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.
- Student Entrepreneur's Doughnut Holes Available Soon at Spokes
- Video: Turner Grain Paid Farmer for Wheat But Not Corn
- This Week in Tyson: EPA Investigates; Hillshire Deal Delayed Again
- In Lee County, Judge Hears Details of Turner Grain, Related Companies 15 hours ago
- TV Host Matt Mosler Announces Departure from KARK 4 weeks ago
- Lonoke County Farmers Sue Turner Grain 15 hours ago
- Farmers Dismayed As New Farm Bill Dumps Direct Payments 4 days ago
- Wal-Mart Used Technology to Become Supply Chain Leader 2 years ago