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Ryan M. Todd

Managing Director and Senior Research Analyst at Piper Sandler & Co.

Ryan Todd is a Managing Director and Senior Research Analyst at Piper Sandler & Co., specializing in integrated oils, refiners, and biofuels. He covers major energy companies including BP, Chevron, ConocoPhillips, ExxonMobil, Shell, TotalEnergies, Valero, Marathon Petroleum, Occidental Petroleum, Phillips 66, and PBF Energy, and maintains a strong performance record with a 62.11% success rate and an average analyst return of 6.48%. Todd began his career as a senior project engineer at ExxonMobil, transitioned to equity research roles at Deutsche Bank and Morgan Stanley, and joined Piper Sandler in 2005. He holds a bachelor's degree in chemical engineering from Brigham Young University and has been recognized by Institutional Investor and The Wall Street Journal for his achievements in equity research.

Ryan M. Todd's questions to DARLING INGREDIENTS (DAR) leadership

Ryan M. Todd's questions to DARLING INGREDIENTS (DAR) leadership • Q3 2025

Question

Ryan M. Todd asked about other potential regulatory uncertainties beyond the RVO and reallocation, such as changes in foreign biofuel import approaches or domestic feedstock treatment (carbon intensity, land use penalties). He also inquired about the functioning of the PTC monetization market, stability of discounts, and ratability of the process.

Answer

Randall Stuewe (CEO) and Robert Day (CFO) highlighted that American agriculture is a key focus in D.C., with discussions around a large RVO and 100% reallocation being the 'easy button.' They noted that PTCs do not encourage foreign feedstocks, and the EPA and U.S. trade are collaborating to manage foreign feedstock rules. On PTC monetization, Robert Day (CFO) and Randall Stuewe (CEO) explained that initial difficulties due to unfamiliarity and unclear tax liabilities have improved, leading to robust demand and confidence in monetizing a majority of 2025 credits ratably through 2026.

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Ryan M. Todd's questions to DARLING INGREDIENTS (DAR) leadership • Q3 2025

Question

Ryan M. Todd asked about other potential risks or positive outcomes from the final RVO ruling beyond the high-level RVO and reallocation, such as changes to foreign biofuel imports or domestic feedstock treatment. He also inquired about the functioning of the PTC monetization market, the stability of discounts, and the ratability of the process.

Answer

CEO Randall Stuewe and CFO Bob Day highlighted that American agriculture is a key focus in D.C., with discussions around a large RVO and 100% reallocation being the 'easy button.' They noted that PTCs disincentivize foreign feedstocks, and the EPA is collaborating with U.S. trade to manage this. Day explained that PTC monetization has improved significantly as counterparties became familiar with the credit and tax liabilities became clearer, making the process more ratable with robust demand.

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