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Refiners have room for upside ahead of Q3 earnings, J.P. Morgan says

Oct. 09, 2014 2:57 PM ETValero Energy Corporation (VLO) StockVLO, ANDV, DINOBy: Carl Surran, SA News Editor1 Comment
  • J.P. Morgan has a favorable outlook on the refining sector heading into Q3 earnings, as the group has sold off since September on a combination of factors, including fears about the crude export ban being lifted and narrowing crude differentials, despite good product cracks.
  • Two of the biggest drops among refiners have been suffered by Valero Energy (VLO -2.7%) and HollyFrontier (HFC -2.6%), each ~13% since the group's peak; of the two, JPM likes VLO going into the quarter, particularly in the event of any favorable updates around capital allocation.
  • The firm thinks Tesoro (TSO -3.2%) is set up for another solid quarter but that investors must be expecting it, given that shares are down only ~3%.

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