Murphy Oil Slumps After Forecast Misses Estimates: Dallas MoverJim Polson
Murphy Oil Corp., 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, said in a note today, cutting his rating on the stock to hold from buy.