|January 9, 2014|
|07:37 EDT||TSO, NTI, DK, WNR, PSX, MPC, CVI, VLO, PBF, HFC, CLMT, ALJ||Deutsche Bank to host a conference|
U.S. Independent Refiners Conference is being held in Boston on January 9.
News For ALJ;CLMT;CVI;DK;HFC;MPC;NTI;PBF;PSX;TSO;VLO;WNR From The Last 14 Days
|November 30, 2015|
|17:04 EDT||TSO, HFC||On The Fly: Top stock stories for Monday|
After seeing an early-morning jump, stocks on Wall Street spent Monday's trading session generally lower amid a glut of reports on Black Friday and Cyber Monday sales trends as well as weaker than expected financial data on manufacturing and home sales. ECONOMIC EVENTS: In the U.S., the Chicago purchasing managers' index dropped 7.5 points to 48.7 in November, coming in much worse than the expected 54.0 reading. Pending home sales for October, meanwhile, rose 0.2% from the prior month, lower than the forecasted 1% monthly increase. The Dallas Fed's manufacturing index rose 7.8 points to -4.9 in November, which was better than the anticipated -10.0 reading. The National Retail Federation said that about 151M people say they shopped in-store or on-line over the past four days, compared with 136M who said in a mid-November survey that they planned to shop over the holiday period. Also, as expected, the International Monetary Fund Monday added the Chinese yuan to the the fund's basket of reserve currencies, joining the U.S. dollar, the euro, the Japanese yen and the British pound. COMPANY NEWS: Shares of Amazon (AMZN) spiked momentarily on Monday morning amid media reports that the company was seeing a strong start to the holiday sales season, with ChannelAdvisor reporting same-store sales growth of above 20% for the e-commerce giant over Black Friday and the rest of the long Thanksgiving weekend. By session close, however, the shares gave up their early gains, falling 1.26% to $664.80. Meanwhile, Target (TGT) slipped 1.28% to $72.50 as shoppers visiting the company's website in search of Cyber Monday deals encountered intermittent delays, which the company pinned on record sales volumes. Fellow retailer Wal-Mart (WMT) dipped 1.70% to $58.87, while specialty names Express (EXPR), Urban Outfitters (URBN), and Guess? (GES) fell a respective 5.48%, 5.29%, and 6.68%. MAJOR MOVERS: Among the notable gainers were a number of renewable fuel companies, with Pacific Ethanol (PEIX) and Renewable Energy Group (REGI) advancing a respective 21.12% and 6.50% after the EPA finalized its biofuel targets. Petroleum refiners HollyFrontier (HFC) and Tesoro (TSO) slipped 3.30% and 1.74%, respectively, following the news, while oil majors Exxon Mobil (XOM) and Chevron (CVX) closed the day up a respective 0.69% and 1.24%. Also higher was ITC Holdings (ITC), which jumped $3.11, or 9.21%, to $36.86 following a Bloomberg report that the company is exploring a potential sale. Separately, Microsoft (MSFT) rose 42c, or 0.78%, to $54.35 after research firm Raymond James upgraded the company two notches to Strong Buy from Hold, predicting that the tech giant will become one of the few large scale cloud vendors that can succeed across the industry's various segments. Among the noteworthy losers was Lockheed Martin (LMT), which declined $6.65, or 2.94%, to $219.26 after Barclays downgraded the shares to Underweight from Equal Weight, saying it "doesn't make sense" to expect further outperformance from the defense major. Also lower was Under Armour (UA), which fell $3.43, or 3.82%, to $86.25 after Piper Jaffray analyst Erinn Murphy cut her price target on the stock following visits to malls and retailers Thanksgiving night, reportedly finding evidence of deeper discounts than last year. Additionally, Lululemon (LULU) lost 8.91% to $47.82 after being downgraded to Underperform from Market Perform at FBR Capital after the research firm discovered "significantly higher" clearance levels on company products in-store and online. INDEXES: The Dow fell 78.57, or 0.44%, to 17,719.92, the Nasdaq lost 18.86, or 0.37%, to 5,108.67, and the S&P 500 slipped 9.70, or 0.46%, to 2,080.41.
|14:52 EDT||WNR, PSX, MPC, TSO, HFC, DK, VLO||EPA sets renewable fuel standards for 2014, 2015, 2016|
The EPA announced it is finalizing the volume requirements and associated percentage standards that apply under the RFS program in calendar years 2014, 2015, and 2016 for cellulosic biofuel, biomass-based diesel, advanced biofuel, and total renewable fuel. EPA is also finalizing the volume requirement for biomass-based diesel for 2017. The final 2016 standard for advanced biofuel is nearly 1 billion gallons, or 35 percent, higher than the actual 2014 volumes, while the total renewable standard requires growth from 2014 to 2016 of over 1.8 billion gallons of biofuel, or 11% higher than 2014 actual volumes. The EPA set the renewable fuel target for 2015 at 16.93B gallons and the 2016 target at 18.11B gallons. Companies involved in renewable fuel production include Pacific Ethanol (PEIX), Gevo (GEVO), Renewable Energy (REGI), FutureFuel (FF) and Amyris (AMRS). Publicly traded companies in the refiner space, which may be impacted by the EPA's renewable fuel standards, include Delek US (DK), HollyFrontier (HFC), Marathon Petroleum (MPC), Phillips 66 (PSX), Tesoro (TSO), Valero (VLO) and Western Refining (WNR). Reference Link
|November 25, 2015|
|07:36 EDT||MPC||Marathon Petroleum price target raised to $70 from $60 at Oppenheimer|
Oppenheimer expects Marathon to generate free cash flow of $1.6B this year and $0.7B next year, before acquisitions and share repurchases. The firm says the company's valuation is attractive, and it keeps an Outperform rating on the shares.
