I have no idea why. I bought in at $38.00 and have been buying more on the way down. At first glance that seemed like a mid to long term decent idea. NOW I`m not so sure. Almost immediately after my last share purchase Schwab dropped its rating from a B to a C. Guess time will tell.
The fundamentals are fine. I just get nervous that the market knows something I don"t. The refiners seems to go down in the summer but this is crazy. You can"t rely on the Analyst, I also own HFC and analyst keep talking about the WTI discount but HFC gets a lot of the feedstock from WCS.
Credit Suisse today came out with a Target Price of $$52.00 per share. I just dipped my toe in at $27.95.
Been watching the Bids and Asks in Level 3 this morning. There is a "teaser" bid in the Buy window from PSX (Philadelphia Exchange ?) that consistently rises and falls .08¢ below the current Bid. Similar thing going on in the Sale window from PSX that is .09¢ above the current Ask. Crooks at work. Sure be nice to see a level playing field that would put us little guys on something resembling par with the crooks and their high-speed computed generated trades. Too much to hope for!