Credit Suisse Group AG Reaffirms “Outperform” Rating for Western Refining Logistics LP (WNRL)
Western Refining Logistics LP (NYSE:WNRL)‘s stock had its “outperform” rating reissued by investment analysts at Credit Suisse Group AG in a research note issued on Monday. They presently have a $31.00 price target on the stock, up from their previous price target of $27.00. Credit Suisse Group AG’s target price would indicate a potential upside of 38.70% from the stock’s previous close.
Several other analysts have also recently issued reports on the stock. Cowen and Company restated an “outperform” rating and set a $32.00 target price (up from $26.00) on shares of Western Refining Logistics in a research report on Monday. JPMorgan Chase & Co. restated a “neutral” rating on shares of Western Refining Logistics in a research report on Friday. Zacks Investment Research cut shares of Western Refining Logistics from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. Finally, TheStreet upgraded shares of Western Refining Logistics from a “sell” rating to a “hold” rating in a research report on Tuesday, August 2nd. Six research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Western Refining Logistics currently has a consensus rating of “Buy” and a consensus price target of $28.33.
Shares of Western Refining Logistics (NYSE:WNRL) traded up 0.18% during mid-day trading on Monday, reaching $22.39. 189,420 shares of the company’s stock traded hands. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of 16.86 and a beta of 0.94. The stock has a 50-day moving average price of $23.87 and a 200 day moving average price of $23.60. Western Refining Logistics has a 12-month low of $17.35 and a 12-month high of $26.94.
Western Refining Logistics (NYSE:WNRL) last announced its earnings results on Tuesday, August 2nd. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by $0.04. The firm had revenue of $578.60 million for the quarter, compared to analysts’ expectations of $488.40 million. The company’s quarterly revenue was down 21.4% on a year-over-year basis. During the same quarter last year, the company earned $0.34 EPS. Analysts anticipate that Western Refining Logistics will post $1.42 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 26th. Investors of record on Friday, August 12th were issued a dividend of $0.4125 per share. This represents a $1.65 annualized dividend and a yield of 7.38%. This is an increase from Western Refining Logistics’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Wednesday, August 10th.
In related news, insider Jeff A. Stevens bought 134,408 shares of the company’s stock in a transaction on Thursday, September 8th. The shares were acquired at an average cost of $22.32 per share, for a total transaction of $2,999,986.56. Following the purchase, the insider now directly owns 410,691 shares of the company’s stock, valued at $9,166,623.12. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael C. Linn bought 11,200 shares of the company’s stock in a transaction on Thursday, September 8th. The stock was bought at an average price of $22.32 per share, for a total transaction of $249,984.00. Following the completion of the purchase, the director now directly owns 28,148 shares in the company, valued at $628,263.36. The disclosure for this purchase can be found here.
A number of institutional investors have recently modified their holdings of the company. Duff & Phelps Investment Management Co. bought a new position in shares of Western Refining Logistics during the first quarter worth approximately $701,000. State Street Corp increased its position in shares of Western Refining Logistics by 3.9% in the first quarter. State Street Corp now owns 13,431 shares of the company’s stock worth $314,000 after buying an additional 503 shares in the last quarter. TPH Asset Management LLC increased its position in shares of Western Refining Logistics by 52.8% in the first quarter. TPH Asset Management LLC now owns 965,499 shares of the company’s stock worth $21,981,000 after buying an additional 333,577 shares in the last quarter. Harvest Fund Advisors LLC increased its position in shares of Western Refining Logistics by 2.5% in the first quarter. Harvest Fund Advisors LLC now owns 3,755,305 shares of the company’s stock worth $87,686,000 after buying an additional 92,289 shares in the last quarter. Finally, HITE Hedge Asset Management LLC bought a new position in shares of Western Refining Logistics during the second quarter worth approximately $6,231,000.
About Western Refining Logistics
Western Refining Logistics, LP owns, operates, develops, and acquires logistics and related assets and businesses to include terminals, storage tanks, pipelines and other logistics assets related to the terminaling, transportation, storage and distribution of crude oil and refined products. The Company’s segments are the logistics segment and the wholesale segment.
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