HollyFrontier downgraded at Imperial Capital, refiners fall


Refining stocks are lower as HollyFrontier (HFC -0.7%) is hit with a downgrade from Imperial Capital, which dropped its rating to In-Line from Outperform, reduces its price target to $41 from $49, and cuts its 2013 EPS estimate to $3.83 from $4.83 and 2014 EPS estimate to $3.50 from $4.00.

The firm sees continued contraction in refining margins and crude price differentials, especially as the southern leg of the Keystone XL pipeline commences operation later this month.

Other refiners: VLO -0.6%, TSO -0.8%, MPC -1.4%, PSX -1.5%, WNR -1.4%, ALJ -2.5%, CVI -2.5%.

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Comments (1)
  • snoopy44
    , contributor
    Comments (1467) | Send Message
     
    Jut like clockwork it is the customary "trash the refiners" downgrade. This whole exercise has become tedious, boring, and virtually useless. The irony is that another credit analyst TODAY just raised HFCs debt rating. Wow. Stunning case of an exercise without any value whatsoever. Yawn.
    8 Oct 2013, 01:13 AM Reply Like
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