|Bid||55.17 x 1100|
|Ask||55.20 x 800|
|Day's Range||54.12 - 55.86|
|52 Week Range||43.96 - 88.45|
|Beta (3Y Monthly)||1.66|
|PE Ratio (TTM)||12.40|
|Earnings Date||Oct 31, 2019|
|Forward Dividend & Yield||2.12 (3.93%)|
|1y Target Est||76.72|
October is set to be a particularly volatile month for the market. That’s because this is a critical period for many investors and companies that manage performance to calendar year-end. So how can you best take advantage of the current investing climate? One option is to turn to value stocks. Luckily Goldman Sachs has released a report revealing its top value stocks right now. According to the firm, these are stocks that "have the potential for continued asymmetric upside.""While fundamentals will also determine the long-term trajectory of stocks, we use signals from options and credit markets to identify 20 value stocks from among those where our analysts' estimates show strong value scores," the firm’s Vishal Vivek told clients recently. These are stocks that sold off over the last year, but are now showing strong rebound potential.Here we ran the 20 stocks recommended by the firm through our database to find the 5 stocks on the list with the most Street support. Indeed, as you will see below, all five stocks covered below show a ‘Strong Buy’ or ‘Moderate Buy’ consensus from Wall Street. This is based on all the ratings received by each stock over the last three months- and means analysts believe now is a compelling time to buy into these names. Let’s take a closer look: 1\. Marathon Petroleum Based in Ohio, Marathon Petroleum (MPC – Get Report) is a leading downstream energy company. The company operates the US’s largest refining system 3 million + barrels per day of crude oil capacity across 16 refineries. Five out of six analysts covering Marathon are bullish on the stock’s outlook. And the average analyst price target works out at $68 (23% upside potential). Encouragingly, MPC’s 2Q19 results came in strong across the board. Plus synergies from its Andeavor acquisition are starting to come through more rapidly. Achieving a $1.4 billion synergy target would be a major catalyst says RBC Capital’s Brad Heffern. He is also a fan of Marathon’s retail business, Speedway. This “is the most attractive retail franchise in our coverage universe, and the extension of the Speedway model to the acquired ANDV stores could provide meaningful upside” stated the analyst. Even though the stock is trading down 7% year-to-date, shares have rallied 12% since the start of September. 2\. Morgan Stanley All four analysts covering Morgan Stanley (MS – Get Report) rate the stock a buy right now. On average these analysts see shares climbing 37% from current levels. Most tellingly, Citigroup’s Keith Horowitz recently upgraded MS from Hold to Buy while boosting his price target from $48 to $52. He advised investors to use weakness as an opportunity to increase exposure to a high-quality franchise with limited rates exposure.“We see Morgan Stanley net income growth of 2-3% over the next two years by continuing to gain market share in both its institutional and retail franchises, which compares more favorably against the flat to slightly declining net income growth among the rest of the bank universe” the analyst told investors. Shares are down 12% on a one-year basis, but have climbed 10% year-to-date. 3\. Kohl’s Corp Although this department store retail chain scores a Moderate Buy rather than Strong Buy consensus, Kohl's (KSS – Get Report) still has its fair share of supporters. For instance, five-star Guggenheim analyst Robert Drbul has just reiterated his KSS buy rating. After hosting a lunch with Kohl's CEO Michelle Gass and VP Mark Rupe, Drbul wrote “In an increasingly dynamic retail environment, we believe KSS remains a strong operator, led by a talented team with a clear strategy.”Despite a poor second quarter (as reflected by stock performance) Drbul notes an improvement in seasonal goods and traffic during August. “As we think about the remainder of '19, we reiterate our BUY rating as we believe management has the playbook to drive positive comps in 2H19 given the multitude of initiatives planned (led by the expanded Amazon partnership)” he writes. Kohl’s now accepts returns from Amazon (AMZN) customers at all of its more than 1,150 Kohl's stores nationwide. 4\. Valero Energy Among the large cap refiners, Valero (VLO – Get Report) remains the one (essentially) pure play refining company, with modest exposure to ethanol and renewable diesel. Like other stocks covered here, VLO is trading down 25% over the last one year- but up 10% year-to-date. What’s more all five analysts polled on VLO rate the stock a buy right now. With a $98 average analyst price target, analysts are anticipating upside of 18% from current levels.“The primary positive that we see with VLO is that it has the highest exposure to the Texas Gulf Coast, which could benefit from widening crude differentials” explains JP Morgan’s Phil Gresh. He believes VLO should have its choice of light and heavy crude on the Gulf Coast, with a unique angle on its Texas exposure. 5\. Conagra Brands Packaged food giant Conagra Brands (CAG – Get Report) may be down 20% on a one-year basis, but the stock has bounded back from its lows. Year-to-date shares have rebounded an impressive 39%. Out of all six analysts covering the stock, four rate CAG a buy right now. That gives the stock a ‘Strong Buy’ consensus. Meanwhile the average analyst price target stands at $32 (9% upside potential). JP Morgan’s Kenneth Goldman has just boosted his price target from $31 to $33. “We believe that CAG has many levers to pull in terms of innovation and synergies” he explains. Visit TipRanks Analysts’ Top Stocks page, to find the latest stock picks from the Street's best-performers.
