Murphy USA Inc

MUSA: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$135.00	Mwjdy	Wvhsxhlvm

Murphy USA: Highly Efficient Store Base and Favorable Real Estate Position Drive Narrow Moat Rating

Noah Rohr

Jul 24, 2024

We are initiating coverage on Murphy USA with a $420 fair value estimate and a narrow moat rating. Murphy is poised to benefit from a structurally higher fuel margin environment (currently around 30 cents per gallon) and modest in-store sales growth as the convenience store industry gradually consolidates. Still, we think shares currently look overvalued.

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