Last week, Murphy Oil Corp. of El Dorado officially spunoff its retail gas station unit into a separate, publicly traded company called Murphy USA Inc. Today marked the first day of trading of the new company on the New York Stock Exchange.
So how did Murphy Oil Corp. investors fare as the spinoff made its debut? Let's do the math:
For every four shares of Murphy Oil stock (NYSE: MUR) owned at the close of trading on Friday, investors got one share of Murphy USA stock (NYSE: MUSA). Murphy Oil shares closed at $67.42 on Friday; four shares, then, were worth $269.68.
On Tuesday, the first day of trading after the Labor Day holiday, Murphy Oil stock closed at $59.80 and Murphy USA stock closed at $37.51.
Four shares of Murphy Oil stock plus one share of Murphy USA stock were worth $276.71 on Tuesday, up 2.6 percent from the value of four shares of Murphy Oil stock on Friday.
- Report: David Tovar Resigned From Wal-Mart Over Resume Falsehood
- Mobile-Payment Battle Brews Between Apple, Wal-Mart
- WSJ Looks at Crystal Bridges' 'State of the Art' Exhibit
- Arkansas Business Presents 2014's 'The New Influentials: 20 In Their 20s' 19 hours ago
- 8 Former Delta Trust Employees Flock to Eagle Bank 19 hours ago
- Argenta Community Development Corp. Weighs Its Future 19 hours ago
- Landers Auto Dealership Drives $22.1M Toyota Sale (Real Deals) 19 hours ago
- Southern Rice & Cotton Says Turner Grain Bounced Million-Dollar Check 19 hours ago