Deutsche Bank Starts Phillips 66 (PSX) at Hold; Premier Refiner, But Mega-Shift Underway
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Price: $233.61 +0.43%
Rating Summary:
17 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
17 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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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.
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.
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