Murphy USA (MUSA, Financial) is a retail marketing company of motor fuel products and convenience merchandise through a chain of retail stations. Shares of Murphy USA benefited from improving investor sentiment during the third quarter, given its already low valuation, as well as further declines in gas prices. Falling prices at the pump have traditionally led to more favorable margins for Murphy. Furthermore, Murphy continues to make good progress on returning excess capital to shareholders.
From Wallace Weitz (Trades, Portfolio)'s Hickory Fund commentary for third quarter 2015.