Marathon Petroleum (MPC) stock has been tumbling in Q3, driven by geopolitical tensions, oil price uncertainty, and weaker refining conditions.
This article is written for those who want to get better at using price to earnings ratios (P/E ratios). We'll look at...
Oil stocks have been put through the volatility wringer of late.On Sept. 14, drones attacked a key processing facility in Abqaiq as well as an oil field in Khurais, temporarily knocking out about 5.7 million barrels of Saudi daily production. That represents half of Saudi Arabia's output and approximately 5% of global oil supply, so unsurprisingly, the news sent U.S. crude oil prices soaring by almost 15% on Sept. 16 - the largest gain in more than 30 years.But a day later, oil pulled back nearly 6% following Saudi Energy Minister Prince Abdulaziz bin Salman's announcement that the country's oil production will be back at normal levels by the end of September. Crude closed another 2% lower Sept. 18.Was this merely a quick flash in the pan for energy investors? Maybe. But heightened regional tensions still could bode well for oil prices in the coming months. And Citi analysts argue that the attacks highlight a fundamental problem for the kingdom's oil production. "No matter whether it takes Saudi Arabia five days or a lot longer to get oil back into production, there is but one rational takeaway from this weekend's drone attacks on the Kingdom's infrastructure - that infrastructure is highly vulnerable to attack, and the market has been persistently mispricing oil," they write.Here are seven analyst-loved oil stocks to buy in this volatile energy environment. Here, we've used TipRanks' stock screener to find energy stocks that have earned a Strong Buy consensus rating from the analyst community over the past three months. We'll examine each one, including price targets and what the pros are saying about their potential. SEE ALSO: 25 Dividend Stocks That Analysts Love the Most
Refining stocks have put up mixed performance numbers in the third quarter. Valero Energy and Marathon Petroleum have fallen 1.5% and 4.4%, respectively.
Moody's Investors Service ("Moody's") announced today that the proposed changes by Trafigura Securitisation Finance PLC will not, in and of itself and at this time, cause the current Moody's ratings of the debt issued by the Issuer to be reduced or withdrawn.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Andeavor Logistics LP and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
FINDLAY, Ohio , Sept. 16, 2019 /PRNewswire/ -- MPLX LP (NYSE: MPLX) a master limited partnership sponsored by Marathon Petroleum Corp. (NYSE: MPC), will host a conference call with analysts on Thursday, ...
FINDLAY, Ohio , Sept. 16, 2019 /PRNewswire/ -- Marathon Petroleum Corp. (NYSE: MPC) will host a conference call with analysts on Thursday, October 31 , at 9:30 a.m. EDT to discuss 2019 third-quarter financial ...
