Western Refining Inc. (NYSE:WNR) shares dropped 3.8% on Tuesday . The company traded as low as $23.57 and last traded at $23.70, with a volume of 2,204,277 shares changing hands. The stock had previously closed at $24.64.

WNR has been the subject of a number of recent research reports. Tudor Pickering upgraded shares of Western Refining from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th. Simmons reissued a “hold” rating and issued a $26.00 price target (down from $27.00) on shares of Western Refining in a report on Wednesday, May 4th. Zacks Investment Research raised shares of Western Refining from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 27th. Wells Fargo & Co. reissued a “hold” rating on shares of Western Refining in a report on Saturday, July 9th. Finally, Morgan Stanley set a $21.00 price target on shares of Western Refining and gave the company a “hold” rating in a report on Wednesday, August 3rd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $32.11.

The stock has a 50 day moving average price of $20.91 and a 200-day moving average price of $24.72. The company has a market capitalization of $2.49 billion and a P/E ratio of 8.175.

Western Refining (NYSE:WNR) last announced its earnings results on Tuesday, August 2nd. The company reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.21. The business had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.11 billion. During the same period in the prior year, the company posted $1.44 earnings per share. The firm’s quarterly revenue was down 25.5% on a year-over-year basis. On average, analysts predict that Western Refining Inc. will post $1.15 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 9th. Shareholders of record on Monday, July 25th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, July 21st. This represents a $1.52 dividend on an annualized basis and a yield of 6.61%.

In other news, major shareholder Paul L. Foster acquired 500,000 shares of Western Refining stock in a transaction dated Friday, May 13th. The stock was purchased at an average cost of $21.60 per share, with a total value of $10,800,000.00. Following the completion of the purchase, the insider now directly owns 3,430,619 shares in the company, valued at approximately $74,101,370.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Brian John Hogan acquired 10,000 shares of Western Refining stock in a transaction dated Friday, May 27th. The stock was purchased at an average cost of $21.37 per share, with a total value of $213,700.00. Following the completion of the purchase, the director now owns 78,463 shares of the company’s stock, valued at $1,676,754.31. The disclosure for this purchase can be found here.

Other hedge funds have recently made changes to their positions in the company. Cambria Investment Management L.P. boosted its stake in shares of Western Refining by 5,819.9% in the fourth quarter. Cambria Investment Management L.P. now owns 33,033 shares of the company’s stock worth $1,177,000 after buying an additional 32,475 shares during the period. Cornerstone Capital Management Holdings LLC. boosted its stake in shares of Western Refining by 75.1% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 44,821 shares of the company’s stock worth $1,597,000 after buying an additional 19,221 shares during the period. Marshall Wace LLP purchased a new stake in shares of Western Refining during the fourth quarter worth about $1,613,000. Trexquant Investment LP boosted its stake in shares of Western Refining by 166.2% in the fourth quarter. Trexquant Investment LP now owns 158,900 shares of the company’s stock worth $5,660,000 after buying an additional 99,200 shares during the period. Finally, Airain ltd boosted its stake in shares of Western Refining by 248.6% in the fourth quarter. Airain ltd now owns 165,280 shares of the company’s stock worth $5,887,000 after buying an additional 117,869 shares during the period.

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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