Intrinsic value of Murphy USA - MUSA

Previous Close

$79.21

  Intrinsic Value

$119.14

stock screener

  Rating & Target

str. buy

+50%

Previous close

$79.21

 
Intrinsic value

$119.14

 
Up/down potential

+50%

 
Rating

str. buy

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

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.60
  10.04
  9.54
  9.08
  8.67
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
Revenue, $m
  14,187
  15,611
  17,100
  18,653
  20,271
  21,955
  23,706
  25,526
  27,417
  29,383
  31,426
  33,550
  35,758
  38,055
  40,445
  42,933
  45,526
  48,227
  51,044
  53,982
  57,049
  60,251
  63,596
  67,091
  70,745
  74,567
  78,565
  82,749
  87,129
  91,715
Variable operating expenses, $m
  13,719
  15,096
  16,535
  18,037
  19,602
  21,230
  22,923
  24,684
  26,513
  28,414
  30,389
  32,443
  34,578
  36,799
  39,110
  41,517
  44,023
  46,636
  49,359
  52,201
  55,166
  58,263
  61,497
  64,877
  68,411
  72,106
  75,972
  80,018
  84,254
  88,689
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
  13,719
  15,096
  16,535
  18,037
  19,602
  21,230
  22,923
  24,684
  26,513
  28,414
  30,389
  32,443
  34,578
  36,799
  39,110
  41,517
  44,023
  46,636
  49,359
  52,201
  55,166
  58,263
  61,497
  64,877
  68,411
  72,106
  75,972
  80,018
  84,254
  88,689
Operating income, $m
  468
  515
  564
  616
  669
  724
  782
  842
  905
  970
  1,037
  1,107
  1,180
  1,256
  1,335
  1,417
  1,502
  1,591
  1,684
  1,781
  1,883
  1,988
  2,099
  2,214
  2,335
  2,461
  2,593
  2,731
  2,875
  3,027
EBITDA, $m
  645
  710
  778
  849
  922
  999
  1,079
  1,161
  1,247
  1,337
  1,430
  1,527
  1,627
  1,731
  1,840
  1,953
  2,071
  2,194
  2,322
  2,456
  2,596
  2,741
  2,894
  3,053
  3,219
  3,393
  3,575
  3,765
  3,964
  4,173
Interest expense (income), $m
  71
  53
  63
  74
  85
  96
  108
  121
  134
  147
  161
  176
  191
  207
  224
  241
  258
  277
  296
  316
  337
  359
  382
  406
  431
  457
  484
  513
  542
  573
  606
Earnings before tax, $m
  415
  452
  491
  531
  573
  616
  662
  709
  757
  808
  861
  916
  973
  1,032
  1,094
  1,158
  1,225
  1,295
  1,368
  1,444
  1,523
  1,606
  1,693
  1,783
  1,878
  1,977
  2,080
  2,188
  2,302
  2,421
Tax expense, $m
  112
  122
  133
  143
  155
  166
  179
  191
  205
  218
  232
  247
  263
  279
  295
  313
  331
  350
  369
  390
  411
  434
  457
  481
  507
  534
  562
  591
  621
  654
Net income, $m
  303
  330
  358
  388
  418
  450
  483
  517
  553
  590
  629
  669
  710
  754
  799
  846
  895
  946
  999
  1,054
  1,112
  1,173
  1,236
  1,302
  1,371
  1,443
  1,518
  1,598
  1,680
  1,767

