The Sell-Off in Refiners is a Buying Opportunity for Long-Term Investors
Paul Cheng, an analyst at Barclays, believes that refiners are fundamentally cheap for long-term investors based on positive macro trends.
Cheng cited that the EPA's new gasoline proposal is "not as bad as it seems," and also notes that the Brent/WTI spread will likely widen.
Over the last several trading sessions refineries have taken a hit with some of the worst performers being:
Latest Ratings for PSX
|Jul 2016||Scotia Howard Weil||Downgrades||Outperform||Sector Perform|
|Jun 2016||Morgan Stanley||Downgrades||Overweight||Equal-weight|
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