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.
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