Analysts Upgrades Murphy Oil (MUR) on Cash Flow Boost from Soaring Crude Prices

KeyBanc upgraded Murphy Oil to Overweight and set a $48 price target, citing a strong cash-flow boost from soaring crude prices and Murphy’s unhedged oil exposure. The bank said roughly half of Murphy’s 2026 output is oil and none of it is hedged, making higher oil prices a major earnings and balance-sheet catalyst. KeyBanc estimated that a $20 per barrel increase in its oil deck could add $666 million to Murphy’s cash flow. The note also highlighted Murphy’s oil discovery offshore Vietnam as an additional catalyst. Shares rose after the upgrade, reflecting improved sentiment toward the stock as investors focus on leverage to crude prices and potential cash-return optionality.