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  2,578
  2,837
  3,107
  3,390
  3,684
  3,990
  4,308
  4,639
  4,982
  5,339
  5,711
  6,097
  6,498
  6,915
  7,350
  7,802
  8,273
  8,764
  9,276
  9,810
  10,367
  10,949
  11,557
  12,192
  12,856
  13,550
  14,277
  15,037
  15,833
  16,666
Adjusted assets (=assets-cash), $m
  2,578
  2,837
  3,107
  3,390
  3,684
  3,990
  4,308
  4,639
  4,982
  5,339
  5,711
  6,097
  6,498
  6,915
  7,350
  7,802
  8,273
  8,764
  9,276
  9,810
  10,367
  10,949
  11,557
  12,192
  12,856
  13,550
  14,277
  15,037
  15,833
  16,666
Revenue / Adjusted assets
  5.503
  5.503
  5.504
  5.502
  5.502
  5.503
  5.503
  5.502
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
  5.503
Average production assets, $m
  1,773
  1,951
  2,137
  2,332
  2,534
  2,744
  2,963
  3,191
  3,427
  3,673
  3,928
  4,194
  4,470
  4,757
  5,056
  5,367
  5,691
  6,028
  6,380
  6,748
  7,131
  7,531
  7,949
  8,386
  8,843
  9,321
  9,821
  10,344
  10,891
  11,464
Working capital, $m
  -369
  -406
  -445
  -485
  -527
  -571
  -616
  -664
  -713
  -764
  -817
  -872
  -930
  -989
  -1,052
  -1,116
  -1,184
  -1,254
  -1,327
  -1,404
  -1,483
  -1,567
  -1,653
  -1,744
  -1,839
  -1,939
  -2,043
  -2,151
  -2,265
  -2,385
Total debt, $m
  1,048
  1,225
  1,410
  1,603
  1,804
  2,013
  2,230
  2,456
  2,691
  2,935
  3,188
  3,452
  3,726
  4,011
  4,307
  4,616
  4,938
  5,273
  5,623
  5,988
  6,368
  6,766
  7,181
  7,615
  8,068
  8,543
  9,039
  9,558
  10,102
  10,671
Total liabilities, $m
  1,761
  1,938
  2,122
  2,315
  2,516
  2,725
  2,942
  3,168
  3,403
  3,647
  3,900
  4,164
  4,438
  4,723
  5,020
  5,329
  5,650
  5,986
  6,335
  6,700
  7,081
  7,478
  7,893
  8,327
  8,780
  9,255
  9,751
  10,270
  10,814
  11,383
Total equity, $m
  817
  899
  985
  1,074
  1,168
  1,265
  1,366
  1,470
  1,579
  1,693
  1,810
  1,933
  2,060
  2,192
  2,330
  2,473
  2,623
  2,778
  2,940
  3,110
  3,286
  3,471
  3,663
  3,865
  4,075
  4,295
  4,526
  4,767
  5,019
  5,283
Total liabilities and equity, $m
  2,578
  2,837
  3,107
  3,389
  3,684
  3,990
  4,308
  4,638
  4,982
  5,340
  5,710
  6,097
  6,498
  6,915
  7,350
  7,802
  8,273
  8,764
  9,275
  9,810
  10,367
  10,949
  11,556
  12,192
  12,855
  13,550
  14,277
  15,037
  15,833
  16,666
Debt-to-equity ratio
  1.280
  1.360
  1.430
  1.490
  1.540
  1.590
  1.630
  1.670
  1.700
  1.730
  1.760
  1.790
  1.810
  1.830
  1.850
  1.870
  1.880
  1.900
  1.910
  1.930
  1.940
  1.950
  1.960
  1.970
  1.980
  1.990
  2.000
  2.010
  2.010
  2.020
Adjusted equity ratio
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  303
  330
  358
  388
  418
  450
  483
  517
  553
  590
  629
  669
  710
  754
  799
  846
  895
  946
  999
  1,054
  1,112
  1,173
  1,236
  1,302
  1,371
  1,443
  1,518
  1,598
  1,680
  1,767
Depreciation, amort., depletion, $m
  177
  195
  214
  233
  253
  274
  296
  319
  343
  367
  393
  419
  447
  476
  506
  537
  569
  603
  638
  675
  713
  753
  795
  839
  884
  932
  982
  1,034
  1,089
  1,146
Funds from operations, $m
  481
  525
  572
  621
  672
  724
  779
  836
  896
  957
  1,021
  1,088
  1,157
  1,229
  1,304
  1,382
  1,464
  1,548
  1,637
  1,729
  1,825
  1,926
  2,031
  2,140
  2,255
  2,375
  2,501
  2,632
  2,769
  2,913
Change in working capital, $m
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
Cash from operations, $m
  516
  562
  611
  661
  714
  768
  825
  884
  945
  1,008
  1,074
  1,143
  1,215
  1,289
  1,366
  1,447
  1,531
  1,619
  1,710
  1,805
  1,905
  2,009
  2,118
  2,231
  2,350
  2,474
  2,604
  2,741
  2,883
  3,033
Maintenance CAPEX, $m
  -161
  -177
  -195
  -214
  -233
  -253
  -274
  -296
  -319
  -343
  -367
  -393
  -419
  -447
  -476
  -506
  -537
  -569
  -603
  -638
  -675
  -713
  -753
