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.
- Performance, Not Academics, Drive Incentives for SEC Football Coaches
- Crye-Leike Adopts New Safety Rules After Beverly Carter Death
- Wal-Mart Cheered, Jeered for Solar Power Efforts
- Whataburger Chain To Break Ground on First of Five Possible Locations in NWA 4 days ago
- Crye-Leike Adopts New Safety Rules After Beverly Carter Death 20 hours ago
- Wal-Mart Used Technology to Become Supply Chain Leader 2 years ago
- Tom Cotton and Me (Gwen Moritz Editor's Note) 4 days ago
- Picasolar Receives $800k DOE Grant for Solar Efficiency 20 hours ago