JPMorgan Chase & Co. upgraded shares of Western Refining Inc. (NYSE:WNR) from an underweight rating to a neutral rating in a research note released on Thursday. JPMorgan Chase & Co. currently has $28.00 price target on the stock, up from their prior price target of $20.00.
A number of other equities research analysts also recently commented on WNR. Tudor Pickering upgraded Western Refining from a sell rating to a hold rating in a research report on Tuesday, June 28th. Zacks Investment Research cut Western Refining from a hold rating to a strong sell rating in a research note on Tuesday, July 5th. Wells Fargo & Co. reaffirmed a hold rating on shares of Western Refining in a research note on Saturday, July 9th. Goldman Sachs Group Inc. reaffirmed a neutral rating and issued a $22.00 price objective on shares of Western Refining in a research note on Thursday, July 14th. Finally, Morgan Stanley set a $21.00 price objective on Western Refining and gave the company a hold rating in a research note on Wednesday, August 3rd. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Western Refining has an average rating of Hold and an average price target of $30.80.
Shares of Western Refining (NYSE:WNR) opened at 28.64 on Thursday. The stock has a market capitalization of $3.11 billion, a PE ratio of 10.18 and a beta of 1.85. Western Refining has a 1-year low of $18.14 and a 1-year high of $47.55. The firm has a 50-day moving average price of $24.66 and a 200-day moving average price of $24.06.
Western Refining (NYSE:WNR) last posted 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. Western Refining had a return on equity of 10.65% and a net margin of 3.20%. The company had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.11 billion. During the same quarter in the previous year, the business earned $1.44 earnings per share. The company’s revenue for the quarter was down 25.5% on a year-over-year basis. On average, equities research analysts forecast that Western Refining will post $1.27 earnings per share for the current year.
In other Western Refining news, CEO Jeff A. Stevens purchased 100,000 shares of the firm’s stock in a transaction on Wednesday, August 24th. The stock was bought 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 $80,774,127. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Paul L. Foster purchased 325,000 shares of the firm’s stock in a transaction 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 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. Company insiders own 26.50% of the company’s stock.
A number of hedge funds have recently made changes to their positions in WNR. Vanguard Group Inc. increased its stake in shares of Western Refining by 5.8% in the second quarter. Vanguard Group Inc. now owns 8,214,844 shares of the company’s stock worth $169,472,000 after buying an additional 447,699 shares during the period. State Street Corp increased its stake in shares of Western Refining by 27.5% in the second quarter. State Street Corp now owns 4,338,337 shares of the company’s stock worth $89,500,000 after buying an additional 936,599 shares during the period. BlackRock Fund Advisors increased its stake in shares of Western Refining by 11.4% in the second quarter. BlackRock Fund Advisors now owns 3,863,714 shares of the company’s stock worth $79,708,000 after buying an additional 396,751 shares during the period. Prudential Financial Inc. increased its stake in shares of Western Refining by 46.9% in the second quarter. Prudential Financial Inc. now owns 3,791,097 shares of the company’s stock worth $78,210,000 after buying an additional 1,210,995 shares during the period. Finally, BlackRock Institutional Trust Company N.A. increased its stake in Western Refining by 18.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,505,222 shares of the company’s stock valued at $51,683,000 after buying an additional 385,113 shares during the last quarter. 65.13% of the stock is owned by 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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