  -795
  -839
  -884
  -932
  -982
  -1,034
  -1,089
New CAPEX, $m
  -167
  -178
  -186
  -194
  -202
  -210
  -219
  -228
  -236
  -246
  -255
  -265
  -276
  -287
  -299
  -311
  -324
  -338
  -352
  -367
  -383
  -400
  -418
  -437
  -457
  -478
  -500
  -523
  -547
  -573
Cash from investing activities, $m
  -328
  -355
  -381
  -408
  -435
  -463
  -493
  -524
  -555
  -589
  -622
  -658
  -695
  -734
  -775
  -817
  -861
  -907
  -955
  -1,005
  -1,058
  -1,113
  -1,171
  -1,232
  -1,296
  -1,362
  -1,432
  -1,505
  -1,581
  -1,662
Free cash flow, $m
  188
  207
  229
  253
  278
  304
  331
  360
  389
  420
  452
  485
  519
  555
  592
  630
  670
  712
  755
  800
  847
  896
  946
  999
  1,055
  1,112
  1,173
  1,236
  1,301
  1,370
Issuance/(repayment) of debt, $m
  168
  177
  185
  193
  201
  209
  217
  226
  235
  244
  254
  264
  274
  285
  297
  309
  322
  335
  350
  365
  381
  397
  415
  434
  454
  474
  496
  519
  544
  569
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  168
  177
  185
  193
  201
  209
  217
  226
  235
  244
  254
  264
  274
  285
  297
  309
  322
  335
  350
  365
  381
  397
  415
  434
  454
  474
  496
  519
  544
  569
Total cash flow (excl. dividends), $m
  356
  384
  414
  446
  479
  513
  549
  586
  624
  664
  705
  748
  793
  840
  889
  939
  992
  1,047
  1,105
  1,165
  1,227
  1,293
  1,361
  1,433
  1,508
  1,587
  1,669
  1,755
  1,845
  1,939
Retained Cash Flow (-), $m
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -122
  -127
  -132
  -138
  -143
  -149
  -156
  -162
  -169
  -177
  -184
  -193
  -201
  -211
  -220
  -230
  -241
  -252
  -264
Prev. year cash balance distribution, $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 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
  276
  302
  329
  357
  386
  416
  448
  481
  515
  551
  588
  626
  666
  708
  751
  796
  843
  891
  942
  995
  1,051
  1,109
  1,169
  1,232
  1,298
  1,367
  1,439
  1,514
  1,593
  1,675
Discount rate, %
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
  262
  269
  274
  276
  276
  273
  268
  259
  249
  236
  221
  205
  188
  169
  151
  133
  115
  98
  82
  67
  55
  43
  34
  26
  19
  14
  10
  7
  5
  3
Current shareholders' claim on cash, %
  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 13.2
Price to Sales 0.3
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 39
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 $12827 million for the last fiscal year's total revenue generated by Murphy USA. The default revenue input number comes from 2017 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 10.6% 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 5.7%, 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 96.7%.

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 6% 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 10 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 -2.6%. 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 - $738 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 36 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 $2.9 billion.

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COMPANY NEWS

▶ When Should You Buy Murphy USA Inc (NYSE:MUSA)?   [Jun-22-18 11:23AM  Simply Wall St.]
▶ Murphy USA: 1Q Earnings Snapshot   [May-01-18 05:54PM  Associated Press]
▶ Edited Transcript of MUSA presentation 6-Mar-17 12:30pm GMT   [Apr-10-18 10:59AM  Thomson Reuters StreetEvents]
▶ Murphy USA to Participate in Upcoming Investor Conferences   [Mar-01-18 04:15PM  GlobeNewswire]
▶ Murphy USA, Inc. to Host Earnings Call   [Feb-01-18 09:00AM  ACCESSWIRE]
▶ Murphy USA misses 4Q profit forecasts   [Jan-31-18 06:07PM  Associated Press]
▶ 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]
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