Western Refining Inc

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  • uploads///DMA
    Company & Industry Overviews

    HollyFrontier’s Stock: Trading Below Moving Averages

    Refining companies’ stock performance was affected by the abolition of the crude oil export ban in the United States.

    By Maitali Ramkumar
  • uploads///WTI Brent Spread
    Energy & Utilities

    Must-know effects of the Ukraine crisis on your oil investments

    The immediate effect of the current crisis between Russia and Ukraine is that it has likely provided some support to oil prices and caused some volatility in oil prices.

    By Ingrid Pan
  • uploads///IH
    Earnings Report

    Valero’s Institutional Holdings before the 1Q17 Results

    The institutional holdings in Valero Energy (VLO) are higher than the institutional holdings in Marathon Petroleum (MPC), Phillips 66 (PSX), and Western Refining (WNR).

    By Maitali Ramkumar
  • uploads///Analyst ratings
    Miscellaneous

    Why Most Analysts Are Calling Marathon Petroleum a ‘Buy’

    Marathon Petroleum (MPC) has been rated by 19 Wall Street analysts. Seventeen analysts (or 89%) have rated it as a “buy” so far in May 2017.

    By Maitali Ramkumar
  • uploads///Hist valuations
    Company & Industry Overviews

    How Refining Stocks’ Historical Valuation Compares

    Refining stocks’ valuation In this part, we’ll compare refining stocks’ EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) ratios with their three-year averages. Marathon Petroleum (MPC), Valero Energy (VLO), Phillips 66 (PSX), and Tesoro (TSO) are trading higher than their historical valuation. MPC was trading at a 10.3x EV-to-EBITDA ratio in 1Q17, compared […]

    By Maitali Ramkumar
  • uploads///Stock Perf
    Earnings Report

    Understanding Valero’s Stock Performance Prior to the 1Q17 Results

    Since February 2017, downstream stocks have been hit by volatile crack conditions and changing inventory levels. VLO has also witnessed volatility in its stock price.

    By Maitali Ramkumar
  • uploads///US Regular Gasoline Prices
    Macroeconomic Analysis

    Refinery Maintenance Could Raise Gasoline Prices

    The EIA’s (U.S Energy Information Administration) most recent weekly gasoline and diesel fuel price report showed that US regular gasoline retail prices averaged $2.02 per gallon yesterday.

    By Manu Milan
  • uploads///crude  month chat  april
    Macroeconomic Analysis

    Unexpected Inventory Buildup: Will Crude Oil Hit $52 per Barrel?

    The US commercial crude oil inventory data will be reported by the EIA today. Prices may experience volatility due to inventory increasing more than market estimates.

    By Gordon Kristopher
  • uploads///DMA
    Earnings Report

    Marathon Petroleum Stock: Performance ahead of the 1Q17 Earnings

    Marathon Petroleum stock has plunged 7% year-to-date. Due to its falling price in 1Q17, the stock has broken below its 50-day moving average.

    By Maitali Ramkumar
  • uploads///Org Structure
    Company & Industry Overviews

    Why Is Western Refining Raising $500 Million?

    Western Refining (WNR) plans to raise $500 million via a term loan. In this series, we’ll give you insights into the company’s operations, financials, market performance, and much more.

    By Maitali Ramkumar
  • uploads///Crude oil and petroluem products charts
    Macroeconomic Analysis

    How Do Crude Oil, Gasoline, and Diesel Prices Mirror Each Other?

    The EIA estimates that US gasoline prices could average around $1.98 per gallon in 2016—the lowest annual average for gasoline prices since 2004.

    By Gordon Kristopher
  • uploads///Valuations
    Energy & Utilities

    What Do Refining Stock Valuations Reveal?

    With respect to the price-to-earnings ratio, larger players Marathon Petroleum (MPC), Tesoro (TSO), and Phillips 66 (PSX) trade higher than the average valuations.

    By Maitali Ramkumar
  • uploads///bbaccdddbaabdebb
    Macroeconomic Analysis

    Why Did Crude Oil Prices Rise 37% since the Lows in February?

    Supply stripping demand caused crude oil prices to fall by almost 66% since June 2014. However, oil prices rose almost 37% from the lows in February 2016.

