Wells Fargo lowered the firm’s price target on Murphy Oil to $41 from $47 and keeps an Equal Weight rating on the shares following the company’s Q2 earnings results. Wells’ $41 price target is based on a 10% discount to its NAV estimate of $45/share, and the firm is utilizing a 10% discounted valuation on NAV given Murphy’s exploration risk, M&A risk, and natural gas exposure.
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