Western Refining Inc. (WNR) Stock Rating Upgraded by Citigroup Inc.
Western Refining Inc. (NYSE:WNR) was upgraded by analysts at Citigroup Inc. from a “neutral” rating to a “buy” rating in a report issued on Wednesday, The Fly reports.
Several other research firms have also weighed in on WNR. Piper Jaffray Cos. raised their price objective on shares of Western Refining from $16.00 to $19.00 and gave the stock a “neutral” rating in a report on Monday, August 22nd. Morgan Stanley set a $21.00 price objective on shares of Western Refining and gave the stock a “hold” rating in a report on Wednesday, August 3rd. Credit Suisse Group AG raised their price objective on shares of Western Refining from $27.00 to $31.00 and gave the stock 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 lowered shares of Western Refining from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 5th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $28.33.
Western Refining (NYSE:WNR) opened at 28.07 on Wednesday. Western Refining has a 12-month low of $18.14 and a 12-month high of $47.55. The firm has a 50 day moving average price of $26.98 and a 200 day moving average price of $23.88. The company has a market cap of $3.04 billion, a PE ratio of 9.98 and a beta of 1.63.
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Western Refining (NYSE:WNR) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.21. The company earned $2.11 billion during the quarter, compared to analyst estimates of $2.11 billion. Western Refining had a net margin of 3.20% and a return on equity of 10.65%. The company’s revenue was down 25.5% on a year-over-year basis. During the same quarter last year, the business posted $1.44 earnings per share. On average, analysts anticipate that Western Refining will post $1.30 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 8th. Investors of record on Monday, October 24th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 5.42%. The ex-dividend date is Thursday, October 20th. Western Refining’s dividend payout ratio is currently 54.68%.
In related news, Chairman Paul L. Foster bought 325,000 shares of the stock in a transaction that occurred on Tuesday, August 9th. The shares were acquired at an average cost of $23.59 per share, with a total value of $7,666,750.00. Following the completion of the purchase, the chairman now directly owns 3,109,466 shares of the company’s stock, valued at approximately $73,352,302.94. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jeff A. Stevens bought 100,000 shares of the stock in a transaction that occurred on Wednesday, August 24th. The stock was bought at an average cost of $23.25 per share, for a total transaction of $2,325,000.00. Following the completion of the purchase, the chief executive officer now directly owns 3,474,156 shares of the company’s stock, valued at $80,774,127. The disclosure for this purchase can be found here. 26.50% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. Wellington Management Group LLP increased 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 valued at $58,469,000 after buying an additional 1,879,626 shares during the period. Prudential Financial Inc. increased its position in Western Refining by 46.9% in the second quarter. Prudential Financial Inc. now owns 3,791,097 shares of the company’s stock valued at $78,210,000 after buying an additional 1,210,995 shares during the period. Macquarie Group Ltd. increased its position in Western Refining by 194.5% in the second quarter. Macquarie Group Ltd. now owns 1,487,192 shares of the company’s stock valued at $30,681,000 after buying an additional 982,161 shares during the period. State Street Corp increased its position in Western Refining by 27.5% in the second quarter. State Street Corp now owns 4,338,337 shares of the company’s stock valued at $89,500,000 after buying an additional 936,599 shares during the period. Finally, ING Groep NV acquired a new position in Western Refining during the second quarter valued at approximately $18,594,000. 65.11% of the stock is currently owned by institutional investors and hedge funds.
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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