On Wednesday, Phillips 66 (NYSE:PSX)’s shares inclined 1.32% to $77.80.
Phillips 66 (PSX) Underscoring the upgrade and bullish outlook were “favorable” fundamentals, counting a wide crude differential, low natural gas prices, and growing refined product exports, according to analysts.
Financial flexibility has improved with declining stay-in-business spending and rising growth investments in crude flexibility, which allows refiners to reduce debt, grow the dividend and repurchase their own shares, they added.
Phillips 66 is a Houston-based multinational energy company.
Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks to its refineries and other locations; and delivers refined and specialty products, in addition to provides storage services for crude oil and petroleum products.
PNC Financial Services Group Inc (NYSE:PNC)’s shares gained 1.65% to $99.18.
PNC Financial Services Group Inc (PNC) Motorcar Parts of America, Inc. (MPAA) declared it has reached a $125 million credit facility with PNC Bank National Association (PNC) comprising of a $100 million revolver and $25 million term loan.
Loans outstanding under the new credit facility bear interest, at the company’s option, at the domestic rate or at the LIBOR rate plus, in each case, an applicable per annum margin. The current applicable LIBOR interest rate for both the revolver and the term loan is 2.94%, comprising of LIBOR of 0.19% plus a margin of 2.75%. The new credit facility replaces a previous credit facility, comprised of an outstanding $82.4 million term loan and an undrawn $40 million revolver. The applicable LIBOR interest rate for the previous term loan was 6.75%, comprising of a LIBOR floor of 1.50% plus a margin of 5.25%. Post-closing, the company had a $25 million term loan outstanding, in addition to $15 million of borrowings on the revolving credit facility.
The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. It operates through six segments: Retail Banking, Corporate & Institutional Banking, Asset Administration Group, Residential Mortgage Banking, BlackRock, and Non-Planned Assets Portfolio. The Retail Banking segment offers deposit, lending, brokerage, investment administration, and cash administration services to consumer and small business customers through branch network, ATMs, call centers, online banking, and mobile channels.
At the end of Wednesday’s trade, Windstream Holdings, Inc. (NASDAQ:WIN)‘s shares dipped -2.12% to $7.37.
Windstream Hosted Solutions, provider of cloud and data center solutions and part of Windstream (WIN), a leading provider of advanced network communications, launched a new Cloud to Cloud Recovery solution recently. Cloud to Cloud Recovery, which focuses on replicating mission-critical virtual servers and data, provides customers with a new alternative for cloud-based disaster recovery.
Windstream’s Cloud to Cloud Recovery solution leverages the award-winning, enterprise-class cloud replication software from Zerto. The solution secures customer applications by replicating data from their private clouds into a cloud in a Windstream cloud data center. With no hardware to buy and continuous replication and near instant recovery, the Cloud to Cloud Recovery solution is an exceptionally resilient and cost-effective Disaster Recovery as a Service (DRaaS) solution for private or public clouds.
Windstream Holdings, Inc. provides communications and technology solutions in the United States. It offers managed services and cloud computing services to businesses, in addition to broadband, voice, and video services to consumers primarily in rural markets. The company’s primary business service offerings comprise integrated voice and data services, multi-site networking, data center services, managed services, high-speed Internet, and voice services.
Burlington Stores Inc (NYSE:BURL), ended its Wednesday’s trading session with -0.75% loss, and closed at $48.98.
Burlington Stores Inc (BURL) recognized off-price retailer of high-quality, branded apparel at everyday low prices, recently declared that its Board of Directors has authorized the Company to repurchase up to $200 million of its common stock. The repurchase program will be funded using the Company’s accessible cash and is predictable to be executed over the next 24 months.
The Company is authorized to repurchase from time to time shares of its outstanding common stock on the open market or in privately negotiated transactions. The timing and amount of stock repurchases will depend on a variety of factors, counting the market conditions in addition to corporate and regulatory considerations. The share repurchase program may be suspended, modified or suspended at any time and the Company has no obligation to repurchase any amount of its common stock under the program.
Burlington Stores, Inc. operates as a retailer of branded apparel products in the United States. The company offers fashion-focused merchandise, counting women’s ready-to-wear apparel, menswear, youth apparel, baby products, footwear, accessories, home décor and gifts, and coats. As of January 31, 2015, it operated 542 stores, counting an Internet store in 44 states and Puerto Rico. The company was founded in 1972 and is headquartered in Burlington, New Jersey.
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