TD Cowen sees upside for US refiners post Ukraine's attacks on Russian refineries

Par Pacific Holdings

19/09/2025 13:36

** TD Cowen says U.S. refiners have regained footing after a tepid start to Q3, with Ukraine's recent attacks on Russian refineries supporting the margin environment, and setting up a bullish 6 to 12 months for the group

** "The attacks could bridge an otherwise weaker period, support refining equities" - brokerage

** TD Cowen says for Q3 earnings, it sees most upside for Marathon Petroleum MPC.N and Par Pacific Holdings PARR.N

** It sees in line upside for Valero Energy VLO.N and HF Sinclair DINO.N, less upside for Phillips 66 PSX.N and Delek US Holdings DK.N, and downside for PBF Energy PBF.N

Brokerage changes price target on the following companies:

Company
New PT
Old PT
% Upside/Downside to stock's last close
HF Sinclair DINO.N
$50
$46
~6% downside
Marathon Petroleum MPC.N
$195
$182
5.4% upside
Par Pacific Holdings PARR.N
$39
$33
9.5% upside
PBF Energy PBF.N
$22
$19
28.2% downside
Phillips 66 PSX.N
$133
$134
1.3% upside
Valero Energy VLO.N
$162
$140
1.1% downside

 (Reporting by Pooja Menon in Bengaluru)

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