UBS Maintains a 'Neutral' on Western Refining (WNR); Q3 Conference Call Highlights
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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
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UBS maintains a 'Neutral' on Western Refining (NYSE: WNR) price target of $17.00.
UBS analyst says, "Takeaways from conference call: 1) Management expects to retire all of its floating rate debt by year-end at 105% of par ($275MM par)—we estimate this will allow net debt-to-cap to fall to 29% by year-end (currently 34%); 2) discretionary spending is expected to rise in 2012 above this year’s $74MM as the company eyes reinvestment opportunities in its Gallup, NM and El Paso, TX refineries; 3) WNR still tight lipped on timing of a potential sale of its Yorktown, VA terminal."
"We've raised 2011-12 EPS to $3.62 and $2.86 from $3.28 and $2.56 to reflect throughput guidance for 4Q11 and higher run-rates in 2012."
For more ratings news on Western Refining click here and for the rating history of Western Refining click here.
Shares of Western Refining closed at $16.25 yesterday.
UBS analyst says, "Takeaways from conference call: 1) Management expects to retire all of its floating rate debt by year-end at 105% of par ($275MM par)—we estimate this will allow net debt-to-cap to fall to 29% by year-end (currently 34%); 2) discretionary spending is expected to rise in 2012 above this year’s $74MM as the company eyes reinvestment opportunities in its Gallup, NM and El Paso, TX refineries; 3) WNR still tight lipped on timing of a potential sale of its Yorktown, VA terminal."
"We've raised 2011-12 EPS to $3.62 and $2.86 from $3.28 and $2.56 to reflect throughput guidance for 4Q11 and higher run-rates in 2012."
For more ratings news on Western Refining click here and for the rating history of Western Refining click here.
Shares of Western Refining closed at $16.25 yesterday.
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