UPDATE - Global Hunter Securities Initiates Coverage on Western Refining (WNR) with a Neutral; Shares Remain a Levered Play to WTI Discount

UPDATE - Global Hunter Securities initiates coverage on Western Refining (NYSE: WNR) with a Neutral.

Global analyst said, "Western Refining has experienced a windfall year given its position as one of the prime beneficiaries of crude price dislocations in North America. The sustained WTI discount has been a balance sheet transformative event, with the company potentially approaching a net debt free position by the end of 2012 after remaining in financial distress up until the end of 2010. While we expect continued cash generation for Western in the coming quarters amid sustained favorable feedstock differentials, we believe investors may continue to focus more on lower levered companies with more optionality to return cash to shareholders."

To see more ratings changes on WNR, Click Here

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