BUZZ-TD Cowen sees refining stocks supported through next year despite recent slowdown

Reuters

Oct 20

** TD Cowen says refining equities have risen in Q3 after a strong 1H25, but they have taken a breather since then as cracks have come off highs

** Says product inventory builds offset continued attacks on Russian refineries by Ukraine

** Brokerage expects refining cracks to remain supported through 2H26

** For Q3 earnings, TD Cowen sees upside to Phillips 66 PSX.N on Q4 revisions and Par Pacific Holdings PARR.N on continued niche market strength hopes

** Brokerage sees downside risk to PBF Energy PBF.N on limited cash generation potential

Brokerage changes price targets on the following companies:

Company	New PT	Old PT	% upside/downside to stock's last close
HF Sinclair DINO.N	$55	$50	6.1% upside
Phillips 66 PSX.N	$140	$133	8.3% upside
Calumet Inc CLMT.O	$15	$14	17.5% downside

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))

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supported through next year despite recent slowdown</title></head><body>** TD Cowen says refining equities have risen in Q3 after a strong 1H25, but they have taken a breather since then as cracks have come off highs** Says product inventory builds offset continued attacks on Russian refineries by Ukraine** Brokerage expects refining cracks to remain supported through 2H26 ** For Q3 earnings, TD Cowen sees upside to <a href=\"https://laohu8.com/S/PSX\">Phillips 66</a> PSX.N on Q4 revisions and <a href=\"https://laohu8.com/S/PARR\">Par Pacific</a> Holdings PARR.N on continued niche market strength hopes** Brokerage sees downside risk to <a href=\"https://laohu8.com/S/PBF\">PBF Energy</a> PBF.N on limited cash generation potentialBrokerage changes price targets on the following companies:<table><tbody><tr><td>Company</td><td>New PT</td><td>Old PT</td><td>% upside/downside to stock's last close</td></tr><tr><td><a href=\"https://laohu8.com/S/DINO\">HF Sinclair</a> DINO.N 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xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BUZZ-TD Cowen sees refining stocks supported through next year despite recent slowdown</title></head><body>** TD Cowen says refining equities have risen in Q3 after a strong 1H25, but they have taken a breather since then as cracks have come off highs** Says product inventory builds offset continued attacks on Russian refineries by Ukraine** Brokerage expects refining cracks to remain supported through 2H26 ** For Q3 earnings, TD Cowen sees upside to <a href=\"https://laohu8.com/S/PSX\">Phillips 66</a> PSX.N on Q4 revisions and <a href=\"https://laohu8.com/S/PARR\">Par Pacific</a> Holdings PARR.N on continued niche market strength hopes** Brokerage sees downside risk to <a href=\"https://laohu8.com/S/PBF\">PBF Energy</a> PBF.N on limited cash generation potentialBrokerage changes price targets on the following companies:<table><tbody><tr><td>Company</td><td>New PT</td><td>Old PT</td><td>% upside/downside to stock's last close</td></tr><tr><td><a href=\"https://laohu8.com/S/DINO\">HF Sinclair</a> DINO.N </td><td>$55</td><td>$50</td><td>6.1% upside</td></tr><tr><td>Phillips 66 PSX.N </td><td>$140</td><td>$133</td><td>8.3% upside</td></tr><tr><td>Calumet Inc CLMT.O </td><td>$15</td><td>$14</td><td>17.5% downside</td></tr></tbody></table> (Reporting by Pooja Menon in Bengaluru) ((Pooja.Menon@thomsonreuters.com;))</body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4532","symbol_name":"文艺复兴科技持仓","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20251020:nL4N3W10BA:1","article_id":"2576856657","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2576856657","pubTimestamp":1760960331,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking 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to Phillips 66 PSX.N on Q4 revisions and Par Pacific Holdings PARR.N on continued niche market strength hopes** Brokerage sees downside risk to PBF Energy PBF.N on limited cash generation potentialBrokerage changes price targets on the following companies:CompanyNew PTOld PT% upside/downside to stock's last closeHF Sinclair DINO.N $55$506.1% upsidePhillips 66 PSX.N $140$1338.3% upsideCalumet Inc CLMT.O $15$1417.5% downside (Reporting by Pooja Menon in Bengaluru) ((Pooja.Menon@thomsonreuters.com;))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}