Cowen cuts PT on refiners on recession risk

Calumet

27/12/2022 17:26

** Brokerage Cowen cuts PT on U.S. oil refiners on recession
risk
    ** Brokerage says refiners will need to run below historical
average utilization after 1.3 mln barrels per day new
(bpd)capacity comes online in first half 2023
    ** Spot cracks have fallen $5/bbl qrtr-to-date and declines
have eliminated some extended bullishness in the group - Cowen
    ** Cowen picks Marathon Petroleum  MPC.N  and Par Pacific
Holdings  PARR.N  as its top picks 
    ** Brokerage expects MPC to build on last quarter's dividend
increase and chooses PARR as its top pick due to PARR's Billings
acquisition
 Company                                       New PT  Old PT
 Calumet Specialty Products Partners  CLMT.O   $21     $23
 HF Sinclair Corp  DINO.N                      $58     $68
 Marathon Petroleum Corp  MPC.N                $129    $135
 PBF Energy Inc  PBF.N                         $27     $35
 Phillips 66  PSX.N                            $118    $115
 Delek US Holdings Inc  DK.N                   $24     $32
 (Reporting by Ankit Kumar in Bengaluru)
 ((Ankit.Kumar2@thomsonreuters.com))