Raymond James lifts PTs for US refiners, sees strong Q2 results
XLE•Third-quarter trends and updated price targets
"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% |
Raymond James turns more constructive on U.S. refiners
Raymond James raises price 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.