    By Gordon Kristopher
  • uploads///Annotated
    Company & Industry Overviews

    What Do Analysts’ Ratings for Phillips 66 Suggest?

    About 41% of the surveyed analysts who cover Phillips 66 (PSX) rate the company a “buy.” Another 53% rate it a “hold.”

    By Maitali Ramkumar
  • uploads///Fund Domicile Breakdown
    Energy & Utilities

    CRAK Provides Broad Exposure to Developed and Emerging Markets

    CRAK provides investors with broader global exposure, diversifying its portfolio with developed markets as well as emerging markets like Japan and India.

    By Manu Milan
  • uploads///Refinery Demand
    Miscellaneous

    Pre-Hurricane Harvey, US Crude Oil Demand Hit a Record High

    US refinery crude oil demand The EIA (U.S. Energy Information Administration) estimates that US refinery crude oil demand rose by 264,000 bpd (barrels per day) to 17,725,000 bpd between August 18 and 25, 2017, reaching the highest level since 1982. Refinery demand rose 1.5% week-over-week and rose 1,110,000 bpd, or 6.6%, year-over-year. High refinery demand is […]

    By Gordon Kristopher
  • uploads///Gasoline prices
    Miscellaneous

    Why September Gasoline Futures Hit a 2-Year High

    September gasoline futures contracts rose 4% and closed at $1.78 per gallon on August 29, 2017—the highest settlement in more than two years.

    By Gordon Kristopher
  • uploads///Analyst ratings
    Miscellaneous

    The Analysts on Valero: Why the Fall in ‘Buy’ Ratings?

    Exactly 11 (50%) of the 22 analysts covering Valero Energy (VLO) have rated the stock a “buy,” while another 11 analysts have rated the stock as a “hold.”

    By Maitali Ramkumar
  • uploads///Peer Valuation
    Company & Industry Overviews

    Why MPC’s Valuation Commands a Premium over the Peer Average

    MPC’s valuations are above the peer averages likely because it’s now in the process of restructuring its organization to unlock value.

    By Maitali Ramkumar
  • uploads///Analyst Ratings
    Miscellaneous

    How Analysts Rated Tesoro on Its 1Q17 Earnings Day

    Tesoro (TSO) has been rated by 18 analysts. Of those, 12 have assigned the stock a “buy” or “strong buy” rating.

    By Maitali Ramkumar
  • uploads///Estimates
    Earnings Report

    Tesoro Beats 1Q17 Earnings

    Tesoro (TSO) posted its 1Q17 results on May 8, 2017. Revenues missed analysts’ estimate, but adjusted EPS of $0.55 surpassed the estimate of $0.31.

    By Maitali Ramkumar
  • uploads///Analyst Rating
    Miscellaneous

    Where Do Analysts Ratings for Tesoro Stand Pre-Earnings?

    In this series, we’ve examined Tesoro’s (TSO) 1Q17 estimates, refining margin outlook, and stock performance ahead of its earnings release expected on May 8, 2017.

    By Maitali Ramkumar
  • uploads///Stock
    Earnings Report

    How Did Tesoro’s Stock Perform Pre-1Q17 Earnings?

    Since January 3, 2017, TSO stock has fallen 9.8%. Comparatively, crude oil prices have fallen 5.2%, and natural gas prices have fallen 5.6% year-to-date.

    By Maitali Ramkumar
  • uploads///Analyst Ratings
    Miscellaneous

    How Are Analysts Rating Phillips 66 before Its 1Q17 Earnings?

    Phillips 66 has been rated by 19 analysts. Of those, four (or 21.0%) have given it a “buy” or “strong buy” rating.

    By Maitali Ramkumar
  • uploads///Analyst Ratings
    Miscellaneous

    Marathon Petroleum on the Street: What’s Changed among Analysts?

    Of the 19 analysts covering MPC, 17 (89%) analysts have assigned “buy” or “strong buy” ratings, while two (11%) have assigned “hold” ratings.

    By Maitali Ramkumar
  • uploads///Analyst Rec
    Miscellaneous

    Are Valero’s Analyst Ratings Weaker or Stronger before the 1Q Results?

    Of the 21 analysts covering Valero Energy (VLO), 12 (57%) analysts have assigned “buy” or “strong buy” ratings, while nine (43%) have assigned “hold” ratings.

