Murphy Oil announces $125M repurchase transaction with Wells Fargo Bank Murphy Oil announced that it has entered into a variable term, capped accelerated share repurchase transaction with Wells Fargo Bank, National Association to repurchase an aggregate of $125M of the Company's common stock. The ASR is pursuant to the board authorized program to repurchase up to $125M of the Company's stock announced on May 14. The ASR is expected to be completed no later than approximately three months following execution. All shares of the Company's common stock delivered under the ASR will be immediately retired or converted to treasury shares.
Murphy Oil downgraded to Sell from Neutral at UBS UBS analyst William Featherston downgraded Murphy Oil to Sell citing the stock's premium valuation relative to peers and the company's declining production and below average inventory. The analyst cut his price target for shares to $41 from $45.