Intrinsic value of Murphy USA - MUSA

Previous Close

$87.24

  Intrinsic Value

$35.00

stock screener

  Rating & Target

str. sell

-60%

Previous close

$87.24

 
Intrinsic value

$35.00

 
Up/down potential

-60%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of MUSA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -8.69
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  11,595
  12,325
  13,086
  13,878
  14,703
  15,564
  16,462
  17,399
  18,377
  19,398
  20,466
  21,582
  22,749
  23,970
  25,248
  26,585
  27,986
  29,452
  30,989
  32,599
  34,286
  36,055
  37,909
  39,853
  41,891
  44,029
  46,272
  48,624
  51,092
  53,681
  56,398
Variable operating expenses, $m
 
  12,079
  12,824
  13,600
  14,409
  15,253
  16,133
  17,051
  18,009
  19,010
  20,057
  21,150
  22,294
  23,491
  24,743
  26,054
  27,426
  28,863
  30,369
  31,947
  33,600
  35,333
  37,150
  39,055
  41,053
  43,148
  45,346
  47,652
  50,070
  52,608
  55,270
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  11,295
  12,079
  12,824
  13,600
  14,409
  15,253
  16,133
  17,051
  18,009
  19,010
  20,057
  21,150
  22,294
  23,491
  24,743
  26,054
  27,426
  28,863
  30,369
  31,947
  33,600
  35,333
  37,150
  39,055
  41,053
  43,148
  45,346
  47,652
  50,070
  52,608
  55,270
Operating income, $m
  300
  247
  262
  278
  294
  311
  329
  348
  368
  388
  409
  432
  455
  479
  505
  532
  560
  589
  620
  652
  686
  721
  758
  797
  838
  881
  925
  972
  1,022
  1,074
  1,128
EBITDA, $m
  399
  351
  373
  396
  419
  444
  469
  496
  524
  553
  583
  615
  648
  683
  720
  758
  798
  839
  883
  929
  977
  1,028
  1,081
  1,136
  1,194
  1,255
  1,319
  1,386
  1,456
  1,530
  1,608
Interest expense (income), $m
  71
  77
  87
  98
  109
  121
  133
  146
  159
  173
  188
  203
  219
  235
  253
  271
  290
  310
  330
  352
  375
  399
  424
  451
  478
  507
  538
  570
  603
  638
  675
Earnings before tax, $m
  352
  170
  175
  180
  185
  190
  196
  202
  208
  215
  222
  229
  236
  244
  252
  261
  270
  279
  289
  300
  311
  322
  334
  346
  360
  373
  388
  403
  419
  436
  453
Tax expense, $m
  131
  46
  47
  49
  50
  51
  53
  55
  56
  58
  60
  62
  64
  66
  68
  70
  73
  75
  78
  81
  84
  87
  90
  94
  97
  101
  105
  109
  113
  118
  122
Net income, $m
  221
  124
  127
  131
  135
  139
  143
  148
  152
  157
  162
  167
  173
  178
  184
  191
  197
  204
  211
  219
  227
  235
  244
  253
  262
  273
  283
  294
  306
  318
  331

