UPDATE: Brean Murray Carret Initiates Coverage on Murphy Oil; Selects PT and Rating

According to a research report published earlier today, Brean Murray Carret has decided to initiate Murphy Oil Corporation (NYSE: MUR) with a Buy rating and a $71 PT.

In the report, Brean Muray Carret said, “Murphy is well-positioned in light of recent weakness in the North American gas market, with 4Q11 production consisting of 54% crude and liquids vs. 24% North American natural gas; moreover, 92% of Murphy's liquids realized a premium to NYMEX during the most recent quarter due to the $10-15/Bbl spread between the WTI and Brent benchmarks.”

Murphy Oil closed yesterday at $60.93.