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.
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