JP Morgan downgraded three refiners today, citing market factors including narrowing crack spreads, a normally sluggish time for refiners in the summer while echoing cuts by other analysts for expected earnings and profits.
Its the last part that cuts me up. JP Morgan thinks the stocks will go down is because other analysts think the stocks will go down.
The three refiners that JP Morgan are expecting to have a rocky time are HollyFrontier (HFC) Valero Energy (VAL) and Marathon Petroleum (MPC).
I currently have HFC as a Close Watch - meaning the stock is going down but when it stabelizes it will be a good buy.
Monday, July 1, 2013
BP Settles Lawsuits in Four States
The Associated Press is reporting that BP (BP) have come to a $7 million agreement to settle claims it had sold over 4.7 million gallons of tainted gasoline in four states. BP has resolved and paid more than 16,800 consumer claims totaling about $16 million involving the tainted gasoline that was processed at the company's Whiting refinery.
See more details here.
See more details here.
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