Price Action To Observe: What Next for Western Refining, Inc. After Today’s Gap Up?

Price Action To Observe: What Next for Western Refining, Inc. After Today's Gap Up?

The stock of Western Refining, Inc. (NYSE:WNR) gapped up by $6.51 today and has $57.82 target or 55.00% above today’s $37.30 share price. The 5 months technical chart setup indicates low risk for the $4.33B company. The gap was reported on Nov, 18 by Barchart.com. If the $57.82 price target is reached, the company will be worth $2.38B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 25.67 million shares traded hands or 857.84% up from the average. Western Refining, Inc. (NYSE:WNR) has risen 15.22% since April 15, 2016 and is uptrending. It has outperformed by 10.60% the S&P500.

Western Refining, Inc. (NYSE:WNR) Ratings Coverage

Out of 10 analysts covering Western Refining (NYSE:WNR), 4 rate it a “Buy”, 1 “Sell”, while 5 “Hold”. This means 40% are positive. Western Refining has been the topic of 26 analyst reports since July 24, 2015 according to StockzIntelligence Inc. As per Monday, September 19, the company rating was maintained by Cowen & Co. The rating was initiated by JP Morgan on Friday, September 11 with “Neutral”. Credit Suisse maintained Western Refining, Inc. (NYSE:WNR) rating on Monday, April 11. Credit Suisse has “Outperform” rating and $35 price target. The company was downgraded on Monday, October 10 by Barclays Capital. The firm has “Outperform” rating by Cowen & Co given on Thursday, February 25. The stock of Western Refining, Inc. (NYSE:WNR) has “Sector Perform” rating given on Wednesday, August 5 by RBC Capital Markets. The rating was downgraded by Tudor Pickering to “Sell” on Tuesday, April 19. The stock of Western Refining, Inc. (NYSE:WNR) has “Hold” rating given on Friday, October 16 by Tudor Pickering. JP Morgan downgraded Western Refining, Inc. (NYSE:WNR) on Friday, June 10 to “Underweight” rating. As per Friday, February 26, the company rating was maintained by Barclays Capital.

According to Zacks Investment Research, “Western Refining, Inc. is an independent crude oil refiner and marketer of refined products headquartered in El Paso, Texas, and operates primarily in the Southwestern region of the United States, including Arizona, New Mexico, and West Texas. They have invested a significant amount of capital in refinery initiatives that will allow us to improve our crude oil processing flexibility, expand refinery capacity, increase production of higher-value refined products and satisfy certain regulatory requirements.”

Insitutional Activity: The institutional sentiment increased to 1.31 in 2016 Q2. Its up 0.39, from 0.92 in 2016Q1. The ratio is positive, as 55 funds sold all Western Refining, Inc. shares owned while 67 reduced positions. 50 funds bought stakes while 110 increased positions. They now own 70.16 million shares or 3.64% less from 72.80 million shares in 2016Q1.
Macquarie Gru last reported 0.06% of its portfolio in the stock. Commonwealth Commercial Bank Of Aus, a Australia-based fund reported 102,800 shares. First Quadrant Lp Ca accumulated 0% or 5,900 shares. Hbk Limited Partnership last reported 31,700 shares in the company. Blackrock Fund Advsr has 3.86M shares for 0.02% of their US portfolio. State Street Corp has 0.01% invested in the company for 4.34 million shares. State Board Of Administration Of Florida Retirement accumulated 37,038 shares or 0% of the stock. Weaver C Barksdale And accumulated 1,969 shares or 0.07% of the stock. Cushing Asset Mngmt L P, a Texas-based fund reported 243,156 shares. State Treasurer State Of Michigan owns 32,100 shares or 0.01% of their US portfolio. Dekabank Deutsche Girozentrale has 989 shares for 0% of their US portfolio. Kbc Gp Nv holds 0.05% or 178,767 shares in its portfolio. Petrus Trust Co Lta accumulated 0.1% or 20,692 shares. Public Employees Retirement Association Of Colorado accumulated 0% or 16,580 shares. Wealthtrust last reported 410 shares in the company.

Insider Transactions: Since May 26, 2016, the stock had 3 buys, and 0 sales for $10.20 million net activity. $7.67 million worth of Western Refining, Inc. (NYSE:WNR) was bought by Foster Paul L. 10,000 Western Refining, Inc. (NYSE:WNR) shares with value of $213,740 were bought by Hogan Brian John. Stevens Jeff A had bought 100,000 shares worth $2.32 million.

More news for Western Refining, Inc. (NYSE:WNR) were recently published by: Bloomberg.com, which released: “Tesoro Eyes Permian Basin in Deal to Buy Western Refining” on November 17, 2016. Nasdaq.com‘s article titled: “Mid-Day Market Update: Western Refining Surges On Acquisition News; Stage …” and published on November 17, 2016 is yet another important article.

WNR Company Profile

Western Refining, Inc. (Western), incorporated on September 16, 2005, is an independent crude oil refiner and marketer of refined products. The Firm operates through four divisions: refining, Northern Tier Energy LP (NTI), Western Refining Logistics, LP (WNRL) and retail. The Company’s refining segment owns and operates over two refineries in the Southwest that process crude oil and other feedstocks into gasoline, diesel fuel, jet fuel and asphalt. The Firm markets refined products to customer base, including wholesale distributors and retail chains. The refining segment also sells refined products in the Mid-Atlantic region and Mexico. The NTI segment owns and operates refining and transportation assets, and operates and supports retail convenience stores in the Upper Great Plains region of the United States.

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