Are you ready? JP Morgan is predicting a sizable shift in investing. According to the firm’s chief US equity strategist, Dubravko Lakos-Bujas, style positioning remains primed for a rotation to Value from Momentum/ Low Volatility.He made the call last week after the market experienced one of the largest 3-day Momentum-Value rotations in over 30 years. The trigger: better than expected economic data, monetary and fiscal stimulus, easing trade tensions, and stabilization in yields. In the current rotation ~5 months of Momentum outperformance was given back in only 3 days, noted Lakos-Bujas. “The correlation between Value and Momentum is near 30-year lows, signaling extremely oversold positioning for Value” he writes, adding that history suggests that Momentum sell-offs of similar magnitude are on average followed by prolonged Momentum underperformance, Value outperformance, and a flat to higher equity market. So with this outlook in mind, which value stocks should you consider adding to your portfolio now? The Value PortfolioHere we take a closer look at three hot stocks in the Top 10 holdings of JP Morgan’s Large Cap Value Fund. To come up with these holdings, the firm analyzes company prospects for as long as five years, to gain insight into a company's real growth potential. Its goal: to identify the most undervalued securities in each sector“Looks for attractive valuations as well as catalysts for stock price increases, higher potential reward versus risk, and temporary mispricing caused by market overreactions” writes the firm. With this strategy in mind let’s dive into three of the portfolio’s key holdings. 1\. Marathon Petroleum CorpMarathon Petroleum (MPC– Get Report) is an independent petroleum product refiner, marketer and transporter headquartered in Ohio. It’s the largest refiner in the US, with over 3 million barrels per day of capacity across 16 refineries. At the same time, MPC also is the general partner of a midstream partnership, MPLX LP (MPLX), and has a network of nearly 4,000 company-owned retail stations.“We continue to favor coastal refiners (OW-rated MPC, PSX and VLO), who have an opportunity for modestly wider coastal differentials for both light (MEH/LLS) and heavy (Maya/WCS) crudes” cheered JP Morgan analyst Phil Gresh on September 10. He has just reiterated his buy rating with a $62 price target (16% upside potential). According to Gresh, MPC trades inexpensively on a sum-of-the-parts basis, “around which we hope that the company will look to unlock value soon.” Indeed, the Street as a whole has a bullish outlook on Marathon Petroleum. The stock shows a Strong Buy consensus with a $67 average analyst price target. For instance, RBC Capital’s Brad Heffern reiterated his buy rating following the company’s latest earnings results. He notes that MPC recently acquired ANDV, and achieving a $1.4 billion synergy target would be a major catalyst. “In our opinion, Marathon's retail business, Speedway, is the most attractive retail franchise in our coverage universe, and the extension of the Speedway model to the acquired ANDV stores could provide meaningful upside” the analyst wrote. 2\. Comcast CorpTelecoms giant Comcast (CMCSA– Get Report) is the number 1 holding in JP Morgan’s Large Cap Value portfolio (at 4.3% of the portfolio). The firm’s Philip Cusick recently singled out CMCSA as one of his top picks in the cables industry, calling it undervalued based on the company’s strong free cash flow. Encouragingly, this ‘Strong Buy’ stock has received only buy ratings from the Street in the last three months. And you can also add to the mix a rare Conviction Buy rating from Goldman Sachs’ Brett Feldman. That’s with an average analyst price target of $53 (12% upside potential). Bear in mind shares have already surged 38% year-to-date. Five-star Oppenheimer analyst Timothy Horan is one of 10 analysts currently bullish on Comcast. He upgraded CMCSA on September 5, explaining: “We think cable can become a 50%-plus EBITDA margin business on lower CAPX, while still growing broadband share and pricing with superior service.”“CMCSA has 1 gig availability in nearly 100% of its network, and we expect CMCSA to continue to increase ARPUs 4% per year. Negatively, we expect carriers to roll out 5G aggressively, which adds competition but not until 2021 or later” Horan wrote. His $54 price target stands marginally above the average analyst price target. 3 Cigna Corp Health insurance stock Cigna (CI– Get Report) is the joint third largest holding in the JP Morgan Large Cap Value Fund. Like Comcast, the stock shows 100% buy ratings from the Street with 8 bullish calls from analysts over the last three months. Meanwhile the $214 price target translates into sizable upside potential of 33%. Five-star Oppenheimer analyst Michael Wiederhorn believes that CIGNA remains one of the most attractive areas to invest for the long-term and continues to offer some of the most compelling value.In particular, the Street is keeping a close eye on the massive $67 billion merger with Express Scripts which closed at the end of last year. The deal, which paired a health insurance giant with the US's largest pharmacy benefit manager, should pay strong long-term returns for shareholders. That’s thanks to a compelling opportunity to cross-sell services, alongside a more equity-friendly capital structure. “Given the stock's attractive valuation, we believe long-term holders will ultimately be rewarded. As a result, we maintain our Outperform rating and would continue to be buyers” commented Wiederhorn. Even though regulatory pressure affects all ends of the pharmaceutical supply chain, he believes that the stock’s depressed multiples are well overdone.Discover Wall Street’s most loved stocks with the Top Analysts’ Stocks tool
Farm groups and ethanol organizations are angered by the sharp increase in exemptions provided by the Andrew Wheeler-led Environmental Protection Agency to the oil refiners.
