Refiners take it on the chin after several negative reports

|By:, SA News Editor

Refiners (PXE, RYE, IOIL) are broadly underperforming the rest of the energy sector today after a Simmons downgrade to Neutral from Overweight, expecting continuing challenges to EPS and refining margins in Q3 and into 2014 after a dismal Q2.

Individual stocks lowered by the firm: Marathon Petroleum (MPC -1.5%), Tesoro (TSO -0.6%), Delek US (DK -1.3%), Alon USA (ALJ -0.5%), CVR Energy (CVI -1.8%), CVR Partners (CVRR -1.2%).

HollyFrontier (HFC -1.8%) breaks down to fresh multi-week lows after a downgrade from Morgan Stanley.

Also, Barclays says at its Energy-Power conference that it believes most refiners will miss current consensus expectations by a wide margin, with Valero (VLO +0.7%) the exception (