Murphy Oil announces $500M share repurchase program, 12% dividend increase Murphy Oil Corporation announced that its board has approved a share buyback program of up to $500M of the company's shares of common stock over the next year. The board also declared a quarterly cash dividend on the common stock of 35c per share, or $1.40 per share on an annualized basis. The dividend represents a 12% increase. The dividend is payable September 2 to holders of record August 18.
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.