    By Maitali Ramkumar
  • uploads///Analyst Ratings
    Company & Industry Overviews

    Why Most Analysts’ Ratings for Tesoro Are ‘Buys’

    Thirteen out of the 18 analysts covering Tesoro (TSO) have rated it as a “buy” so far in March 2017. Another five analysts have rated TSO as a “hold.”

    By Maitali Ramkumar
  • uploads///Analyst Ratings
    Miscellaneous

    Why the Majority of Analysts Rate Phillips 66 as a ‘Hold’

    Fifteen out of the 19 analysts covering Phillips 66 (PSX) rated it as a “hold” in March 2017. Another four analysts rated PSX as a “buy” or a “strong buy.”

    By Maitali Ramkumar
  • uploads///tllps per unit distribution
    Company & Industry Overviews

    Tesoro Logistics Expects 12%–15% Distribution Growth for 2017

    Tesoro Logistics (TLLP) expects its distributions to grow 12%–15% for 2017.

    By Rekha Khandelwal, CFA
  • uploads///Valuations
    Miscellaneous

    TSO to Acquire WNR: Where Do Their Valuations Stand?

    In this article, we’ll look at Tesoro’s (TSO) and Western Refining’s (WNR) valuations following the news of TSO’s acquisition of WNR.

    By Maitali Ramkumar
  • uploads///WNR Acq
    Miscellaneous

    Tesoro to Acquire Western Refining: What’s the Deal?

    Tesoro (TSO), an independent American refining company, has agreed to acquire Western Refining (WNR), marking a significant leap in its inorganic growth path.

    By Maitali Ramkumar
  • uploads///Stock Returns
    Earnings Report

    How Did Tesoro’s Stock React to Its 3Q16 Earnings?

    Tesoro (TSO) announced its results after the market closed on October 31, 2016. On November 1, 2016, TSO opened at $88.5 per share.

    By Maitali Ramkumar
  • uploads///Hist Valuations
    Company & Industry Overviews

    Why Tesoro’s Valuation Is Lower Than Its Historical Average

    Tesoro traded at an average PE ratio of 10.2x from 2Q14 to 2Q16. PE measures a company’s price per share as a multiple of its earnings per share.

    By Maitali Ramkumar
  • uploads///Correlation
    Company & Industry Overviews

    What Is the Correlation between MPC’s Stock and Oil Prices?

    The correlation coefficient of Marathon Petroleum (MPC) and WTI stands at 0.34. The correlation value for MPC’s stock and oil price show that they have a positive but feeble correlation.

    By Maitali Ramkumar
  • uploads///SI
    Earnings Report

    What Does an Analysis of PSX’s Short Interest Reveal?

    Since mid-February 2016, Phillips 66 (PSX) has witnessed an 18% fall in its short interest.

    By Maitali Ramkumar
  • uploads///Segments
    Earnings Report

    Will WNR’s Refining Margin Trend Higher This Quarter?

    Western Refining (WNR) recorded a fall in gross refining margins, from $16.80 per barrel in 1Q15 to $10.80 per barrel in 1Q16.

    By Maitali Ramkumar
  • uploads///Estimates
    Earnings Report

    What Do Analysts Expect from PBF Energy’s 2Q16 Earnings?

    In 1Q16, PBF Energy’s revenues surpassed Wall Street analyst estimates by 12%. PBF’s 1Q16 adjusted EPS was -$0.65, as compared to the estimated -$0.47.

    By Maitali Ramkumar
  • uploads///Returns
    Earnings Report

    How Has Marathon Petroleum Stock Performed Pre-Earnings?

    Between July 2014 and November 2015, Marathon Petroleum (MPC) stock rose 51%. But after that, the stock fell until early 2016.

    By Maitali Ramkumar
  • uploads///Correlation
    Company & Industry Overviews

    What’s the Correlation between Valero Stock and Oil Prices?

    The correlation value for Valero stock and the price of oil shows they have a positive but feeble correlation. Valero stock moves in line with WTI prices only to a certain extent.

    By Maitali Ramkumar
  • uploads///diesel
    Macroeconomic Analysis

    US On-Highway Diesel Fuel Prices Hit Fresh 2016 Highs

    The EIA reported that US on-highway diesel fuel prices rose by 0.8% week-over-week and closed at $2.40 per gallon on June 6, 2016.

