Breaking News

Tweet TWEET

Murphy Oil Slumps After Forecast Misses Estimates: Dallas Mover

Murphy Oil Corp. (MUR), the U.S. producer with operations in Texas, the U.K. and Indonesia, fell the most in more than eight months after forecasting first-quarter profit that fell short of estimates.

Murphy, based in El Dorado, Arkansas, declined 5.3 percent to $59.52 at the close in New York, the most since May 3.

Per-share profit this quarter will be 55 cents to 90 cents excluding some items, Murphy said in a statement after the close of U.S. trading yesterday. Analysts were expecting $1.27, the average of 12 estimates compiled by Bloomberg.

“Murphy’s portfolio really hasn’t delivered since Kikeh,” an offshore natural gas field in Indonesia that began production in 2007, John Herrlin, a New York-based analyst for Societe Generale SA (GLE), said in a note today, cutting his rating on the stock to hold from buy.

To contact the reporter on this story: Jim Polson in New York at jpolson@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.