Truist upgrades Murphy Oil to Buy, sees higher production but lower capex

Truist upgraded Murphy Oil to Buy from Hold with a price target of $56, up from $49. The company is among the "very few" E&P names to have higher production while also having lower capital spending this year, the analyst tells investors in a research note. Truist adds that this positive production/CAPEX dynamic is the result of prior offshore labor, resulting in 20% y/y production upside and continued leading Eagle Ford operations.