Refiners gain on various news items, even as other energy stocks fall


It's a pretty good day for refiners, even as most energy stocks slip, as Phillips 66 (PSX +2.1%), Valero (VLO +1.2%), Tesoro (TSO +0.2%), Western Refining (WNR +1.2%), Marathon Petroleum (MPC +1.2%) and HollyFrontier (HFC +0.4%) all post gains.

PSX rises the most among energy companies in the S&P 500 after announcing a 25% increase in its quarterly dividend, VLO and TSO are upgraded to Buy from Neutral at Citigroup (I, II), and WNR rolls out a 12.5M-share IPO of its logistics unit.

Refiners generally have come in for criticism recently; Barclays, for one, believes most refiners will miss consensus earnings expectations by a wide margin, with VLO the exception.

ETFs: IEO, IEZ, IYE, PXE, PXI, XES, XLE, XOP, VDE, RYE, FXN, OIH, PXJ, PSCE, ERX, DIG, ERY, DUG, DDG.

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Comments (2)
  • joelkatz
    , contributor
    Comments (566) | Send Message
     
    And so did DK manage to climb 1.22% today
    2 Oct 2013, 03:33 PM Reply Like
  • Darbyred
    , contributor
    Comments (238) | Send Message
     
    Citi's report reads more like market churning than analysis.
    2 Oct 2013, 05:12 PM Reply Like
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