Citigroup raises PT on US refiners on improving margins
14/07/2026 12:05
BUZZ-Citigroup raises PT on US refiners on improving margins ** Citigroup raises PT on U.S. refiners as it expects strong quarter across refiners, supported by improving margin indicators and healthy underlying business momentum
** Says the beat versus consensus is largely driven by stronger refining margins, with "the primary difference between our estimate and street mean is refining margins"
** Brokerage expects prior derivative headwinds to reverse, noting the losses "should largely unwind in 2Q26"
Brokerage raises PT on the following companies:
COMPANY | OLD PT | NEW PT | PERCENTAGE CHANGE |
Phillips 66 PSX.N | $183 | $204 | 11.5% |
Marathon Petroleum MPC.N | $257 | $303 | 18% |
Valero Energy VLO.N | $259 | $302 | 16.6% |
(Reporting by Dharna Bafna in Bengaluru)
((dharna.bafna@thomsonreuters.com))