Western Refining Inc. (WNR) PT Raised to $23.00
Western Refining Inc. (NYSE:WNR) had its target price raised by Piper Jaffray Cos. from $19.00 to $23.00 in a report released on Friday. The brokerage currently has an “overweight” rating on the stock. Piper Jaffray Cos.’s price target indicates a potential downside of 19.69% from the stock’s previous close.
Several other equities research analysts also recently commented on the company. Morgan Stanley reiterated a “hold” rating and issued a $21.00 price objective on shares of Western Refining in a report on Thursday, September 1st. JPMorgan Chase & Co. downgraded Western Refining from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $28.00 to $20.00 in a report on Friday, June 10th. Tudor Pickering upgraded Western Refining from a “sell” rating to a “hold” rating in a report on Tuesday, June 28th. Goldman Sachs Group Inc. reiterated a “neutral” rating and issued a $22.00 price objective on shares of Western Refining in a report on Thursday, July 14th. Finally, Zacks Investment Research upgraded Western Refining from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 16th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $30.80.
Shares of Western Refining (NYSE:WNR) opened at 28.64 on Friday. The stock has a market capitalization of $3.11 billion, a P/E ratio of 10.18 and a beta of 1.85. The firm’s 50-day moving average is $24.66 and its 200 day moving average is $24.06. Western Refining has a 12-month low of $18.14 and a 12-month high of $47.55.
Western Refining (NYSE:WNR) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.21. The firm earned $2.11 billion during the quarter, compared to analyst estimates of $2.11 billion. Western Refining had a return on equity of 10.65% and a net margin of 3.20%. Western Refining’s quarterly revenue was down 25.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.44 EPS. On average, equities research analysts forecast that Western Refining will post $1.27 EPS for the current fiscal year.
In related news, Chairman Paul L. Foster acquired 325,000 shares of the stock in a transaction dated Tuesday, August 9th. The shares were purchased at an average cost of $23.59 per share, with a total value of $7,666,750.00. Following the transaction, the chairman now directly owns 3,109,466 shares in the company, valued at $73,352,302.94. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jeff A. Stevens acquired 100,000 shares of the stock in a transaction dated Wednesday, August 24th. The shares were bought at an average cost of $23.25 per share, for a total transaction of $2,325,000.00. Following the completion of the transaction, the chief executive officer now owns 3,474,156 shares in the company, valued at $80,774,127. The disclosure for this purchase can be found here. Insiders own 26.50% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP boosted its position in 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 in the last quarter. State Street Corp boosted its position in 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 in the last quarter. BlackRock Inc. boosted 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 in the last quarter. Canada Pension Plan Investment Board boosted 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 in the last quarter. Finally, BlackRock Group LTD boosted its position in Western Refining by 52.2% in the first quarter. BlackRock Group LTD now owns 83,963 shares of the company’s stock worth $2,443,000 after buying an additional 28,808 shares in the last quarter. 65.13% of the stock is currently owned by hedge funds and other institutional investors.
Western Refining Company Profile
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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