Murphy Oil price target raised to $49 from $46 at Truist

Truist analyst Neal Dingmann raised the firm’s price target on Murphy Oil to $49 from $46 but keeps a Hold rating on the shares ahead of its Q4 results on Thursday. Investors are "dialed in correctly" with expectations for Q4 production to fall 8% and CAPEX to rise 8% sequentially higher, resulting in free cash flow of about $250M, the analyst tells investors in a research note. The firm added that its buildout model suggests that Murphy Oil’s net asset value is reflective of slightly higher prices than the current strip.