Citigroup raises PT on US refiners on improving margins
XLE•Price target changes
Brokerage raises PT on the following companies:
| Company | Old PT | New PT | Percentage Change |
|---|---|---|---|
| Phillips 66 | $183 | $204 | 11.5% |
| Marathon Petroleum | $257 | $303 | 18% |
| Valero Energy | $259 | $302 | 16.6% |
Derivative headwinds expected to reverse
The brokerage expects prior derivative headwinds to reverse, noting the losses "should largely unwind in 2Q26".
Citigroup raises price targets on U.S. refiners
Citigroup raises PT on U.S. refiners as it expects strong quarter across refiners, supported by improving margin indicators and healthy underlying business momentum.
The brokerage 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".