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  154
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,089
  2,057
  2,184
  2,316
  2,454
  2,597
  2,747
  2,904
  3,067
  3,237
  3,416
  3,602
  3,797
  4,000
  4,214
  4,437
  4,671
  4,915
  5,172
  5,440
  5,722
  6,017
  6,327
  6,651
  6,991
  7,348
  7,722
  8,115
  8,527
  8,959
  9,412
Adjusted assets (=assets-cash), $m
  1,935
  2,057
  2,184
  2,316
  2,454
  2,597
  2,747
  2,904
  3,067
  3,237
  3,416
  3,602
  3,797
  4,000
  4,214
  4,437
  4,671
  4,915
  5,172
  5,440
  5,722
  6,017
  6,327
  6,651
  6,991
  7,348
  7,722
  8,115
  8,527
  8,959
  9,412
Revenue / Adjusted assets
  5.992
  5.992
  5.992
  5.992
  5.991
  5.993
  5.993
  5.991
  5.992
  5.993
  5.991
  5.992
  5.991
  5.993
  5.991
  5.992
  5.991
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
Average production assets, $m
  1,452
  1,541
  1,636
  1,735
  1,838
  1,946
  2,058
  2,175
  2,297
  2,425
  2,558
  2,698
  2,844
  2,996
  3,156
  3,323
  3,498
  3,682
  3,874
  4,075
  4,286
  4,507
  4,739
  4,982
  5,236
  5,504
  5,784
  6,078
  6,387
  6,710
  7,050
Working capital, $m
  1
  -123
  -131
  -139
  -147
  -156
  -165
  -174
  -184
  -194
  -205
  -216
  -227
  -240
  -252
  -266
  -280
  -295
  -310
  -326
  -343
  -361
  -379
  -399
  -419
  -440
  -463
  -486
  -511
  -537
  -564
Total debt, $m
  670
  714
  802
  895
  991
  1,091
  1,196
  1,305
  1,419
  1,538
  1,662
  1,792
  1,928
  2,070
  2,219
  2,375
  2,538
  2,709
  2,888
  3,075
  3,272
  3,478
  3,694
  3,920
  4,158
  4,407
  4,668
  4,942
  5,230
  5,531
  5,848
Total liabilities, $m
  1,392
  1,436
  1,524
  1,617
  1,713
  1,813
  1,918
  2,027
  2,141
  2,260
  2,384
  2,514
  2,650
  2,792
  2,941
  3,097
  3,260
  3,431
  3,610
  3,797
  3,994
  4,200
  4,416
  4,642
  4,880
  5,129
  5,390
  5,664
  5,952
  6,253
  6,570
Total equity, $m
  697
  621
  660
  699
  741
  784
  830
  877
  926
  978
  1,031
  1,088
  1,147
  1,208
  1,273
  1,340
  1,410
  1,484
  1,562
  1,643
  1,728
  1,817
  1,911
  2,009
  2,111
  2,219
  2,332
  2,451
  2,575
  2,706
  2,843
Total liabilities and equity, $m
  2,089
  2,057
  2,184
  2,316
  2,454
  2,597
  2,748
  2,904
  3,067
  3,238
  3,415
  3,602
  3,797
  4,000
  4,214
  4,437
  4,670
  4,915
  5,172
  5,440
  5,722
  6,017
  6,327
  6,651
  6,991
  7,348
  7,722
  8,115
  8,527
  8,959
  9,413
Debt-to-equity ratio
  0.961
  1.150
  1.220
  1.280
  1.340
  1.390
  1.440
  1.490
  1.530
  1.570
  1.610
  1.650
  1.680
  1.710
  1.740
  1.770
  1.800
  1.820
  1.850
  1.870
  1.890
  1.910
  1.930
  1.950
  1.970
  1.990
  2.000
  2.020
  2.030
  2.040
  2.060
Adjusted equity ratio
  0.281
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  221
  124
  127
  131
  135
  139
  143
  148
  152
  157
  162
  167
  173
  178
  184
  191
  197
  204
  211
  219
  227
  235
  244
  253
  262
  273
  283
  294
  306
  318
  331
Depreciation, amort., depletion, $m
  99
  105
  111
  118
  125
  132
  140
  148
  156
  165
  174
  184
  193
  204
  215
  226
  238
  250
  264
  277
  292
  307
  322
  339
  356
  374
  393
  413
  434
  456
  480
Funds from operations, $m
  391
  229
  239
  249
  260
  271
  283
  295
  308
  322
  336
  351
  366
  382
  399
  417
  435
  454
  475
  496
  518
  542
  566
  592
  619
  647
  677
  708
  740
  774
  810
Change in working capital, $m
  54
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -27
Cash from operations, $m
  337
  236
  246
  257
  268
  280
  292
  305
  318
  332
  347
  362
  378
  394
  412
  430
  449
  469
  490
  512
  535
  559
  585
  611
  639
  668
  699
  731
  765
  800
  838
Maintenance CAPEX, $m
  0
  -99
  -105
  -111
  -118
  -125
  -132
  -140
  -148
  -156
  -165
  -174
  -184
  -193
  -204
  -215
  -226
  -238
  -250
  -264
  -277
  -292
  -307
  -322
  -339
  -356
  -374
  -393
  -413
  -434
  -456
New CAPEX, $m
  -262
  -89
  -95
  -99
  -103
  -108
  -112
  -117
  -122
  -128
  -133
  -140
  -146
  -153
  -160
  -167
  -175
  -183
  -192
  -201
  -211
  -221
  -232
  -243
  -255
  -267
  -280
  -294
  -308
  -324
  -340
Cash from investing activities, $m
  -135
  -188
  -200
  -210
  -221
  -233
  -244
  -257
  -270
  -284
  -298
  -314
  -330
  -346
  -364
  -382
  -401
  -421
  -442
  -465
  -488
  -513
  -539
  -565
  -594
  -623
  -654
  -687
  -721
  -758
  -796
Free cash flow, $m
  202
  48
  46
  47
  47
  47
  48
  48
  48
  48
  48
  48
  48
  48
  48
  48
  48
  48
  48
  47
  47
  47
  46
  46
  45
  45
  44
  44
  43
  42
  41
Issuance/(repayment) of debt, $m
  180
  85
  89
  92
  96
  100
  105
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  188
  197
  206
  216
  226
  237
  249
  261
  274
  287
  302
  316
Issuance/(repurchase) of shares, $m
  -323
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -151
  85
  89
  92
  96
  100
  105
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  188
  197
  206
  216
  226
  237
  249
  261
  274
  287
  302
  316
Total cash flow (excl. dividends), $m
  51
  133
  135
  139
  143
  148
  152
  157
  162
  167
  173
  178
  184
  190
  197
  204
  211
  219
  227
  235
  244
  253
  262
  272
  283
  294
  305
  318
  330
  344
  358
Retained Cash Flow (-), $m
  95
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -64
  -67
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -124
  -131
  -137
Prev. year cash balance distribution, $m
 
