** Raymond James raises PT on refiners on tight fuel supplies and positive outlook on long-term profitability
** Ukraine's drone attacks on Russian refineries and heavy maintenance among U.S. refiners have improved refining cracks, brokerage says
** Refiner balance sheets are better than prior cycles and core profit generation is also higher - Raymond James
** "It will be a solid quarter for refining earnings (for most), especially relative to pre-COVID Q1s" - brokerage
** Says lower gas and renewable fuel pricing should boost capture rates but colder weather and heavy maintenance can have impact on earnings
** Brokerage raises PT on the following companies:
Company |
PT change |
Delek US Holdings DK.N |
$34 from $32 |
Marathon Petroleum MPC.N |
$240 from $206 |
Phillips 66 PSX.N |
$171 from $155 |
Valero Energy VLO.N |
$200 from $170 |
(Reporting by Sourasis Bose in Bengaluru)