Soleil Securities Downgrades Western Refining (WNR) to Hold; Debt Covenants Concerns
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Soleil Securities downgrades Western Refining (NYSE: WNR) from Buy to Hold. Price target lowered from $10 to $8.
Soleil analyst says, "We are downgrading our rating on Western to Hold on concerns that the company could break its debt covenants in 1Q10. We are reducing our 3Q09 earnings estimate from $0.00/share to -$0.10/share due primarily to lower-than-expected East Coast refining margins...As a result of our expectation that Western will issue high yield debt later this year and pay off its Term Loan, we are lowering our 2010 earnings estimate from $0.70/share to $0.55/share due to the negative impact of increased interest expense."
To see more analyst ratings on WNR Click Here.
Western Refining, Inc., through its subsidiaries, operates as an independent crude oil refiner and marketer of refined products in Texas, Arizona, New Mexico, Utah, Colorado, and the Mid-Atlantic region.
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