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Stock Market & Financial Investment News

News Breaks
June 25, 2014
08:50 EDTHFC, PXD, VLO, WNR, TSO, MRO, EPD, PSXRefiners 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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January 30, 2015
09:16 EDTVLOValero price target raised to $60 from $47 at RBC Capital
RBC Capital hiked its price target on Valero as the firm thinks that the company's accelerated dropdown strategy is prudent, due to its strong balance sheet. The firm keeps an Outperform rating.
January 29, 2015
11:40 EDTVLOStocks with call strike movement; VLO COP
Valero (VLO) June 60 call option implied volatility increased 5% to 32, ConocoPhillips (COP) May 70 call option implied volatility increased 6% to 29 according to IVolatility.
08:04 EDTPSXPhillips 66 says two Midstream projects on budget and on schedule
Phillips 66 said that in Midstream, the 100,000 BPD Sweeny Fractionator One is more than 50% complete, with startup planned in the second half of 2015. Construction is also progressing on the 4.4 million-barrel-per-month Freeport LPG Export Terminal, with completion expected in the second half of 2016. Both projects remain on budget and on schedule. Phillips 66 Partners formed two joint ventures to develop the Palermo Rail Terminal and the Sacagawea Pipeline in North Dakota. The Palermo Rail Terminal is a crude oil rail-loading facility currently under construction. The terminal is anticipated to include a pipeline connection to the Sacagawea Pipeline, allowing increased outbound capacity and market access for oil producers and marketers in the Bakken region. In Chemicals, CPChem is investing in domestic growth projects to capture the benefits of low-cost petrochemical feedstocks on the U.S. Gulf Coast. During the quarter, CPChem completed the expansion of ethylene production at its Sweeny facility with the addition of a tenth furnace, which is expected to increase its annual production by 200M pounds. An expansion project is underway to increase CPChem's normal alpha olefin capacity by 220M pounds per year at its Cedar Bayou facility, with estimated completion in mid-2015. Lastly, construction continued on its world-scale USGC Petrochemicals Project with startup anticipated in mid-2017.
08:02 EDTPSXPhillips 66 reports Q4 adjusted EPS $1.63, consensus $1.37
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07:46 EDTVLOValero sees 2016 CapEx $2.4B
2016 CapEx view includes $1.4B for stay-in-business capital and $1B for growth investment, and excludes $300M for a St. Charles methanol project that remains under evaluation.
07:45 EDTVLOValero sees 2015 CapEx $2.65B
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07:43 EDTVLOValero reports Q4 adjusted EPS $1.83, consensus $1.33
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06:32 EDTEPDEnterprise Products CEO sees 2015 growth CapEx $3.5B
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06:13 EDTEPDEnterprise Products reports Q4 EPS 34c with items, consensus 37c
Reports Q4 revenue $10.19B, consensus $13.29B. Q4 EPS was reduced by non-cash impairment charges of $16 million, or 1c per unit on a fully diluted basis and by $21M, or 1c per unit on a fully diluted basis for severance costs and costs related to the acquisition of ownership interests in Oiltanking Partners.
January 28, 2015
15:38 EDTVLO, PSXNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Celgene (CELG), consensus 99c... ConocoPhillips (COP), consensus 59c... Abbott Laboratories (ABT), consensus 67c... Occidental Petroleum (OXY), consensus 68c... Colgate-Palmolive (CL), consensus 74c... Ford (F), consensus 23c... Dow Chemical (DOW), consensus 69c... Alibaba (BABA), consensus 75c... Thermo Fisher (TMO), consensus $1.94; Time Warner Cable (TWC), consensus $2.09... Phillips 66 (PSX), consensus $1.34... Alexion Pharmaceuticals (ALXN), consensus $1.29... Baxter International (BAX), consensus $1.31... Cardinal Health (CAH), consensus $1.10... Raytheon (RTN), consensus $1.08... Northrop Grumman (NOC), consensus $2.25... Viacom (VIAB), consensus $1.28... Valero Energy (VLO), consensus $1.32... Sherwin-Williams (SHW), consensus $1.38... Hershey (HSY), consensus $1.06... Mead Johnson (MJN), consensus 88c... Zimmer (ZMH), consensus $1.71... Xcel Energy (XEL), consensus 34c... Royal Caribbean (RCL), consensus 42c... Coach (COH), consensus 66c... Kate Spade (KATE), consensus 24c... Harley-Davidson (HOG), consensus 34c... Stanley Black & Decker (SWK), consensus $1.52... L-3 Communications (LLL), consensus $2.27... JetBlue (JBLU), consensus 24c.
09:59 EDTTSOOn The Fly: Analyst Downgrade Summary
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06:10 EDTTSOTesoro downgraded to Neutral from Buy at Citigroup
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January 27, 2015
10:00 EDTMROOn the Fly: Analyst Downgrade Summary
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January 26, 2015
16:26 EDTMROMarathon Oil, Cobalt, RSP Permian downgraded at UBS
UBS lowered its Brent and WTI forecasts to $52.50 and $49 from $67.50 and $62.50, respectively, and downgraded a number of names in the energy space in conjunction. Along with making changes to its oil price forecasts, UBS downgraded Marathon Oil (MRO), Cobalt (CIE) and RSP Permian (RSPP), all to Neutral from Buy. The firm also identified ConocoPhillips (COP), Devon Energy (DVN), Murphy Oil (MUR), Ultra Petroleum (UPL), Range Resources (RRC), Denbury Resources (DNR), and Magnum Hunter (MHR) as having high valuations, slowing growth and wide free cash flow deficits and said it was cautious on all of those names as well.
16:21 EDTMROMarathon Oil downgraded to Neutral from Buy at UBS
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January 23, 2015
13:41 EDTVLOValero increases quarterly dividend by 45%
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January 22, 2015
16:36 EDTWNRD. E. Shaw & Co reports 5.0% passive stake in Western Refining
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13:02 EDTEPDEnterprise Products to move forward with Panola NGL pipeline expansion
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January 21, 2015
07:14 EDTVLO, HFCCitgo scraps auction process, to raise debt instead, WSJ reports
The auction for Venezuela’s Citgo Petroleum, which drew interest from Marathon Petroleum (MPC), HollyFrontier (HFC), Valero Energy (VLO) and private equity firms, has been called off, said The Wall Street Journal, citing people familiar with the matter. Citgo will still seek to raise $2.5B in debt at this point and could restart its sales process later, the report added. Reference Link
January 18, 2015
16:39 EDTPSXPhillips 66 could jump 50%, Barron's says
Phillips 66 shares could jump 50% after the company's restructuring, Barron's contends in a feature article. Despite falling revenues, EPS should rise, driven by lower oil costs and share repurchases, the paper adds. Reference Link

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