Seeking Alpha

Western Refining, Inc. (WNR)

  • Tue, Apr. 21, 4:49 PM
    • Western Refining (NYSE:WNR) declares $0.34/share quarterly dividend, 13.3% increase from prior dividend of $0.30.
    • Forward yield 3.05%
    • Payable May 20; for shareholders of record May 5; ex-div May 1.
    | Tue, Apr. 21, 4:49 PM | 4 Comments
  • Fri, Apr. 10, 5:17 PM
    • The EPA agrees to issue final biofuel quotas for 2014 and 2015 under the federal Renewable Fuel Standard by Nov. 30 in a tentative settlement of an energy industry lawsuit which had challenged EPA delays in establishing the mandates.
    • Refiners and biofuel producers have complained that the EPA's repeated delays in setting renewable fuel use requirements have led to uncertainty and volatility in biofuel markets.
    • Refiners are required under the RFS to blend a certain amount of biofuels into gasoline and diesel based on the targets established by the EPA; potentially relevant tickers include VLO, TSO, PBF, PSX, ALJ, MPC, WNR, HFC, CVI.
    • Biofuels producers also crave the certainty and market demand guaranteed by the annual targets, but they believe the EPA should not back down from setting aggressive renewable fuel quotas; potentially relevant tickers include REGI, FF, AMRS, GEVO, CDTI, SZYM, OTCPK:KIORQ.
    | Fri, Apr. 10, 5:17 PM | 38 Comments
  • Tue, Apr. 7, 6:11 PM
    • Energy firms are expected to have the worst earnings decline thanks to the plunge in oil prices, and Barclays' Paul Cheng expects U.S.-based oil majors to report in-line with consensus but sees refiners posting more varied results, with some widely missing the mark.
    • Cheng believes PBF Energy (NYSE:PBF) and Western Refining (NYSE:WNR) could see the biggest potential downside surprises, and Marathon Petroleum (NYSE:MPC) possibly delivering the biggest upside surprise.
    • On MPC, Cheng thinks 2015 should be a relatively low maintenance year after two years of heavy turnaround cycle; based on MPC’s posted market data, he sees the company’s Q1 refining margin realization averaging $17-$19/bbl vs. his estimate of $17.1/bbl, while retail margins remain better than Q1 2014 levels.
    | Tue, Apr. 7, 6:11 PM | 9 Comments
  • Thu, Mar. 26, 10:59 AM
    • Cowen analysts see plenty of room to go in gains for the refinery sector, and moves up Q1 earnings estimates for across the firm's coverage universe.
    • Cowen acknowledges that while crack spreads should start moving back to normal levels as industry maintenance winds down after April, margins are still strong, and many expect one of the largest-ever travel seasons this summer.
    • The six stocks rated Outperform at Cowen are Delek (NYSE:DK) with a $43 stock price target, Marathon Petroleum (NYSE:MPC) with a $120 target, PBF Energy (NYSE:PBF) at $35, Tesoro (NYSE:TSO) at $90, Valero (NYSE:VLO) at $70 and Western Refining (NYSE:WNR) with a $60 price target.
    | Thu, Mar. 26, 10:59 AM | 1 Comment
  • Wed, Mar. 25, 5:45 PM
    • The difference between the price of oil and the gasoline made from it would be bad news for U.S. refiners if the spread shrinks, but Cowen analyst Sam Margolin and Jason Gabelman offer three reasons why they’re not worried.
    • With valuations remaining attractive, the analysts see three themes emerging to carry continued outperformance in refineries: positive consumer fuel demand response to lower prices, sustained crude oversupply into the fall turnaround period, and midstream consolidation and growth as a shareholder-friendly use of cash.
    • The analysts have Outperform ratings on VLO, TSO, MPC, WNR, PBF and DK; only WNR failed to finish with a solid gain in today's trade.
    | Wed, Mar. 25, 5:45 PM | 6 Comments
  • Wed, Mar. 18, 3:24 PM
    • Crude oil prices, in the doldrums yet again after U.S. inventories hit record highs for a 10th week and supplies at the futures' Cushing delivery hub hit a peak, turned around to finish higher following the Fed policy statement.
    • Nymex crude rose 2.5% to settle at $44.66/bbl, pushing off earlier lows of $42.25 and the lowest intraday level since March 2009; Brent is up 4.5% at nearly $56.
    • The gain could prove only a momentary recovery, however, as "speculation is going to grow about operational capacity being hit in Cushing and what that portends for prices,” according to Again Capital John Kilduff, adding that he sees U.S.crude testing $40 soon.
    • U.S. refiners are enjoying big gains as the Brent/WTI spread surpasses $11: TSO +5.1%, CLMT +4.7%, CVI +4.8%HFC +4.6%, MUR +4.5%, WNR +4.4%, VLO +3.9%, RDS.A +3.9%, CVRR +3.7%, MPC +3.3%, PSX +3.2%, ALJ +3.2%.
    | Wed, Mar. 18, 3:24 PM | 40 Comments
  • Thu, Feb. 26, 3:45 PM
    • Western Refining (WNR +7.9%) is one of the day's strongest energy gainers after Q4 earnings came in well ahead of estimates, and its Western Refining Logistics (WNRL +2.9%) and 38%-owned Northern Tier Energy (NTI +5.3%) also delivered upbeat Q4 results (I, II).