(Bloomberg) -- President Donald Trump has tentatively agreed to a plan for bolstering ethanol and biodiesel, amid pressure from Midwest U.S. senators who warned that without action he risks votes in next year’s election.The blueprint discussed in a Wednesday meeting at the White House calls for the administration to begin offsetting Environmental Protection Agency exemptions waiving some oil refineries from annual blending requirements starting in 2020. That comes on top of other concessions that administration officials had already developed with the aim of encouraging greater U.S. demand for ethanol made from corn.The draft plan was described by people familiar with the matter who asked for anonymity because the deliberations are private. The deal could still unravel, as oil companies and allied senators seek to influence the final outcome and administration officials work to translate broad commitments into formal regulations.Green Plains Inc., a U.S. ethanol producer, tempered its losses after Bloomberg reported the White House deliberations. The shares fell as much as 4.9%, to $10.36, before recovering to $10.79 as of 2:48 p.m. in New York. Renewable Energy Group Inc., one of the largest U.S. biodiesel producers, erased earlier losses, gaining 3.5% to $15.87. Pacific Ethanol Inc. also tempered an earlier decline, rising to 74.31 cents a share.Reallocating QuotasIf the deal becomes final, the EPA would begin calculating waivers into future quotas starting with the 2020 targets. The determinations would be driven by a three-year rolling average of exemptions, so the 2020 targets would reflect waivers issued in 2016, 2017 and 2018. That could raise legal hurdles for the EPA, which would be tasked with swiftly implementing it.There is a narrow window for the Trump administration to codify a package of changes. The EPA is legally required to finalize 2020 biofuel-blending targets by Nov. 30, and any new, supplementary proposal must first be submitted for public comment.The plan was hashed out on Thursday by Trump, a representative of Archer-Daniels Midland Co. and senators from corn-growing and ethanol-producing states in a meeting at the White House. Senators in the room included Chuck Grassley and Joni Ernst of Iowa, John Thune and Mike Rounds of South Dakota and Ben Sasse and Deb Fischer of Nebraska.Iowa Governor Kim Reynolds was also present.Plans DevelopedFor weeks, the Trump administration has been trying to develop a plan for quelling a backlash in the Midwest U.S. over the oil refinery waivers, amid concerns it could hurt Trump’s re-election chances in Iowa and other politically important farm states.The approach risks alienating oil refining supporters, including a group of senators that are asking Trump not to boost biofuel quotas or offset refinery waivers. The move would have the effect of putting non-exempted refineries on the hook for fulfilling waived quotas, driving “more imports of foreign biodiesel, steeper trade deficits, higher compliance costs for domestic refiners and fewer jobs in our states,” they told Trump in a letter.Executives from Valero Energy Corp. and Marathon Petroleum Corp. met with Trump earlier in the week as negotiations intensified. Republican senators, including Ted Cruz of Texas and Pat Toomey of Pennsylvania, have been seeking to press their case against the biofuel plan personally with Trump.Refinery workers and owners also have made appeals, with more than 60 refinery managers telling the president in a letter Thursday that they were “deeply concerned” the contemplated changes would hurt their industry, without benefiting American farmers.Just the prospect of a biofuel boost has driven up prices of the tradable credits refiners use to prove they have satisfied federal mandates. Renewable Identification Numbers tracking 2019 ethanol consumption quotas jumped 17% to 21 cents apiece on Friday from 18 cents on Thursday, the highest since July 29, according to broker data compiled by Bloomberg. RINs tracking 2019 biodiesel targets climbed 6.3% to 51 cents each, the highest since Feb. 28.(Updates with details on deal, RINs movement from second paragraph.)To contact the reporters on this story: Jennifer Jacobs in Washington at email@example.com;Mario Parker in Chicago at firstname.lastname@example.org;Jennifer A. Dlouhy in Washington at email@example.comTo contact the editors responsible for this story: Jon Morgan at firstname.lastname@example.org, Steve GeimannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Marathon Petroleum Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
In a bid to find a solution to the biofuels issue, President Trump met with the CEOs of several refiners as well as senators from the major farming states.
