- Truist Securities upgraded Murphy Oil Corporation (NYSE:MUR) from Hold To Buy with a price target of $56, up from $49.
- The analyst writes that Murphy is one of very few E&Ps it forecasts to have higher production and lower capital spending this year.
- Truist forecasts Murphy Oil to generate nearly 90 mboepd of offshore production this year, driven by its legacy positions and recent development/tieback projects.
- The company continues to run an active offshore exploration program with ~$100 million set aside this year for a few projects.
- 2023 FCF is expected to sequentially lower primarily due to weaker prices, which could rebound in 2024 to potentially higher than in 2021.
- FCF yield of nearly 25% is anticipated this year, with the potential for even higher next year.
- The analyst anticipates more steady results from MUR’s onshore production in 2023 versus 2022 and is most encouraged by Eagle Ford operations.
- Data shows the most recent well performance is not only better than prior years but also higher than nearby operators on a per 1,000 ft. basis, such as Chesapeake Energy Corporation (NASDAQ: CHK), Trinity (Private), and Mesquite (Private) among others.
- Price Action: MUR shares are up 2.60% at $39.72 on the last check Tuesday.
Unique Logistics International Announcesd Merger Agreement with Edify Acquisition Corp.
Unique Logistics International, Inc. (OTCMKTS: UNQL) ("Unique" or the "Company"), a global logistics and freight forwarding company, today announced that it has signed a definitive agreement and plan of merger (the "Merger Agreement") with Edify Acquisition Corp.
