Barclays PLC Lowers Western Refining Inc. (WNR) to Equal Weight
Western Refining Inc. (NYSE:WNR) was downgraded by analysts at Barclays PLC from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Monday.
Several other brokerages have also recently weighed in on WNR. Piper Jaffray Cos. raised their target price on shares of Western Refining from $16.00 to $19.00 and gave the company a “neutral” rating in a report on Monday, August 22nd. Morgan Stanley set a $21.00 target price on shares of Western Refining and gave the company a “hold” rating in a report on Wednesday, August 3rd. Credit Suisse Group AG raised their target price on shares of Western Refining from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Monday, September 19th. Tudor Pickering raised shares of Western Refining from a “sell” rating to a “hold” rating in a report on Tuesday, June 28th. Finally, Zacks Investment Research cut shares of Western Refining from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 5th. Ten analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $30.80.
Shares of Western Refining (NYSE:WNR) opened at 27.35 on Monday. The company’s 50-day moving average is $26.17 and its 200-day moving average is $24.01. Western Refining has a one year low of $18.14 and a one year high of $47.55. The stock has a market capitalization of $2.97 billion, a P/E ratio of 9.72 and a beta of 1.62.
Western Refining (NYSE:WNR) last issued its earnings results on Tuesday, August 2nd. The company reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.21. The firm had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Western Refining had a net margin of 3.20% and a return on equity of 10.65%. The firm’s revenue was down 25.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.44 earnings per share. On average, equities research analysts anticipate that Western Refining will post $1.30 earnings per share for the current year.
In other Western Refining news, CEO Jeff A. Stevens bought 100,000 shares of the business’s stock in a transaction dated Wednesday, August 24th. The shares were acquired at an average cost of $23.25 per share, with a total value of $2,325,000.00. Following the acquisition, the chief executive officer now directly owns 3,474,156 shares of the company’s stock, valued at approximately $80,774,127. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Paul L. Foster bought 325,000 shares of the business’s stock in a transaction dated Tuesday, August 9th. The stock was acquired at an average cost of $23.59 per share, for a total transaction of $7,666,750.00. Following the completion of the acquisition, the chairman now directly owns 3,109,466 shares in the company, valued at $73,352,302.94. The disclosure for this purchase can be found here. 26.50% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in WNR. Wellington Management Group LLP boosted its position in shares of Western Refining by 1,442.6% in the first quarter. Wellington Management Group LLP now owns 2,009,919 shares of the company’s stock worth $58,469,000 after buying an additional 1,879,626 shares during the last quarter. State Street Corp boosted its position in shares of Western Refining by 4.7% in the first quarter. State Street Corp now owns 3,401,738 shares of the company’s stock worth $98,958,000 after buying an additional 152,319 shares during the last quarter. ING Groep NV acquired a new position in shares of Western Refining during the second quarter worth approximately $18,594,000. BlackRock Inc. raised its position in Western Refining by 40.6% in the first quarter. BlackRock Inc. now owns 43,149 shares of the company’s stock worth $1,255,000 after buying an additional 12,463 shares during the period. Finally, Canada Pension Plan Investment Board raised its position in Western Refining by 5.5% in the first quarter. Canada Pension Plan Investment Board now owns 336,300 shares of the company’s stock worth $9,783,000 after buying an additional 17,600 shares during the period. 65.14% of the stock is currently owned by institutional investors and hedge funds.
About Western Refining
Western Refining, Inc (Western) is a crude oil refiner and marketer of refined products. The Company operates through four segments: refining, Northern Tier Energy LP (NTI), Western Refining Logistics, LP (WNRL) and retail. Its refining segment owns and operates over two refineries in the Southwest that process crude oil and other feedstocks into gasoline, diesel fuel, jet fuel and asphalt.
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