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Refiners take it on the chin after several negative reports

  • 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 (Briefing.com).
Comments (1)
  • Asokan
    , contributor
    Comments (2) | Send Message
     
    Am curious why DK shares continues to drop and how low can the prices go to and if it does rise cud it go to previous highs ? Appreciate some advice on this, thanks
    10 Sep 2013, 08:53 PM Reply Like
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