|November 23, 2015|
|16:09 EDT||TSO||Tesoro to acquire Flint Hills Resources' marketing/logistics assets in Alaska |
Tesoro through its affiliate Tesoro Alaska Company, has agreed to acquire Flint Hills Resources' wholesale marketing and logistics assets in Anchorage and Fairbanks, Alaska. "This investment represents our commitment to efficiently and reliably serve customers in the state of Alaska," said Greg Goff, Chairman, President and Chief Executive Officer of Tesoro Corporation. "We have been a part of the Alaska community since 1969, and over the last five years we have invested more than $300 million dollars in our Alaska operations. We look forward to continuing our operations in the state. "This transaction includes: all FHR wholesale fuel marketing contracts in Alaska; an Anchorage terminal with 580,000 barrels of total in-service storage capacity, a truck rack, and rail loading capability; a Fairbanks airport terminal that includes 22,500 barrels of in-service jet fuel storage and truck rack; and a multi-year terminalling agreement at FHR's North Pole terminal, which will provide efficient rail offload capabilities and provide Tesoro access to Alaska's Interior. The former FHR North Pole refinery is not part of this acquisition.This transaction also improves Tesoro's ability to serve customers from its existing Anchorage terminal, as a result of Tesoro gaining access to rail loading capabilities located at the FHR Anchorage terminal. This extends Tesoro's ability to efficiently and reliably serve the Alaska interior. Tesoro expects to offer qualified third parties access to the FHR Anchorage terminal. The transaction is expected to close within 60 days, pending completion of transition, planning and required consents and approvals.
|10:00 EDT||CLMT||On The Fly: Analyst Initiation Summary|
Today's noteworthy initiations include: Adesto Technologies (IOTS) initiated with a Buy at Roth Capital... American Farmland (AFCO) initiated with an Outperform at Oppenheimer... Blackstone (BX) initiated with a Neutral at JPMorgan... California Resources (CRC) initiated with a Buy at Ladenburg... Calumet Specialty Products (CLMT) initiated with a Neutral at Goldman... Clearfield (CLFD) initiated with a Buy at Lake Street... Coherus Biosciences (CHRS) initiated with an Overweight at Barclays... Copa Holdings (CPA) initiated with a Buy at HSBC... GOL Linhas (GOL) initiated with a Reduce at HSBC... HP Enterprise (HPE) initiated with a Hold at Maxim... Himax (HIMX) initiated with an Overweight at Morgan Stanley... Horizon Pharma (HZNP) reinstated with a Buy at Jefferies... Match Group (MTCH) initiated with a Buy at Axiom... Mirati Therapeutics (MRTX) initiated with a Neutral at Citi... Momenta (MNTA) initiated with an Equal Weight at Barclays... MyoKardia (MYOK) initiated with an Outperform at Cowen... Revance (RVNC) initiated with a Buy at Guggenheim.
|10:00 EDT||PSX||On The Fly: Analyst Downgrade Summary|
Today's noteworthy downgrades include: Aixtron (AIXG) downgraded to Neutral from Overweight at JPMorgan... Cavium (CAVM) downgraded on checks at JMP Securities... Chico's (CHS) downgraded to Underperform from Peer Perform at Wolfe Research... Chipotle (CMG) downgraded on new E coli infections at Sterne Agee CRT... Constant Contact (CTCT) downgraded to Sell from Hold at Stifel... Fairchild (FCS) downgraded to Neutral from Positive at Susquehanna... Haemonetics (HAE) downgraded to Underperform from Market Perform at Raymond James... Jumei (JMEI) downgraded to Underperform from Buy at CLSA... Phillips 66 (PSX) downgraded to Sell from Neutral at Goldman... Power Integrations (POWI) downgraded to Neutral from Buy at Sidoti... Tata Motors (TTM) downgraded to Sell from Neutral at Goldman... Textura (TXTR) downgraded to Neutral from Outperform at Credit Suisse... TriVascular (TRIV) downgraded to Neutral from Buy at BTIG... Viacom (VIAB) downgraded to Hold from Buy at Deutsche Bank.
