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Stock Market & Financial Investment News

News Breaks
June 25, 2014
08:50 EDTWNR, TSO, MRO, EPD, PSX, HFC, PXD, VLORefiners slip after U.S. widens oil export potential
Shares of Pioneer Natural Resources (PXD) are rising in early trading after the U.S. reportedly gave Pioneer and Enterprise Products Partners (EPD) permission to ship a type of light oil known as condensate to foreign buyers. Meanwhile, shares of refiners are trading lower following the news. WHAT'S NEW: The U.S. Department of Commerce's Bureau of Industry and Security told Pioneer Natural that putting condensate through a stabilizer was sufficient processing to qualify it to be eligible for export without a license, according to Reuters, citing a statement from the company. The Wall Street Journal also reported that the Department of Commerce had given approval via a private ruling to Pioneer and Enterprise Product Partners to export condensate. WHAT'S NOTABLE: Refiners may see their profits drop if they are forced to pay higher prices to compete with international buyers for U.S. crude. “We don’t think the current system needs to be changed,” a spokesman for Valero Energy (VLO), Bill Day, told Bloomberg. Other publicly traded refining companies include HollyFrontier (HFC), Marathon Oil (MRO), Phillips 66 (PSX), Tesoro (TSO), and Western Refining (WNR). PRICE ACTION: In pre-market trading Pioneer Natural Resources was up 2% to $226.50, while Enterprise Products Partners was up 1.7% to $77.40. Shares of several refiners' stocks were indicated to open lower, with Valero down over 4% in pre-market trading, Phillips 66 down 2.8% and Tesoro down 2.5%.
News For VLO;PSX;TSO;PXD;EPD;WNR;HFC;MRO From The Last 14 Days
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March 30, 2015
16:48 EDTEPDEnterprise Products expands office of Chairman
The board of directors of Enterprise’s general partner has elected to expand the office of the chairman effective April 1. Currently, the office of the chairman is comprised of Williams serving as non-executive chairman, Creel serving as CEO and Teague serving as COO. The board has elected to add the role of chief administrative officer to the office of the chairman.
16:40 EDTEPDEnterprise Products CEO Michael Creel to retire, A.J. Teague to succeed
Enterprise Products Partners L.P. reported that Michael Creel, CEO of Enterprise’s general partner, has announced his intention to retire as of December 31, 2015. A.J. “Jim” Teague, Enterprise’s COO, has been elected to succeed Creel as CEO officer upon Creel’s retirement at the end of 2015. Teague has served as a director of Enterprise’s general partner since 2008 and as COO since 2010.
16:34 EDTEPDEnterprise Products names W. Randall Fowler as chief administrative officer
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16:33 EDTEPDEnterprise Products names Bryan Bulawa as CFO
Bryan Bulawa has been elected senior vice president and CFO effective as of April 1. Bulawa has served as Enterprise’s senior vice president and treasurer since 2009. He joined Enterprise as vice president and treasurer in 2007. Prior to joining Enterprise, Bulawa spent thirteen years in the corporate and investment banking energy division of Scotia Capital engaged in client coverage, corporate finance, project finance advisory, bank and institutional loan syndications. Bulawa will continue to report to Fowler.
08:59 EDTPXDPioneer Natural subsidiary receives imminent danger order by MSHA
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March 27, 2015
18:21 EDTTSOTesoro begins restart of Martinez refinery, updates Q1 guidance
Tesoro announced that the Martinez, California refinery has begun the restart process. The Martinez, California refinery was in the final stages of major turnaround maintenance activity when the United Steelworkers Union issued a strike notice on February 1. The safest option at that time was to safely idle the remaining operating units and transition to operating the facility as a terminal. Tesoro has also reached agreements with the local USW at its Carson, California and Anacortes, Washington refineries and employees at those refineries are returning to work. The local unions at the Mandan, North Dakota and Salt Lake City, Utah refineries are expected to vote on their respective contracts over the next few days. For Tesoro, the strike resulted in higher operating costs than our previous guidance and lower capture rates compared to historical averages across our West Coast system. We currently estimate the California operating costs will be between $7.70-$7.95 per barrel. The Martinez, California strike and Anacortes, Washington and Salt Lake City turnarounds will negatively impact system capture rates by approximately $1.50-$2.00 per barrel during the first quarter, and we expect to realize a positive impact to capture rates in the second quarter as we complete the planned turnarounds. The idling of operations at Martinez resulted in higher crude inventory along with the higher planned inventory ahead of the Anacortes, Washington and Salt Lake City, Utah refinery turnarounds, these inventory builds are expected to result in a use of working capital during the first quarter. We expect these working capital impacts will reverse in the second quarter, as we restart and come out of turnarounds at our refineries.