    • Cowen analyst Sam Margolin reiterates an Outperform rating and $60 price target on WNRL, encouraged by management's affirmation that the MLP’s growth remained on track, including a 50% target for third party revenues, with projects slated to begin as far out as 2018.
    • WNRL’s share price has lagged by a wide margin YTD, weighing on WNR’s valuation, but WNR is nearing completion of the Tex-New Mex pipeline, while the Bobcat pipeline remains on schedule; including potential dropdowns from NTI, Margolin sees $100M WNRL EBITDA growth by early 2016.
    | Thu, Feb. 26, 3:45 PM | 1 Comment
  • Thu, Feb. 26, 6:02 AM
    • Western Refining (NYSE:WNR): Q4 EPS of $1.19 beats by $0.21.
    • Revenue of $3.02B (flat Y/Y) misses by $60M.
    • Press Release
    | Thu, Feb. 26, 6:02 AM | 1 Comment
  • Fri, Feb. 6, 4:36 PM
    • Western Refining (NYSE:WNR) declares $0.30/share quarterly dividend, in line with previous.
    • Forward yield 3.0%
    • Payable March 6; for shareholders of record Feb. 20; ex-div Feb. 18.
    | Fri, Feb. 6, 4:36 PM | 1 Comment
  • Mon, Feb. 2, 10:15 AM
    • Western Refining (WNR +1.4%) says it expects to report Q4 net income of $1.22-$1.28/share, including the impact of non-cash unrealized hedging gains, lower of cost or market inventory adjustments and a loss on disposal of assets; excluding those items, the range would be reduced by ~$0.14/share, implying adjusted Q4 EPS of $1.08-$1.14 vs. $0.89 analyst consensus estimate.
    • WNR also forecasts Q1 total throughput at its El Paso refinery of 133K-137K bbl/day and 26.5K-28.5K bbl/day at its Gallup refinery.
    | Mon, Feb. 2, 10:15 AM | Comment!
  • Dec. 3, 2014, 3:15 PM
    • U.S. oil refiners are processing record amounts of crude for this time of year, FT reports, taking advantage of falling oil prices and a flood of supply from shale drillers.
    • Refiners’ appetite has kept the price of high-quality light U.S. crude closely in line with international prices, defying warnings that a glut would force deep discounts: “The bottom line remains that we haven’t seen an oversupply of light crude,” Marathon Petroleum (MPC +1.5%) says.
    • Whether U.S. refineries succeed in absorbing the rising oil tide is up for speculation, but the refiners' own investment plans suggest they have the capacity to handle rising volumes; Valero (VLO +1.4%), for example, plans to add crude units in Houston and Corpus Christi designed to process oil from the nearby Eagle Ford shale.
    • Refiners are by far the dominant customers for crude, so the amount purchased by U.S. refiners will be an important guide for world oil markets.
    • Also: TSO +0.1%, ALJ +0.5%, PSX +1.6%, WNR +1.2%, HFC +0.4%, CVI +0.8%, PBF +1.8%.
    | Dec. 3, 2014, 3:15 PM | 12 Comments
  • Nov. 21, 2014, 6:45 PM
    | Nov. 21, 2014, 6:45 PM | 46 Comments
  • Nov. 21, 2014, 10:28 AM
    | Nov. 21, 2014, 10:28 AM | 37 Comments
  • Nov. 12, 2014, 12:19 PM
    • Refiners have outperformed while most energy peers have struggled lately, and the Cowen energy analyst team is keeping a positive view on the refining sector due to solid underlying earnings potential and the developing theme of logistics growth.
    • Cowen likes Tesoro (NYSE:TSO) for the possibility for meaningful EBITDA growth driven by the Carson refinery acquired earlier this year and eventually through TSO’s Port of Vancouver crude logistics project, and sees Valero (NYSE:VLO) as well positioned to benefit from the ongoing infrastructure debottlenecking of inland crude oil supply in 2014 and beyond.
    • The firm also sees 30%-40% stock price upside for Outperform-rated Delek US Holdings (NYSE:DK), Marathon Petroleum (NYSE:MPC), Western Refining (NYSE:WNR) and PBF Energy (NYSE:PBF).
    | Nov. 12, 2014, 12:19 PM | 1 Comment
  • Nov. 4, 2014, 6:01 AM
    • Western Refining (NYSE:WNR): Q3 EPS of $1.73 beats by $0.26.
    • Revenue of $4.05B (+65.3% Y/Y) beats by $800M.
    • Press Release
    | Nov. 4, 2014, 6:01 AM | Comment!
  • Oct. 27, 2014, 9:44 AM
    • Venezuela is canceling plans to sell its Citgo U.S. refining unit, the country’s finance minister says, apparently the victim of falling oil prices, declining refining margins, and unscheduled downtime among Citgo's refineries.
    • Venezuelan officials indicated earlier this year that they were looking to sell Citgo for as much as $10B, and HollyFrontier (NYSE:HFC), Valero Energy (NYSE:VLO), Western Refining (NYSE:WNR), Tesoro (NYSE:TSO) and PBF Energy (NYSE:PBF) were speculated as potential bidders for Citgo's three U.S. refineries.
    • Analysts at the risk consultancy Eurasia Group recently warned that a sale of Citgo would leave fewer assets for investors to target if Venezuela defaults.
    | Oct. 27, 2014, 9:44 AM | Comment!
Company Description
Western Refining Inc is a crude oil refiner and marketer of refined products. The Company operates retail convenience stores that sell gasoline, diesel fuel and convenience store merchandise.