Murphy Oil Corporation’s MUR cost-saving initiatives, low-cost asset development along with steady growth-driving activities in the United States and at international locations are expected to boost its existing businesses.We recently issued an updated research report on this currently Zacks Rank #3 (Hold) company, which has a trailing four-quarter earnings surprise of 19.43%, on average.What’s Driving the Stock?Murphy Oil possesses one of the best upstream portfolios among the domestic oil and natural gas integrated companies and the independent E&P group. The company is regularly pursuing developmental endeavors in the United States and at other global sites. It undertook cost-containment measures, which led to a 40% decline in 2020 G&A expenses from the 2019 baseline.Over the past several months, the company has been trying to transform its portfolio through strategic moves like acquisitions, divestitures and oil-weighted discoveries. Its focus on developing high-margin liquid assets is evident from its production mix. The company is maintaining a multi-basin portfolio of onshore and offshore assets for additional risk-reduction flexibility amid fluctuating prices.Moreover, it has a long history of shareholder value addition, courtesy of its steady cash flows. Since 2012, Murphy Oil has returned $3.9 billion to its shareholders through buybacks and dividend payouts. A consistent operational excellence enabled it to reward its shareholders through routine dividend payouts.WoesHowever, Murphy Oil operates in a highly competitive environment, which might dent its profitability. Also, stringent regulations and unfavorable foreign currency conversion rates are its near-term concerns.Price PerformanceShares of Murphy Oil have rallied 65.8% in the past three months, outperforming the industry’s 56.3% growth.Stocks to ConsiderA few better-ranked stocks in the same sector are Devon Energy Corporation DVN, Denbury Inc. DEN and DCP Midstream Partners, LP DCP, all sporting a Zacks Rank #1 (Strong Buy), currently. You can see the complete list of today’s Zacks #1 Rank stocks here.Devon Energy delivered an earnings surprise of 66.7%, on average, in the last four quarters. The company has a long-term (three-five years) earnings growth rate of 1.12%Denbury delivered an earnings surprise of 16.25%, on average, in the last four quarters. The Zacks Consensus Estimate for 2021 earnings has moved 85.3% north in the past 60 days.DCP Midstream delivered an earnings surprise of 13.57%, on average, in the trailing four quarters. The Zacks Consensus Estimate for 2021 earnings has been revised 21.3% upward in the past 60 days.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Murphy Oil Corporation (MUR): Get Free Report Devon Energy Corporation (DVN): Free Stock Analysis Report DCP Midstream Partners, LP (DCP): Free Stock Analysis Report Denbury Inc. (DEN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research