Raymond James lifts PTs for US refiners, sees strong Q2 results
BUZZ-Raymond James lifts PTs for US refiners, sees strong Q2 results ** Raymond James raises prices targets for U.S. refiners and expects them to broadly post strong results for the second-quarter
** With crude supplies rising and distillate markets remaining tight, U.S. refiners continue to gain from reliable crude access, healthy domestic demand and strong refined-product exports, the brokerage said.
** It says refining remains the energy sector's top-performing segment, supported by global supply disruptions, inventory rebuilding and supply chains that favor North American operators
** "While the short-term backdrop is tricky in our view, we still like the long-term outlook, particularly given the long-lasting disruptions from conflict in the Middle East and Russia/Ukraine" - Raymond James
** It says the third quarter has started strongly, with higher product cracks, wider differentials and easing capture-rate headwinds
Brokerage raises PTs for the following companies:
Companies | Old PT | New PT | Upside to the stock's last close on Friday |
HF Sinclair DINO.N | $87 | $95 | 21.7% |
Marathon Petroleum MPC.N | $300 | $335 | 18% |
Phillips 66 PSX.N | $210 | $235 | 24.8% |
Valero Energy VLO.N | $300 | $340 | 21.1% |
(Reporting by Sumit Saha in Bengaluru)
((Sumit.Saha@thomsonreuters.com;))