DINO - Wells Fargo upgrades PBF to buy - revises earnings higher across the sector

Wells Fargo analyst Roger Read has been bullish on the refining sector since late 2021; with Tuesday's upgrade of PBF (PBF) the analyst is now buy-rated on every US refiner under coverage. In a note Tuesday, Wells updated Q2 estimates, showing just how impactful current margins could be to refiner results:  HF Sinclair (DINO) - Wells Q2 EPS $3.77, in Jan. consensus was $1.29. Delek (DK) - Wells Q2 EPS $2.84, in Jan. consensus was $0.15. Marathon (MPC) - Wells Q2 EPS $6.66, in Jan. consensus was $1.36. PBF (PBF) - Wells Q2 EPS $7.26, in Jan. consensus was $0.58. Philips (PSX) - Wells Q2 EPS $5.42, in Jan. consensus was $2.06. Valero (VLO) - Wells Q2 EPS $8.21, in Jan. consensus was $1.88. On average, Wells sees US refiners trading at 6.5x 2022 earnings, and PBF (PBF) trading at 3.1x. Current valuations suggest US refiners should be less impacted by

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Wells Fargo upgrades PBF to buy - revises earnings higher across the sector