  113
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  209
  97
  99
  102
  104
  107
  110
  113
  116
  119
  122
  125
  129
  133
  136
  140
  145
  149
  154
  159
  164
  169
  174
  180
  186
  192
  199
  206
  213
  221
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  199
  87
  84
  81
  78
  74
  70
  65
  61
  56
  52
  47
  42
  38
  33
  29
  25
  21
  18
  15
  12
  10
  8
  6
  4
  3
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Murphy USA Inc. is engaged in the marketing of retail motor fuel products and merchandise through a chain of retail stores. The Company operates through the Marketing segment. The Marketing segment includes its retail marketing sites and product supply, and wholesale assets. As of December 31, 2016, its retail stores were located in 26 states, primarily in the Southwest, Southeast and Midwest the United States. Out of the total 1,401 stores, 1,152 were branded Murphy USA and 249 were Murphy Express locations, as of December 31, 2016. Its retail stores under the brand name Murphy USA participate in the Walmart discount program. The Walmart discount program offers a cents-off per gallon purchased for fuel when using specific payment methods as decided by Walmart and the Company. Its business also includes product supply and wholesale assets, including product distribution terminals and pipeline positions.

FINANCIAL RATIOS  of  Murphy USA (MUSA)

Valuation Ratios
P/E Ratio 14.6
Price to Sales 0.3
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 9.6
Price to Free Cash Flow 43
Growth Rates
Sales Growth Rate -8.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 27.8%
Cap. Spend. - 3 Yr. Gr. Rate 10%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 90.2%
Total Debt to Equity 96.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 13.4%
Ret/ On Assets - 3 Yr. Avg. 12.5%
Return On Total Capital 16.7%
Ret/ On T. Cap. - 3 Yr. Avg. 16.4%
Return On Equity 29.7%
Return On Equity - 3 Yr. Avg. 27.7%
Asset Turnover 5.8
Profitability Ratios
Gross Margin 8.8%
Gross Margin - 3 Yr. Avg. 7.5%
EBITDA Margin 4.5%
EBITDA Margin - 3 Yr. Avg. 3.3%
Operating Margin 2.6%
Oper. Margin - 3 Yr. Avg. 2.2%
Pre-Tax Margin 3%
Pre-Tax Margin - 3 Yr. Avg. 2.2%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 1.6%
Effective Tax Rate 37.2%
Eff/ Tax Rate - 3 Yr. Avg. 36%
Payout Ratio 0%

