STOCKCHASE

(Market Call Minute) It refines and he is negative on refineries.

2010-03-05

HOLD

18.420

Jim Huang

(Market Call Minute.) Pre-eminent refining company. Refining is in a tough spot but oil prices will go up.

2010-01-29

DON'T BUY

19.020

Charles Lannon

While oil price has been going up, demand has not. This one is not attractive enough over the long term to be in it.

2010-01-26

Comment

17.700

Brett Hryb

Refiners have had a very challenging period. Going forward there are other opportunities to put your money, as he doesn't see a dramatic recovery in the sector.

2009-07-29

HOLD

18.310

Crack spreads are not moving up. Can refine many grades of crude but they don't get paid for this. Can't see any upside.

2009-07-24

Comment

17.720

Largest independent refinery/gas marketing in North America. Margins are squeezed and it is not profitable to be in this business. Refineries are up for sale or are being closed so in the long run this will be good as capacity comes down.

2009-07-22

DON'T BUY

17.730

Largest independent oil refiner and marketer in North America. Don't own oil wells. They buy oil, refine and sell through their own gas stations or wholesale it out. Dependent on margins that the market gives them at the time. In the last year or so, it has not been a great business to be in. You have to watch what the margins are.

2009-03-30

Comment

17.730

Refiners tend to do a little bit better in the summer. If you expect energy prices to hold these levels and work higher, you will likely do better in a producer rather than a refiner.

2009-03-30

BUY

19.870

His model price is $34.87, a 75% positive differential.

2009-02-24

Comment

24.070

Crack spread has been going up nicely from $4 to about $15 in the last 3 weeks. Even though this company is lagging other companies he wouldn't worry about it. One of the biggest and most liquid and will play catch-up. If the crack spread narrows, the price of the stock will drop again.

2009-02-13

BUY

24.120

Don Vialoux

Refinery and makes its money from the crack spread. Gasoline just made a reverse head and shoulders pattern implying that gasoline/heating oil prices are starting to move very strongly relative to crude oil. Very positive fundamentally. Stock looks like it has been oversold. Has a good chance of getting close to its breakdown point of $46.

2009-01-30

DON'T BUY

24.120

Started to close some capacity at some of their refineries because the crack spreads have not been favourable. This is why the stock price has come down. Best in class as far as refineries are concerned but this is not the right time.

2009-01-30

DON'T BUY

17.720

Had a little bit of positive news on draws on US inventory today but it is hard to be bullish on refiners. Catalytic spreads are way down. You'll have to see a recovery by the consumer first.

2008-12-03

DON'T BUY

17.620

Gordon Reid

Refineries are almost structured to be trading vehicles rather than long-term holds. Trading is tough at the best of times, let alone these times.

2008-11-12

HOLD

17.920

Right now you don't want to be buying independent refineries. There are a lot of heavy oil refineries under development that are going to come out globally. If you own, Hold until the heating season and the early parts of the winter, as there is some seasonality in the share price.

2008-10-22

BUY

30.900

Pat Naccarato

One of the largest refiners in the US. Benefiting right now because of falling oil prices. This is a stock that he was looking at but bought Marathon Oil (MRO-N) instead.

2008-09-10

Comment

34.600

Matthew McCall

Refiners have been hit pretty hard. With the price of oil going down, the market should be bullish on refiners but he feels oil will hold at $100. This is a value play and could be good as a long-term play.

2008-09-08

WAIT

34.870

Bill Harris, CFA

He is very positive on refining. This is a bear market but on a longer time horizon the assets should be worth an awful lot. There is excess refining capacity right now. On a 2 or 3 year basis, it's a great time to buy. However, this one can go a lot lower.

2008-08-20

Comment

33.930

Michael Sprung

Has been caught up in the squeeze on refinery margins. With the current retreat of crude, refinery margins might improve so there could be a bit of a bounce back. You could get more protected exposure through Petro-Can (PCA-T) or one of the integrateds in Canada.

2008-08-14

BUY

33.780

Largest independent refining and marketer in the US of gasoline. Has suffered greatly as oil prices have gone up. Margins at the refining level and retail level has shrunk. Drop in oil prices is bullish for this company.

2008-08-12

DON'T BUY

34.860

Spreads are not attractive enough to get into this stock. Would need $70-$80 oil. Service companies are a better option.

2008-08-11

PAST TOP PICK

34.470

(A Top Pick July 27/07. Down 51%.) Everything has gone wrong for the refiners including refining capacity in the majors. As a value manager, his big concern would be a Value Trap. Once this one dropped its market cap on the S&P 500, he dropped its weighting. Still has value and great earnings.

