TD Cowen sees strong margins for refiners on low diesel stock

Par Pacific Holdings

25/09/2023 14:02

** TD Cowen raises PT of U.S. refiners on low diesel
inventories heading into the peak demand season
    ** Brokerage expects cracks, or profit margin for refiners,
to remain strong as distillate inventories remain low, and
Russian product export ban to offset near-term risk from new
capacity coming online
    ** Sees 9% upside to Q3 earnings before interest, taxes,
depreciation, and amortization (EBITDA) for the group
    ** However, the brokerage sees lower earnings from renewable
diesel due to a fall in prices in 2024
    ** Here are some of the PT changes: 
    
 Company Name                PT Change 
 PBF Energy  PBF.N           $48 from $36 
 HF Sinclair  DINO.N         $51 from $48
 Marathon Petroleum  MPC.N   $159 from $142
 Phillips 66  PSX.N          $134 from $123
 Valero Energy  VLO.N        $151 from $137
 Par Pacific  PARR.N         $41 from $39 
 
    

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))