    By Gordon Kristopher
  • uploads///Segments
    Earnings Report

    What Does Valero’s Refining Margin Indicator for 1Q16 Suggest?

    In 4Q15, Valero Energy (VLO) noted a fall in gross margin to $10.90 per barrel compared to $11.20 per barrel in 4Q14.

    By Maitali Ramkumar
  • uploads///Correlation
    Company & Industry Overviews

    What’s the Relationship between WNR, Crude Oil Prices, and SPY?

    The correlation coefficient of Western Refining versus WTI and Brent stands at -0.53 and -0.64, respectively.

    By Maitali Ramkumar
  • uploads///ebebfffddaecabcf
    Macroeconomic Analysis

    Why Did Crude Oil Prices and the US Stock Market Rally?

    NYMEX-traded WTI crude oil futures contracts for April delivery rose by 1.9% and settled at $34.4 per barrel on March 1. Brent crude oil prices rose by 2.3%.

    By Gordon Kristopher
  • uploads///Annotated
    Earnings Report

    What You Can Expect: HollyFrontier’s 4Q15 Stock Performance

    HFC’s stock performance has been quite volatile over the past year. The stock hit highs of $54 in August 2015 and lows of $30 in February 2016…

    By Maitali Ramkumar
  • uploads///Cash Flow
    Company & Industry Overviews

    PBF’s Cash Flow Is Volatile amid Changes in Working Capital

    PBF Energy has seen a fall in cash balances from 3Q14 to 3Q15. PBF’s cash balance in 3Q15 stood at $707 million, showing a 5% fall over 3Q14.

    By Maitali Ramkumar
  • uploads///cecdacebfffbebcddbf
    Macroeconomic Analysis

    Crude Oil Prices Tumble: Will Iran, Saudi Arabia Change Anything?

    The speculation of a meeting between Iran and Saudi Arabia could support crude oil prices. Iran says it’s interested in discussing the depressed oil market with Saudi Arabia.

    By Gordon Kristopher
  • uploads///U
    Macroeconomic Analysis

    Lower Gasoline Demand Sent Prices Down

    According to the EIA’s Weekly Petroleum Status report, US gasoline demand was 8.9 MMbpd (million barrels per day) for the week ended January 22.

    By Manu Milan
  • uploads///dffaeefaefdd
    Macroeconomic Analysis

    Massive Sell-Off: Crude Oil Prices Test New Lows

    February WTI (West Texas Intermediate) crude oil futures contracts trading on NYMEX fell by 5.7% and settled at $29.42 per barrel on Friday, January 15, 2016.

    By Gordon Kristopher
  • uploads///U
    Macroeconomic Analysis

    Strong Distillate Inventories Build, Forcing Prices to the Floor

    The EIA’s Weekly Petroleum Status Report released on January 13 reported that US distillate inventories rose by ~6.1 MMbbls for the week ended January 8.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Lower Gasoline Demand Pushed Inventories to Surge

    Gasoline demand was 8.5 MMbpd for the week ended January 8, 2016. Demand rose by ~0.34 MMbpd compared to the previous week ended January 1, 2016.

    By Manu Milan
  • uploads///US gasoline and distillate
    Macroeconomic Analysis

    Gasoline and Distillate Inventories Overshadow Crude Oil Market

    The EIA (U.S. Energy Information Administration) reported that the US gasoline inventory rose by 8.4 MMbbls to 240.4 MMbbls for the week ending January 8, 2016.

    By Gordon Kristopher
  • uploads///US change in production
    Macroeconomic Analysis

    US Increases Crude Oil Production in 2015 after Record in 2014

    US annual crude oil production increased by 1.3 MMbpd (million barrels per day) to 8.7 MMbpd in 2014. The increase in production was the highest in the last 100 years.

    By Gordon Kristopher
  • uploads///WTI vs USO vs XOP
    Macroeconomic Analysis

    Why Did USO Trade Better than XOP?

    XOP offers an equal-weighted approach to oil and gas exploration and production. The portfolio is diversified. Its holdings don’t exceed 3%.