|10:00 EDT||PBF||On The Fly: Analyst Upgrade Summary|
Today's noteworthy upgrades include: Abercrombie & Fitch (ANF) upgraded to Peer Perform from Underperform at Wolfe Research... Constellation Brands (STZ) upgraded to Outperform from Market Perform at Cowen... Dick's Sporting (DKS) upgraded to Buy from Hold at Canaccord... Encana (ECA) upgraded to Buy from Hold at Evercore ISI... Genomic Health (GHDX) upgraded to Buy from Neutral at UBS... HP Inc. (HPQ) upgraded to Buy from Hold at Maxim... Heritage Commerce (HTBK) upgraded to Buy from Hold at Sandler O'Neill... James River Group (JRVR) upgraded on improved outlook at BMO Capital... Kellogg (K) upgraded to Outperform from Neutral at Credit Suisse... KeyCorp (KEY) upgraded to Buy from Hold at Jefferies... Och-Ziff Capital (OZM) upgraded to Outperform from Market Perform at Keefe Bruyette... PBF Energy (PBF) upgraded to Buy from Neutral at Goldman... Panera Bread (PNRA) upgraded to Buy from Hold at Maxim... Parkway Properties (PKY) upgraded to Buy from Neutral at Mizuho... PepsiCo (PEP) upgraded to Neutral from Reduce at Nomura... Sanchez Energy (SN) upgraded to Buy from Accumulate at KLR Group... Sonoco (SON) upgraded to Outperform from Neutral at Macquarie... Synchrony (SYF) upgraded to Buy from Neutral at Sterne Agee CRT... Telecom Argentina (TEO) upgraded to Neutral from Sell at Goldman... Teva (TEVA) upgraded to Buy from Neutral at Goldman... TransAlta (TAC) upgraded to Sector Perform from Underperform at RBC Capital... Universal Insurance (UVE) upgraded to Outperform at Keefe Bruyette... Willis Group (WSH) upgraded to Hold from Sell at Deutsche Bank... YPF (YPF) upgraded to Buy from Neutral at Goldman.
|06:32 EDT||PBF||PBF Energy upgraded to Buy from Neutral at Goldman|
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|06:32 EDT||PSX||Phillips 66 downgraded to Sell from Neutral at Goldman|
Goldman analyst Neil Mehta downgraded Phillips 66 to Sell and lowered his price target to $85 from $92 on shares. Mehta said Phillips 66 has lower free cash flow generation than peers and its higher distillate product exposure makes the refining segment less advantaged. The analyst sees limited growth opportunities for new crude infrastructure in the midstream business and expects the chemicals business to decline in 2016 if Brent prices stat below its $50/bbl forecast.
|06:31 EDT||CLMT||Calumet Specialty Products initiated with a Neutral at Goldman|
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|06:09 EDT||HFC||HollyFrontier files automatic mixed securities shelf|
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|November 18, 2015|
|08:14 EDT||CLMT||RBC Capital to hold a conference|
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|November 17, 2015|
|10:08 EDT||PSX||FERC approves Berkshire to own up to 25% of Phillips 66|
The Federal Energy Regulatory Commission ordered that Berkshire Hathaway (BRK.A) was authorized to own as much as 25% of Phillips 66 (PSX), concluding that transactions that will increase its stake are "consistent with the public interest," according to an order posted to the regulator's website.
|06:32 EDT||MPC||MPLX and MarkWest combination receives further cash consideration from Marathon|
MPLX (MPLX) and MarkWest Energy (MWE) announced that, in connection with the anticipated combination of MPLX and MarkWest, Marathon Petroleum (MPC) has agreed to further increase the amount of the one-time cash consideration payable to MarkWest common unitholders to $6.20 per unit, up from the cash consideration previously announced on Nov. 10, 2015, of approximately $5.21 per unit. This cash consideration represents a significant enhancement to the initial July 13, 2015, offer which was approximately $3.37 per unit. Under the revised terms of the merger agreement announced today, which represents the best and final offer, MarkWest common unitholders will receive approximately $1.28 billion in total cash consideration and 1.09 MPLX common units per MarkWest common unit, for a total consideration of approximately $51.74 per MarkWest common unit, based on the closing price of MPLX's common units on Nov. 16, 2015. Three of MarkWest's largest unitholders, Kayne Anderson Capital Advisors, L.P., Tortoise Capital Advisors, L.L.C., and, as previously announced, The Energy & Minerals Group, which cumulatively represent more than 15 percent of MarkWest's outstanding units entitled to vote, have all entered into voting agreements to vote in favor of the transaction. The merger is also recommended by each of the boards of MPC, MPLX and MarkWest, and the executive management of both partnerships strongly support the transaction and its revised terms. The combination will create one of the largest master limited partnerships, which is expected to generate a mid-20 percent compound annual distribution growth rate through 2019. The transaction is subject to approval by MarkWest unitholders and other customary closing conditions and, subject to the satisfaction of those conditions, is expected to close in December 2015. The date of the special meeting of MarkWest common unitholders is Dec. 1, 2015. MarkWest unitholders of record as of Oct. 5, 2015, will be entitled to vote on approval of the merger and the associated proposals.