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Fly News Breaks for February 18, 2020
Feb 18, 2020 | 05:04 EDT
Goldman Sachs analyst Neil Mehta downgraded PBF Energy (PBF) to Sell from Neutral with a six-month price target of $28, down from $32. While the company's Q4 results came in ahead of expectations, the analyst is concerned about PBF's lack of free cash flow generation power through the cycle. He sees "significant" downside risk to consensus estimates and near-term risk to feedstock costs. Among U.S. refiners, Mehta continues to rate Marathon Petroleum (MPC) with a Conviction Buy and Phillips 66 (PSX), Par Pacific (PARR) and Valero (VLO) with Buys.
News For PBF;MPC;PSX;PARR;VLO From the Last 2 Days
Apr 20, 2021 | 14:02 EDT
Phillips 66 announced it is securing feedstock for the company's portfolio of renewable fuels projects by investing in a new soybean-processing plant in Iowa. The company's investment gives it a minority ownership stake in Shell Rock Soy Processing, Phillips 66 said. The plant, which is pending state and local approvals, will yield approximately 4,000 barrels per day of soybean oil. Phillips 66 has an agreement to purchase 100% of the plant's soybean oil production that will be used to make renewable fuels. "This strategic investment expands our reach into the renewable diesel value chain and provides secure feedstock. It also reflects our commitment to play an important role in a lower-carbon energy future," said Brian Mandell, Phillips 66 Executive Vice President of Marketing and Commercial.