KeyBanc analyst Tim Rezvan raised the firm’s price target on Murphy Oil to $54 from $50 and keeps an Overweight rating on the shares ahead of quarterly results. The firm raised its oil price forecast to reflect a heightened geopolitical risk premium, flattening U.S. production, and declining U.S. refined product inventories. It further trimmed its natural gas price outlook to reflect strong production, bloated inventories, and debottlenecking in the second half of 2024.
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