2008-08-06

DON'T BUY

32.140

Refinery. Has had a difficult time because of high oil prices and managing the mix between distillates and gasoline etc. Believes that oil is in a correction, not broken down. Difficult industry and margins are very tough to make. There are better places for your money.

2008-08-05

BUY

35.720

A buying opportunity, but it is not going to turn around overnight.

2008-07-21

DON'T BUY

32.630

From a profitability standpoint, refiners are in a difficult spot. They are geared to produce as much gasoline as they can but gas inventories are not tight. However, diesel inventories are tight. Crude prices continue to move higher.

2008-07-11

HOLD

44.120

(Market Call Minute.) Too much gas inventory and high fuel prices means margins are weak.

2008-06-16

PAST TOP PICK

44.680

(A Top Pick July 27/07. Down 39%.) Refiners are caught with demand for gasoline going down and the price going up. They also have to buy crude. Reduced his weighting from 5% to 1.25%. Model price is $79, a 77% positive differential.

2008-06-11

DON'T BUY

44.600

David Baskin

Stock price is probably down due to quality of assets and quality of management. When you are buying, you might as well buy the leading companies. Also prefers Canadian companies to get the dividend tax credit.

2008-06-10

DON'T BUY

49.810

Higher crude prices made it harder to get a margin on gasoline.

2008-05-22

SELL

46.270

Refineries are really having a tough time here. His model price is $79.26, a 66% positive differential. He still has it but it is no longer in his Top 10. There is going to come a time when these companies will make nothing but money. Consider changing to Canadian companies. (See his Top Picks.)

2008-05-08

Comment

48.850

Crack spread for a refinery is when they buy oil at X dollars and refine it (the crack) and sell it. The profit is the crack spread. Demand for gasoline has not been strong and North American economy has been weakening. This is a cyclical business and that will change. If you are a long-term investor you could take advantage of the weakness and Buy. Doesn't see relief in the near term but in the medium to long term there could be value.

2008-04-30

BUY

49.630

Pat Naccarato

Refinery. Stock has been hit hard as oil has gone up. An attractive place to be. Have a lot of assets and there are no new refineries being built in the US.

2008-04-07

WEAK BUY

48.100

A good entry point. Crude prices are very high. There is an imbalance in supply and demand hurting the sector. Coming into the driving season. The second quarter should be significantly stronger than the first.

2008-03-25

WATCH

49.035

Valero fits into the group of refiners and marketers. Seasonally we are close to get into the driving period. So you will probably get a bounce in the short term. Use the bounce to evaluate if you want to keep it. Don't buy in now.

2008-03-19

Comment

53.520

Crack spread is far more important to a refiner than the price of oil. The spread has been narrowing from exceptionally wide levels. All existing refineries are working to full capacity, and being fairly old having things occasionally go bang.

2008-03-06

PAST TOP PICK

57.130

(A Top Pick Feb 1/07. Up 1.5% including dividends.) His model price is $93.96, a 66% positive differential. Still a Buy.

2008-02-07

BUY

59.060

Mike Lyons CA, CFA

The refining industry is a difficult one, but they don’t build any more of them. Fairly cheap on a Price/Sales and Price/Earnings level. Would prefer a high dividend yield.

2008-01-31

PARTIAL BUY

52.120

His model price is $94.91. Trying to put in a bottom here, which would be about $54.80. Look for it to stabilize around this price. Would be looking at accumulating a little bit here.

2008-01-17

BUY

68.190

Likes refineries. Reasonably valued. Thinks it will go higher. There is a little seasonality with this where it ramps up in the summer and declines in the late summer and fall. You could buy today and hold on till mid-July when you could exit.

2007-11-12

BUY

68.890

His model price is $115, a 63% positive differential.

2007-11-01

BUY

70.150

Largest independent pure play in North America. There are seasonal issues here and right now there is not a lot of demand for heating oil.Believes it is the best way to play the refining cycle. He would own but he does not.

2007-10-23

PAST TOP PICK

74.250

(A Top Pick Oct 17/06. Up 36.4%.) His model price is $115.75, a 60% positive differential. Pre-announced today and the stock was off 1%. Still a Buy.

2007-10-10

PAST TOP PICK

68.260

(A Top Pick Jan 5/07. Up 40.8%.) Benefited from the refining margin expansion. Reduced his holdings. The beginning of the year, such as February, is a beautiful time to buy it.

