Deutsche Bank Starts Phillips 66 (PSX) at Hold; Premier Refiner, But Mega-Shift Underway
Tweet Send to a FriendGet Alerts PSX Hot Sheet
Price: $65.46 +2.54%
Rating Summary:
9 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
9 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade PSX Now!
Deutsche Bank initiates coverage on Phillips 66 (NYSE: PSX) with a Hold. PT $37.00.
Deutsche analyst said, "To anybody who is still unaware of the mega-shifts underway in US oil markets, witness the acquisition of century-old Sunoco by a natural gas pipeline company, the day before an Oklahoma refining name starts trading as a standalone company using an 85 year old brand. Although we see this as a premium refiner to direct comp Valero (NYSE: VLO), with NGL gathering & chemicals growth and an MLP kicker, we have a cautious 12 month view on refining, and with valuation on the When-Issued stock looking generous at 4.5x 2013e EBITDA vs the independent refining group at 3.8x, 8.2x P/E vs group at 7.9x P/E, we struggle to find 20%+ upside, and initiate with a Hold."
For an analyst ratings summary and ratings history on Phillips 66 click here. For more ratings news on Phillips 66 click here.
Shares of Phillips 66 closed at $34.05 yesterday, with a 52 week range of $7.87-$8.50.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Deutsche analyst said, "To anybody who is still unaware of the mega-shifts underway in US oil markets, witness the acquisition of century-old Sunoco by a natural gas pipeline company, the day before an Oklahoma refining name starts trading as a standalone company using an 85 year old brand. Although we see this as a premium refiner to direct comp Valero (NYSE: VLO), with NGL gathering & chemicals growth and an MLP kicker, we have a cautious 12 month view on refining, and with valuation on the When-Issued stock looking generous at 4.5x 2013e EBITDA vs the independent refining group at 3.8x, 8.2x P/E vs group at 7.9x P/E, we struggle to find 20%+ upside, and initiate with a Hold."
For an analyst ratings summary and ratings history on Phillips 66 click here. For more ratings news on Phillips 66 click here.
Shares of Phillips 66 closed at $34.05 yesterday, with a 52 week range of $7.87-$8.50.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Topeka Capital Starts Laredo Petroleum (LPI) at Buy, Assets 'Undervalued'
- First Analysis Starts Digi International (DGII) at Equal Weight
- Barclays Starts Crown Castle (CCI) at Equalweight
Create E-mail Alert Related Categories
New CoverageRelated Entities
Deutsche Bank
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