    By Manu Milan
  • uploads///moving averegs us export ban
    Macroeconomic Analysis

    Independent Refiners Gained from US Crude Oil Export Ban

    The latest news from the US government suggests that the US crude oil export ban could be lifted. The lifting of the ban opens a window for US oil producers.

    By Gordon Kristopher
  • uploads///wnr
    Miscellaneous

    How the TexNew Mex Pipeline Will Benefit WNRL’s Cash Flows

    Western Refining Logistics is expecting an addition of $18.5 million to $19 million in EBITDA from the TexNew Mex Pipeline and the Star Lake crude oil storage tank in 2016.

    By Vineet Kulkarni
  • uploads///Gulf Coast    Crack Spread
    Macroeconomic Analysis

    Crack Spread Narrowed: Is There Less Demand for Crude Oil?

    The benchmark US Gulf Coast 3:2:1 crack spread fell ~12.50% last week. It hit ~$13.28 per barrel on Friday, November 13, 2015.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Will Low Heating Oil and Diesel Prices Put Pressure on Refiners?

    Heating oil and diesel prices are low because distillate inventory levels are growing at a rapid pace, but demand is less than anticipated. This is bearish for refineries.

    By Manu Milan
  • uploads///Gulf Coast    Crack Spread
    Macroeconomic Analysis

    Wider Crack Spread: Its Impact on Refiners

    The recent rise in the crack spread is driven by factors like low crude oil prices, a rise in demand for gasoline, and a sharp rise in demand for propane.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    What Impact Has Crude Oil Had on Heating Oil Prices?

    The EIA’s Short-Term Energy Outlook reveals that American households heating primarily with heating oil will spend an average of $459 this winter.

    By Manu Milan
  • uploads///US crude oil production
    Macroeconomic Analysis

    Slowing US Crude Oil Output Could Impact US Refiners

    US crude oil production fell for the eighth time in the last ten weeks. Crude oil prices rose almost 10% during the second week of October.

    By Gordon Kristopher
  • uploads///U
    Macroeconomic Analysis

    Can Outages Be Overcome by Alternate Sources of Gasoline Supply?

    According to the EIA, since the Torrance outage, imported supplies of gasoline have been arriving in Southern California from all over the world.

    By Manu Milan
  • uploads///MARPOL sulfar regulations
    Macroeconomic Analysis

    Analyzing MARPOL Regulations on Sulfur Content in RFO

    According to the EIA, the levels stipulated by MARPOL (marine pollution) regulations can be met by using RFO with sulfur levels of no more than 3.5%.

    By Manu Milan
  • uploads///wnr
    Fund Managers

    Magnetar Sells Position in Western Refining

    In January 2015, Western Refining grew its retail operations by adding 31 stores in Southern Arizona. Revenues in 4Q14 were relatively stable at $3 billion.

    By Santiago Solari
  • uploads///P RefCo
    Macroeconomic Analysis

    HollyFrontier and PBF Energy Top Movers in Refining Last Week

    PBF Energy (PBF) gave up ~4% of its value in the week ending April 1, following an 8.5% drop in the previous week. It was among the biggest gainers in March.

    By Manas Chowgule, CFA
  • uploads///Non Opec production decline
    Macroeconomic Analysis

    Declining Non-OPEC Production Estimates Help the Oil Market

    In its STEO April edition, the EIA reported that production growth estimates from non-OPEC countries will decline in 2015—compared to 2014.

    By Gordon Kristopher
  • uploads///Crude day chart  Apr
    Company & Industry Overviews

    Crude Oil Charts Show That Oil Prices Might Repeat the 2009 Rally

    The EIA released the weekly crude oil report on April 15, 2015. The data showed that US commercial crude oil inventories rose by 1.02 MMbbls.

    By Gordon Kristopher
  • uploads///a
    Fund Managers

    Magnetar Capital’s Top Exits in 4Q14

    Established in 2005 by Alec Litowitz and Ross Laser, Magnetar Capital has grown by more than five times in terms of assets under management.

    By Santiago Solari
  • uploads///TSO P CFI
    Company & Industry Overviews

    An overview of Tesoro’s capex and cash flow from investments

    Over the last seven years, Tesoro’s capex saw a pattern that reflects the fortunes of the sector. Tesoro also made acquisitions that required it to spend well in excess of its CFO.

    By Manas Chowgule, CFA
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