16:01 EDTVLOOptions Update; March 27, 2015
iPath S&P 500 VIX Short-Term Futures down 31c to 25.74 Option volume leaders: AAPL TSLA TWTR RAD FB PBR AMZN DOW VLO AMAT ALTR according to Track Data.
March 25, 2015
09:29 EDTTSO, VLO, PSX, WNR, HFCRefining stocks can outperform commodities within cycle, says Cowen
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09:19 EDTVLO, TSO, PSX, WNRRefining sector price targets raised at Morgan Stanley
Morgan Stanley believes the market is underestimating US downstream earnings power. The firm expects US refining to re-rate, driven by relative valuations, secular tailwinds, and focus on shareholder returns. Morgan Stanley raised price targets on Valero (VLO) to $90 from $70, Tesoro (TSO) to $120 from $92, Phillips 66 (PSX) to $105 from $95, Western Refining (WNR) to $63 from $52, Delek US (DK) to $48 from $45, Marathon Petroleum (MPC) to $145 from $120, and PBF Energy (PBF) to $45 from $35.
March 23, 2015
10:00 EDTEPDOn The Fly: Analyst Upgrade Summary
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07:16 EDTEPDHoward Weil to hold a conference
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06:42 EDTEPDEnterprise Products upgraded to Buy from Hold at Jefferies
Jefferies upgraded Enterprise Products to Buy with a $36 price target saying the 13.5% year-to-date decline in units presents an attractive entry point.
March 20, 2015
10:00 EDTTSOOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Actuant (ATU) downgraded at Stifel... American Capital Mortgage (MTGE) downgraded to Hold from Buy at Wunderlich... Campus Crest (CCG) downgraded at RBC Capital... Care.com (CRCM) downgraded to Neutral from Overweight at JPMorgan... Electrolux AB (ELUXY) downgraded to Neutral from Overweight at JPMorgan... Ericsson (ERIC) downgraded to Equal Weight from Overweight at Morgan Stanley... Extreme Networks (EXTR) downgraded at Raymond James... PrivateBancorp (PVTB) downgraded to Market Perform from Outperform at BMO Capital... TD Ameritrade (AMTD) downgraded to Neutral from Buy at Goldman... Tableau (DATA) downgraded at Mizuho... Tech Data (TECD) downgraded to Hold from Buy at Needham... Tesoro (TSO) downgraded at Wells Fargo... Ultra Clean (UCTT) downgraded to Hold from Buy at Needham... Vince Holding (VNCE) downgraded to Neutral from Overweight at Piper Jaffray... Youku Tudou (YOKU) downgraded to Sell from Hold at Deutsche Bank.
07:17 EDTTSOTesoro downgraded at Wells Fargo
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05:35 EDTTSOTesoro downgraded to Market Perform from Outperform at Wells Fargo
March 19, 2015
06:25 EDTEPDEnterprise Products resumed with a Buy at Citigroup
Price target lowered to $37 from $45.
March 18, 2015
09:31 EDTPXDPioneer Natural downgraded to Equalweight from Overweight at Capital One
Capital One downgraded Pioneer Natural to reflect lower oil, gas, and NGL price deck forecasts and said valuation is lofty. Price target is $163.
March 16, 2015
09:08 EDTEPDAffiliate of Enterprise's general partner purchases $100M of Enterprise stock
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