10 Best Falling Stocks To Buy According to Hedge Funds

8. Murphy Oil Corporation (NYSE:MUR)

52 Week Range: $32.53 – $49.14

Current Share Price: $32.96

Number of Hedge Fund Holders: 37 

Murphy Oil Corporation (NYSE:MUR) ranks as the 8th best-falling stock to buy according to hedge funds. It is trading close to its 52-week low, however, 37 hedge funds held stakes in the stock in Q2 2024, as per Insider Monkey’s database, indicating bullish sentiment.

The company operates as an independent oil and gas-producing company in the United States and Canada. The company searches for new oil and gas-rich areas at onshore and offshore locations to extract and sell energy resources.

Murphy Oil Corporation (NYSE:MUR), has been actively managing its financial strategies and operational projects in recent quarters. Management has remained focused on achieving Murphy 3.0, which is a strategic initiative aimed at enhancing shareholder returns while maintaining a focus on reducing long-term debt. During the second quarter of fiscal 2024, the company repurchased $50 million of its senior notes as a move to bring its long-term debt to $1 billion. It also repurchased 56 million shares in the second quarter and an additional 44 million shares by early August, indicating its efforts regarding Murphy 3.0.

In terms of production, the company produced an average of 181,000 barrels of oil equivalent per day, with oil making up 50% of that volume, exceeding their guidance. The second quarter revenue came in at $746 million with a net income of $128 million. Looking ahead, management plans on returning 50% of its adjusted free cash flow to shareholders and utilizing the rest 50% for improving its balance sheet to reduce debt.