UBS Maintains a 'Neutral' on Western Refining (WNR); Despite 4Q Miss, Story Improving
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Price: $36.18 --0%
Rating Summary:
4 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
4 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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UBS maintains a 'Neutral' on Western Refining (NYSE: WNR) price target raised from $15 to $17.50.
UBS analyst says, "WNR reported “clean” 4Q11 clean EPS of $0.48, shy of UBSe and consensus’ $0.52. GAAP EPS of -$0.72 included -$182MM in pre-tax special items. Clean results missed our ests due to higher than expected refining op costs (6% above guidance) and a higher tax rate, along with lower than expected wholesale segment results. Clean refining segment income of $136MM exceeded our est by 15% on higher gross margins ($20.51/Bbl; up 118% YoY). Lower fuel margins pulled wholesale and retail op income below our estimates."
"We’ve raised 2012/13 EPS to $2.45/$1.98 from $2.19/ $1.77 to reflect lower DD&A guidance stemming from the sale of the Yorktown refinery. We’ve increased our PT to $17.50 to reflect less debt on the balance sheet."
For an analyst ratings summary and ratings history on Western Refining click here. For more ratings news on Western Refining click here.
Shares of Western Refining closed at $17.72 yesterday.
UBS analyst says, "WNR reported “clean” 4Q11 clean EPS of $0.48, shy of UBSe and consensus’ $0.52. GAAP EPS of -$0.72 included -$182MM in pre-tax special items. Clean results missed our ests due to higher than expected refining op costs (6% above guidance) and a higher tax rate, along with lower than expected wholesale segment results. Clean refining segment income of $136MM exceeded our est by 15% on higher gross margins ($20.51/Bbl; up 118% YoY). Lower fuel margins pulled wholesale and retail op income below our estimates."
"We’ve raised 2012/13 EPS to $2.45/$1.98 from $2.19/ $1.77 to reflect lower DD&A guidance stemming from the sale of the Yorktown refinery. We’ve increased our PT to $17.50 to reflect less debt on the balance sheet."
For an analyst ratings summary and ratings history on Western Refining click here. For more ratings news on Western Refining click here.
Shares of Western Refining closed at $17.72 yesterday.
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