U.S. President Donald Trump said the administration has made progress on a biofuel reform package after he met with U.S. senators from key farm states on Thursday as part of an ongoing effort to boost ethanol demand and help hard-hit corn farmers. Trump met with a group of corn-state Republican lawmakers that included Iowa senators Joni Ernst and Chuck Grassley on Thursday afternoon, four sources familiar with the matter said. Iowa Governor Kim Reynolds also attended the meeting, two of the sources said.
(Bloomberg) -- President Donald Trump met Wednesday with the heads of two of the nation’s largest refiners as he seeks a deal that would boost corn-based ethanol and soy-based biodiesel without alienating oil companies required to use the products.Trump met with Marathon Petroleum Corp. chief executive Gary Heminger; Valero Energy Corp. chief executive Joe Gorder; and Harold Hamm, the founder of Continental Resources Inc., according to people familiar with the matter who asked not to be named describing private discussions. Although Hamm’s Continental is an oil producer without direct involvement in U.S. biofuel mandates, the president has long tapped the billionaire oilman’s energy expertise.White House officials are set to meet Thursday with senators from corn- and ethanol-producing states, amid deep anger in the Midwest U.S. over the Environmental Protection Agency’s decision waive some oil refineries from annual blending quotas.Administration officials have spent weeks trying to develop a suite of pro-ethanol and pro-biodiesel policy changes that would temper the angst in Iowa and other politically important Midwest U.S. states. But they’re trying to do it without prompting a backlash in the Rust Belt, even as oil industry workers and labor unions demonstrated their opposition with a rally in Toledo, Ohio, on Thursday.Ethanol manufacturers and Iowa politicians have been cool to a drafted White House plan that would give a 5% boost to biofuel-blending requirements in 2020 and are asking the administration to do more to formally account for refinery exemptions as part of the quotas. In a separate meeting Wednesday, White House officials told biofuel producers to swiftly offer alternatives to that plan, warning that they are running out of time to make changes to proposed 2020 quotas.Refining representatives, who also met with National Economic Council staff on Wednesday, are pressing the administration to find ways to constrain the cost of tradable credits known renewable identification numbers, which are used to prove they have fulfilled biofuel-blending requirements. Although refinery exemptions have driven down the cost of those compliance credits, any move to boost future quotas threatens to propel their prices again.Some refiners are advancing a plan that would allow the EPA to sell its own compliance credits whenever those RINs prices get too high. The EPA-generated credits would not be tied to actual biofuel production or blending but revenue from their sale could be steered to building out fueling infrastructure to get more ethanol to consumers.Marathon Petroleum spokesman Jamal T. Kheiry confirmed Wednesday’s meeting, saying the company “always appreciates the opportunity to share our thoughts with elected officials on policies that can impact our business and consumers who rely on our products.”Asked about Hamm’s involvement, Kristin Thomas, a senior vice president with Continental Resources, said: “Mr. Hamm is supportive of the president and his positive impact on American energy.”Representatives for Valero did not immediately respond to requests for comment.(Updates with more details on White House meetings from third paragraph.)\--With assistance from Josh Wingrove.To contact the reporters on this story: Jennifer A. Dlouhy in Washington at email@example.com;Mario Parker in Chicago at firstname.lastname@example.org;Jennifer Jacobs in Washington at email@example.comTo contact the editors responsible for this story: Jon Morgan at firstname.lastname@example.org, Elizabeth WassermanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Valero Energy CEO Joe Gorder and Marathon Petroleum CEO Gary Heminger were at the White House on Wednesday, the sources said, amid ongoing wrangling by the administration to try to find ways to satisfy warring agricultural and oil interests over biofuels. The White House is expected to meet with U.S. Senators from key farm states later on Thursday and senators representing oil-producing states on Friday, the sources said. The White House was not immediately available for comment.