MUSA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MUSA stock intrinsic value calculation we used $11595 million for the last fiscal year's total revenue generated by Murphy USA. The default revenue input number comes from 2016 income statement of Murphy USA. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MUSA stock valuation model: a) initial revenue growth rate of 6.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5%, whose default value for MUSA is calculated based on our internal credit rating of Murphy USA, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Murphy USA.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MUSA stock the variable cost ratio is equal to 98%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MUSA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 12.2% for Murphy USA.

Corporate tax rate of 27% is the nominal tax rate for Murphy USA. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MUSA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MUSA are equal to 12.5%.

Life of production assets of 14.7 years is the average useful life of capital assets used in Murphy USA operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MUSA is equal to -1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $697 million for Murphy USA - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 34.968 million for Murphy USA is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Murphy USA at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ Stocks To Watch: Murphy USA Sees RS Rating Rise To 83   [Jan-09-18 03:00AM  Investor's Business Daily]
▶ Murphy USA Earns IBD Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Caseys Stock Fell 11% after Weak 2Q18 Results   [07:33AM  Market Realist]
▶ Caseys Top Line before Its 2Q18 Results   [Dec-08-17 11:10AM  Market Realist]
▶ Murphy USA Scores Relative Strength Rating Upgrade; Hits Key Threshold   [Dec-05-17 03:00AM  Investor's Business Daily]
▶ Murphy USA Shows Improved Relative Price Performance; Still Shy Of Benchmark   [Nov-30-17 03:00AM  Investor's Business Daily]
▶ Stocks Generating Improved Relative Strength: Murphy USA   [Nov-10-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Murphy USA, Inc. : November 9, 2017   [Nov-09-17 12:58PM  Capital Cube]
▶ Murphy USA, Inc. to Host Earnings Call   [Nov-02-17 09:35AM  ACCESSWIRE]
▶ Murphy USA tops 3Q profit forecasts   [05:49AM  Associated Press]
▶ Murphy USA Inc. Reports Third Quarter 2017 Results   [Nov-01-17 04:30PM  GlobeNewswire]
▶ Analyzing Caseys 1Q18 Gasoline Sales and Margins   [Sep-07-17 02:06PM  Market Realist]
▶ Murphy USA beats 2Q profit forecasts   [Aug-03-17 03:17PM  Associated Press]
▶ Murphy USA Inc. Reports Second Quarter 2017 Results   [Aug-02-17 04:16PM  GlobeNewswire]
▶ ETFs with exposure to Murphy USA, Inc. : June 15, 2017   [Jun-15-17 02:41PM  Capital Cube]
▶ ETFs with exposure to Murphy USA, Inc. : June 1, 2017   [Jun-01-17 01:58PM  Capital Cube]
▶ ETFs with exposure to Murphy USA, Inc. : May 22, 2017   [May-22-17 01:54PM  Capital Cube]
▶ Murphy USA reports 1Q loss   [May-01-17 05:20PM  Associated Press]
▶ Murphy USA Announces Pricing of Notes Offering   [Apr-20-17 06:00PM  GlobeNewswire]
▶ MURPHY USA ANNOUNCES ADDITION TO EXECUTIVE LEADERSHIP TEAM   [Apr-18-17 05:01PM  GlobeNewswire]
▶ Near-Term Uncertainties to Weigh on These Energy Stocks   [Mar-28-17 05:47PM  Investopedia]
▶ Caseys on the Street: Why All the Optimism?   [Mar-03-17 09:06AM  Market Realist]
▶ Can Caseys Return to Growth in 3Q17?   [Mar-02-17 01:35PM  Market Realist]
▶ Hedge Funds Are Selling Murphy USA Inc (MUSA)   [05:48AM  at Insider Monkey]
Financial statements of MUSA
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