2007-09-26

HOLD

67.900

Joseph Schachter

Specializes in heavy sour crude to produce gasoline. Since light oil is disappearing, this is a good long-term hold.

2007-09-11

TOP PICK

68.050

(A Top Pick Oct 17. Up 29.5%.) Still a cheap stock. His model price is $109.75, a 61% positive differential.

2007-08-30

WAIT

63.110

The largest pure play refining company. Rallied very hard as the refining margins widened. Has now pulled back. Very profitable. The greatest upside will be into the summer of next year when the real demand for refining comes into play. Wait until February-March and sell in July.

2007-08-21

HOLD

67.290

Very well run company. At this level, it is a Hold. Traded in wide and an erratic swings is because of the crack spread, the margin that ogres for refiners. Very diverse in its asset base. Great stock from a trading perspective.

2007-08-08

TOP PICK

67.470

Refinery. His model price is $124, an 81% positive differential.

2007-07-27

BUY

75.490

Jeff Parent

Consolidating right now and doesn't think there is a lot of significant downside right now. Exit at $72.95.

2007-07-06

PAST TOP PICK

76.570

(A Top Pick Oct 17/06. Up 45%.) Refining. A very mis-priced asset.

2007-06-21

BUY

73.040

62% positive differential Cheapest stock on the SMP 100. It's in their top ten.

2007-06-07

BUY

74.260

Is into refining or a refining component.

2007-06-06

BUY

72.900

Peter Brieger

Just announced they just sold their to Ohio refinery to Husky. Likes the refining business. Long term buy.

2007-05-02

BUY

71.150

World's biggest independent refiner and marketer of fuels. Refining and marketing margins are historically wide now. There is a shortage of refining capacity.

2007-05-01

BUY

68.660

He has a model price of $106.97, which is a 59% positive differential.

2007-04-12

DON'T BUY

64.490

John O'Connell, CFA

Has done exceptionally well recently. Crack spread has been very attractive recently. Refineries have a tendency to blow up and catch fire. Would be cautious on them.

2007-03-30

BUY

64.900

One of the very few pure refiner plays. Good name from a fundamental standpoint, but does not lend itself well to a trading strategy. This is a stock you buy before the summer driving season.

2007-03-27

BUY

62.700

Brad Willock

Refinery capacity in the US is rather constrained. This is one of the biggest refineries.

2007-03-22

BUY

57.380

The largest independent oil refining and marketing company in North America. You want to own refining stocks when margins are going up which they are currently doing.

2007-02-27

PAST TOP PICK

57.900

(A Top Pick Feb 3/06. Down 1.2%.) Had a strong run in the summer. One of that few pure play refiners. Still buying. Cheap.

2007-02-21

TOP PICK

56.030

(A Top Pick Oct 17/06. Up 6.7%.) The model price is $95 giving it a positive differential of 75%. Got hit with the drop in oil prices, which makes no sense as they are a refinery.

2007-02-01

BUY

50.660

He has a model price of $93.52, that's an 85% positive differential.

2007-01-17

TOP PICK

49.360

(A Top Pick Jan 25/06. Down 16.2%.) A pure play refinery. Has a very complicated suite of refineries that is able to process different blends and should get a premium. Dirt cheap.

2007-01-05

Comment

48.890

Alex Ruus

Great company and is an interesting sector. Trades at less than 6 X earnings. Hasn't been a new refinery built in North America in 25 years. Would have to look at its fundamentals, but likes the company and what they're doing and are well positioned.

2007-01-04

BUY

55.740

Brad Willock

Refinery with most assets in the southern US. Has dropped since August. The fight centres on how expensive gasoline will be. Refining is in short supply. Gasoline demand goes up about 1.5% per year.

2006-12-11

HOLD

52.140

Volatile. As a refiner, it is highly leveraged to the price of oil and the margins it makes on each barrel. Has come off very sharply. For less volatility, look at Chevron (CVX-N), Exxon (XOM-N), ConocoPhilips (COP-N) or Petro Canada (PCA-T).

2006-10-30

TOP PICK

52.610

His model price is $95.50 which is a positive 80% differential. Huge earnings coming on the balance sheet make it cheaper literally every day. Very volatile. Could go to $62.50 without any sweat.

2006-10-17

VAGUE

51.870

The biggest refinery in the US. Stock has gone down. Believes we are near the turn down of oil. Improving outlook.

2006-09-27

BUY

50.580

This is a cyclical company. Very small dividend but plenty of free cash flow so that they can expand or build a refinery if they have to.