The longest bull market in history keeps charging. Stocks are near record highs, which sounds good, but it does create a problem for income investors. Specifically, where can they find dividend stocks poised for outperformance that still sport decent yields?The idea, after all, is to buy stocks when they're low, then sell high. And they don't seem too low when they're only a couple of percentage points below record levels. Stocks' lofty prices have crushed their yields, too. The trailing 12-month dividend yield on the S&P; 500 stands at a paltry 1.9%.High-quality dividend stocks with better-than-average yields do exist, however. We're here to help you find them.We scoured the S&P; 500 for dividend stocks with yields of at least 3%. From that pool, we focused on stocks with an average broker recommendation of Buy or better. S&P; Global Market Intelligence surveys analysts' stock ratings and scores them on a five-point scale, where 1.0 equals Strong Buy and 5.0 means Strong Sell. Any score of 2.0 or lower means that analysts, on average, rate the stock a Buy. The closer the score gets to 1.0, the stronger the Buy call.Lastly, we dug into research and analysts' estimates on the top-scoring names. That led us to these 25 great blue-chip dividend stocks that have the highest analyst ratings. SEE ALSO: The Berkshire Hathaway Portfolio: All 47 Buffett Stocks Explained
(Bloomberg) -- Trump administration officials are set to consult with oil refiners and renewable fuel producers at the White House on Wednesday, as they struggle to develop a final plan for bolstering corn-based ethanol and soy-based biodiesel.Representatives of Valero Energy Corp., PBF Energy Inc., Monroe Energy, HollyFrontier Corp., Marathon Petroleum Corp. and Phillips 66 are set to attend a meeting Wednesday afternoon, as the oil refiners warn the administration against plans to dramatically hike biofuel-blending quotas.A separate meeting with biofuel producers is set to include executives from Louis Dreyfus Co., Renewable Biofuels Inc., Ag Processing Inc. and Renewable Energy Group Inc., said people familiar with the matter, who asked not to be named discussing private negotiations. A representative of Archer-Daniels Midland Co., one of the nation’s largest ethanol manufacturers, also said the company would be at the biofuel meeting.The discussions are not expected to include industry trade associations nor influential lawmakers who have pressed President Donald Trump for biofuel policy changes since he took office. By meeting directly with company lobbyists and executives from the dueling industries, administration officials may be better able to confirm their policy demands and reach discrete agreements.Administration officials have been seeking to finalize a broad plan for boosting U.S. biofuel-blending mandates and taking other steps to propel renewable fuels made from corn and soybeans -- without major disruptions for oil refining companies. On Aug. 29, Trump promised he would soon unveil a “giant package” of biofuel changes that would make farmers “so happy.”The effort responds to a backlash in the American Midwest over the Environmental Protection Agency’s decisions to exempt oil refineries from annual requirements to use biofuel. Although federal law authorizes those waivers for small refineries facing an economic hardship from the mandates, renewable fuel supporters say the Trump administration has handed them out too freely -- dealing a blow to agricultural interests already suffering amid the trade fight with China and a tough growing season.After weeks of talks, administration officials have agreed they will not seek to rescind a batch of recently granted waivers exempting oil refineries from 2018 biofuel-blending mandates.However, they tentatively decided to begin accounting for them in 2021 blending quotas -- a move would effectively force non-exempted refineries to satisfy targets expected to be waived for other facilities. Administration officials also are considering giving a 5% boost to U.S. renewable fuel-blending quotas in 2020.Biofuel advocates -- including trade associations, ethanol producers and Midwest lawmakers -- have been cool to the plan, saying the reallocation of waived quotas should happen at least a year earlier, in 2020. That has complicated the White House’s efforts to reach a deal.The issue underscores a clash between two key Trump constituencies -- agriculture and oil -- heading into the 2020 election. Oil industry advocates and labor unions have been appealing to the White House not to alter course, arguing the hardship waivers are essential to keeping small refineries running.Refinery workers and labor groups are set to hold a rally over the issue in the battleground state of Ohio on Thursday, emphasizing that Trump’s decisions on biofuel could cost him votes in the Rust Belt -- not just the heartland.(Updates with details on meetings and strategy from second paragraph)To contact the reporters on this story: Mario Parker in Chicago at email@example.com;Jennifer A. Dlouhy in Washington at firstname.lastname@example.org;Jennifer Jacobs in Washington at email@example.comTo contact the editors responsible for this story: Jon Morgan at firstname.lastname@example.org, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Citigroup raised its price targets on two refiners today, increasing Marathon Petroleum's target from $58 to $60 and Phillips 66's target from $110 to $120.