TD Cowen sees refining stocks supported through next year despite recent slowdown

Calumet

20/10/2025 12:38

** TD Cowen says refining equities have risen in Q3 after a strong 1H25, but they have taken a breather since then as cracks have come off highs

** Says product inventory builds offset continued attacks on Russian refineries by Ukraine

** Brokerage expects refining cracks to remain supported through 2H26

** For Q3 earnings, TD Cowen sees upside to Phillips 66 PSX.N on Q4 revisions and Par Pacific Holdings PARR.N on continued niche market strength hopes

** Brokerage sees downside risk to PBF Energy PBF.N on limited cash generation potential

Brokerage changes price targets on the following companies:

Company
New PT
Old PT
% upside/downside to stock's last close
HF Sinclair DINO.N
$55
$50
6.1% upside
Phillips 66 PSX.N
$140
$133
8.3% upside
Calumet Inc CLMT.O
$15
$14
17.5% downside

 (Reporting by Pooja Menon in Bengaluru)

 ((Pooja.Menon@thomsonreuters.com;))