Murphy Oil price target lowered to $61 from $66 at Piper Sandler

Piper Sandler analyst Mark Lear lowered the firm’s price target on Murphy Oil to $61 from $66 and keeps an Overweight rating on the shares after updating the firm’s E&P estimates post-Q4 results and FY23 outlooks as well as revisiting the firm’s commodity price forecasts. Generally, sentiment for the group has "taken a turn for the better," with broadly less capital efficient guidance out of the way, the analyst tells investors.