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Fly News Breaks for January 21, 2020
Jan 21, 2020 | 10:30 EDT
Renewable Energy Group (REGI) is "stepping over a potentially difficult partnership" with Philips 66 (PHX) with the dissolution of their joint effort to build a diesel plant in Washington, Roth Capital analyst Craig Irwin tells investors in a research note. The analyst saw Philips 66 as an unsuitable partner given its pursuit of small refinery exemptions, which he notes is in "diametric opposition to lip service they give supporting renewable fuels." Irwin notes that according to his understanding, Renewable Energy is already pursuing multiple parallel paths in renewable hydrocarbon diesel. He views the dissolution of the Philips 66 positively and reiterates a Buy rating on Renewable Energy shares with a $33 price target.