segments.
Following the announcement, shares of the company increased 1.6% on April 6 and traded close to its 52-week high at $40.52. Notably, shares of the company have gained over 135% in the past 12 months.
The dividend is payable on June 1 to shareholders on record as of May 16. The annual dividend of $0.70 per share now reflects a dividend yield of 1.7%.
Wall Street’s Take
Last week, Mizuho analyst Vincent Lovaglio increased the price target on Murphy Oil to $58 (43.14% upside potential) from $42 and reiterated a Buy rating on the shares.
Based on the increase in expected U.S. unconventional oil volume growth and the resulting expected increase in capital intensity, Lovaglio raised his long-term oil price forecast to $70 per barrel from $61, with the 2022-25 estimates higher by $16 per barrel on an average basis.
The Wall Street community is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on five Buys and three Holds. The average Murphy Oil price forecast of $42.13 implies 3.97% upside potential to current levels.
Investors Weigh In
TipRanks’ Stock Investors tool shows that retail investors currently have a Very Positive stance on Murphy Oil, with a whopping 20% of investors increasing their exposure to MUR stock over the past 30 days.
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