- Murphy Oil (MUR -0.5%) is upgraded to Overweight from Equal Weight with a $42 price target, raised from $33, at Barclays, which says the global oil market is in the midst of a "continued upward trajectory" in which Brent could average $85/bbl by Q4 2017 and $80-$90 during 2018-21.
- Barclays believes the risks associated with MUR already are well known and have been priced in by the market, and says shares continue to trade at a significant discount to net asset value and relative to other large cap E&P names even after rising 42% YTD.
- On a risk-adjusted basis, the firm says ConocoPhillips (COP -2.8%) and Husky Energy (OTCPK:HUSKF -2.1%) offer the best value over the next 12 months, while Petrobras (PBR -2.3%) and Exxon Mobil (XOM -0.4%) offer the least.