Strong crude pricing could set up refiner buying opportunity, Cowen says

|By:, SA News Editor

The refining analysts at Cowen say that although Q2 earnings estimates are coming down and Q3 also could prove challenging, they believe asset quality will be rewarded and see higher crude prices as setting up a buying opportunity in their five favorite sector names.

Topping the list is Marathon Petroleum (MPC), which Cowen rates at Outperform with a $120 price target; the firm's other favorites are PBF, TSO, VLO and WNR.