Wall Street Analyst Sees 'Soft' 2Q Margins

摘要

Market analyst Eitan Bernstein of Friedman Billings Ramsey (FBR) projects refining margins to remain soft during the summer and early fall, due to continued high crude oil prices. "We are cutting our EPS [earnings per share] estimates for the refiners due to the weak 2Q refining margin environment and expectations for margins to stay soft as we move through summer and into the fall shoulder season," Bernstein said. "Many of the factors that negatively impacted 1Q08 earnings have extended into 2Q and will likely contribute to another quarter of disappointing results.