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Murphy Oil Corp. (NYSE:MUR) is expected to report Q3 earnings after market close Wednesday Oct. 29, with a conference call scheduled for Thursday, October 30 at 1:00 pm ET.

Guidance

Analysts are expecting a profit of $2.65 on revenue of $6.93B. The consensus range for EPS is $2.48 to $2.85, with a revenue estimate of 6.93B, according to First Call. In Q2, the company reported EPS ex-items $2.92 verses consensus $2.19, and revenue $8.36B verses consensus $7.77B. On July 30 the company gave Q3 EPS guidance of $2.80 to $3.10.

Analyst Views

Possible positive drivers for this quarter are an increase in oil and gas production, while possible negative drivers might be decreasing operating margins as the price of oil falls.

On October 20, Deutsche Bank downgraded the shares to Sell from Hold after cutting their oil price forecast for 2009 to $60/bbl, and 2010 to $58/bbl. The firm put a price target of $43 on the shares. On the same day, Oppenheimer upgraded shares as they believe upside potential significantly exceeds downside risk over the next 12 months. The firm put a $60 target on the stock.

Source: Earnings Preview: Murphy Oil Corp.