2006-09-14

WAIT

51.750

Glenn MacNeill, P.Eng.

Largest refiner in North America. Gasoline prices have dropped and this comes out of the refiner's pockets. Margins are declining, especially as we are off the summer driving season. Buy on weakness over the next couple of months. Good company.

2006-09-08

BUY

62.700

A pure play refinery. Last quarter was its best quarter ever. Refining has been the place to be.

2006-08-21

BUY

61.030

A very good company generating almost 2 X free cash flows to its capital expenditures. Unless they have big plans ahead to build new refineries, they should continue to generate a lot of cash.

2006-08-17

BUY

62.150

No new refineries have been built in North America in the last 30 years so this stock has done very well. Refineries will continue to benefit from scarcity.

2006-04-11

HOLD

62.500

Has a great suite of refineries. You are coming into the summer driving season and the hurricane season. Cheap on a cash flow metric. One of the few pure plays you can get into. Very valued now.

2006-04-05

PAST TOP PICK

57.460

(A Top Pick Jan 25/06. Down 2.5%.) Still likes and would recommend it. Refining is incredibly tight right now.

2006-03-22

TOP PICK

49.750

It's an energy company and it's priced too low. "There's value that's not being realized"

2006-02-14

SELL

50.590

Last year was a perfect positive storm for them when refinery margins went through the roof. That is now behind us with a lot of hurricane damaged refineries coming back on stream. They have now been producing gasoline at a net loss. You want to own this when refinery margins are going up.

2006-02-13

PAST TOP PICK

56.610

(A Top Pick Nov 23/05. Up 17%.) Still sees a 60% positive differential on this stock.

2006-02-07

TOP PICK

58.630

Likes refiners. U.S. looking at changing gas regulations which will increase the through put. Very bullish. Valuation cheap. Wide slat of refiners geographically diverse. Able to handle heavier grades of crude.

2006-02-03

TOP PICK

58.370

And independent refiner in the US. There is a very strong case for refineries in general. A very tight supply of gasoline. Trading at about 7.2 X persons the other independent refiners which would be at 12/12.4. US is introducing new requirements for low sulphur in diesel and gasoline creating even tighter supplies.

2006-01-25

DON'T BUY

51.870

At refining and marketing stock. They don't drill for oil, but buy oil and refine it. A play on the refining and marketing margins. Refining margins peaked earlier this year and the stock hasn't done much lately. Too late.

2005-12-28

SELL

104.490

They are the largest pure oil market and refining in North America. You have probably now seen the best times for refining. Probably time to take your profits.

2005-12-05

TOP PICK

100.580

Dirt cheap here. Even if it trades at today's valuation a year from now, it will trade at an implied rate of $131. His model price is $163, a 60% differential. It is very volatile.

2005-11-23

Comment

100.280

Brad Willock

Refineries are not being built so they are valuable assets to companies. Thinks the US will create some insentives for compaies to expand. They take years to build, so it will be a very slow process.

2005-11-14

Comment

108.020

Paul Harris, CFA

An oil refiner which is why it has performed so well. There has been no new refining capacity added to the industry in the last 20 years.

2005-11-02

BUY

109.500

A good refiner. Should do well.

2005-09-01

HOLD

70.400

Have to be cautious on some if the US names because of currency risk, but ultimately what you want to do on any portfolio is diversify, so be somewhat light on US holdings. This company is one of the better refiners out there. With what we've seen with tight net gasoline supplies and refiners running flat out in the US, This will probably do well. The easy money's been made but you should do OK.

2005-03-30

DON'T BUY

66.700

Andrew McCreath

Shortening the stock at this point. Came out with an earnings warning recently. Fundamentals are pretty good and price is pretty cheap but will continue to have tough sledding.

2004-09-08

TOP PICK

73.790

Bob Doll

Benefiting from the continuing wide margins of the supply/demand story. There's more to go.

2004-07-23

TOP PICK

64.760

Hugh McCauley

Refineries in the US are at about 97% capacity. One of the very few refineries that can handle sulfur. Will probably have a spike of $10 in earnings and $14/15 in cash flow. If oil drops, the stock will sell off a bit which would be the time to buy.

2004-05-13

BUY

59.630

A great stock for people who want a hedge against rising gasoline prices. The largest independent refinery and marketer in North America. A shortage of refineries is being exasperated in the US by rules or

2004-04-21

TOP PICK

58.150

Nicholas Sargen

2004-03-19

TOP PICK

52.250