UPDATE - UBS Initiates Coverage on Western Refining (WNR) with a Neutral; Risk Profile Not Low Enough
Tweet
Share
E-mailGet Alerts WNR Hot Sheet
Price: $36.18 --0%
Rating Summary:
4 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
4 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Join SI Premium – FREE
UPDATE - UBS initiates coverage on Western Refining (NYSE: WNR) with a Neutral rating. PT $17.
UBS analyst says, "The idling of its Yorktown, VA refinery last year has essentially turned WNR into a Southwest U.S. refiner. Its El Paso and Four Corners refineries should continue to benefit from access to “stranded”, discounted regional crudes. Recent cost and efficiency improvements during the recession have allowed these assets to become two of the most profitable refineries in our universe, with operating income per Bbl of $10/Bbl at Four Corners and $6/Bbl at El Paso."
"Not for the risk averse, given high earnings concentration in two refineries - Any unplanned outages at WNR two refineries could meaningfully impact costs, capture rates, and profitability. We believe one of the key tenets to conservative investment is diversification. Given the concentrated portfolio and high debt position we believe there are more diversified, attractive plays in the refining patch."
UBS analyst says, "The idling of its Yorktown, VA refinery last year has essentially turned WNR into a Southwest U.S. refiner. Its El Paso and Four Corners refineries should continue to benefit from access to “stranded”, discounted regional crudes. Recent cost and efficiency improvements during the recession have allowed these assets to become two of the most profitable refineries in our universe, with operating income per Bbl of $10/Bbl at Four Corners and $6/Bbl at El Paso."
"Not for the risk averse, given high earnings concentration in two refineries - Any unplanned outages at WNR two refineries could meaningfully impact costs, capture rates, and profitability. We believe one of the key tenets to conservative investment is diversification. Given the concentrated portfolio and high debt position we believe there are more diversified, attractive plays in the refining patch."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
- BMO starts chip stocks coverage: Here are its preferred picks
- Mizuho Reiterates Outperform Rating on Broadcom Limited (AVGO) Into EPS
Create E-mail Alert Related Categories
New CoverageRelated Entities
UBS, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
