The New Franklin Mountain Investments Limited Partnership Holding in Western Refining, Inc
Franklin Mountain Investments Limited Partnership filed with the SEC SC 13D/A form for Western Refining, Inc. The form can be accessed here: 000095010316017972. As reported in Franklin Mountain Investments Limited Partnership’s form, the filler as of late owns 14.9% or 16,129,581 shares of the Energy–company.
Western Refining, Inc stake is a new one for the and it was filed because of activity on November 16, 2016. We feel this shows Franklin Mountain Investments Limited Partnership’s positive view for the stock.
Reasons Why Franklin Mountain Investments Limited Partnership Bought – Western Refining, Inc Stock
Item 4. Purpose of Transaction
Item 4 of the Schedule 13D is hereby amendedby inserting the following:
On November 16, 2016, the Issuer enteredinto an Agreement and Plan of Merger with Tesoro Corporation, a Delaware corporation (“Parent”), Tahoe MergerSub 1, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub 1”), and Tahoe MergerSub 2, LLC, a Delaware limited liability company and wholly owned subsidiary of Parent (“Merger Sub 2”), pursuantto which, subject to the satisfaction or waiver of the conditions set forth therein, (i) Merger Sub 1 will be merged with and intothe Issuer, with the Issuer surviving the merger as a wholly-owned subsidiary of Parent (the “Merger”), and(ii) in certain circumstances, the merger of the Issuer with and into Merger Sub 2, with Merger Sub 2 surviving as a wholly ownedsubsidiary of Parent (together with the Merger, the “Mergers”).
Pursuant to the Merger Agreement, at theeffective time of the Merger, and as a result of the Merger, each outstanding share of Common Stock (other than shares of CommonStock held by Parent, Merger Sub 1, Merger Sub 2, the Company or any of their respective direct or indirect subsidiaries) willbe converted into the right to receive, at the holder’s election, either (a) 0.4350 shares of Parent common stock or (b)an amount in cash equal to $37.30 per share (the “Merger Consideration”), subject to proration to the extentholders of Common Stock elect to receive cash in respect of more than 10,843,042 shares of Common Stock. A copy of the Merger Agreementis attached hereto as Exhibit (b)(i) and is incorporated herein by reference. The foregoing description of the Merger Agreementis only a summary, does not purport to be complete and is qualified in its entirety by reference to the full text of the MergerAgreement.
Concurrent with and as a condition to Parententering into the Merger Agreement, the Reporting Person (and/or one or more of its affiliates) entered into a Voting and SupportAgreement with Parent (the “Voting Agreement”), with respect to all shares of Common Stock beneficially ownedby it as set forth in the Voting Agreement, and any additional shares of Common Stock and any other voting securities of the Issuerwhich he may acquire record and/or beneficial ownership of after the date of the Voting Agreement (collectively, the “VotingAgreement Shares”).
Under the Voting Agreement, the ReportingPerson agreed to take the following actions, among others, during the term of the Voting Agreement: (1) vote all Voting AgreementShares in favor of the Mergers and in favor of any related proposal in furtherance thereof; (2) vote all Voting Agreement Sharesin favor of any proposal to adjourn or postpone a meeting of the Issuer’s stockholders to a later date if there are insufficientvotes to adopt the Merger Agreement; (3) vote the Voting Agreement Shares against any alternative transaction; and (4) vote againstany other actions that would impede, prevent , delay or otherwise adversely affect the Mergers. Under the Voting Agreement, theReporting Person granted to Parent (and its designees) an irrevocable proxy to vote its Voting Agreement Shares as provided above.The Voting Agreement, including the irrevocable proxies granted thereunder, will terminate upon the earlier to occur of (i) thetermination of the Merger Agreement in accordance with its terms and (ii) the consummation of the Merger.
A copy of the Voting Agreement is attachedhereto as Exhibit (b)(ii) and is incorporated herein by reference. The foregoing description of the Voting Agreement is only asummary, does not purport to be complete and is qualified in its entirety by reference to the full text of the Voting Agreement.
Except as set forth in this Item 4, theReporting Person does not have any present plans or proposals which relate to or would result in any of the matters set forth inparagraphs (a) through (j) of Item 4 of Schedule 13D.
Western Refining, Inc Institutional Sentiment
Latest Security and Exchange filings show 275 investors own Western Refining, Inc. The institutional ownership in Q3 2015 is very high, at 53.13% of the outstanding shares. This is decreased by 9290121 the total institutional shares. 57604886 were the shares owned by these institutional investors. In total 44 funds opened new Western Refining, Inc stakes, 103 increased stakes. There were 43 that closed positions and 94 reduced them.
3 managers had the stock in their top Ten. Notable investors are: Kempen Capital Management N.V., Dean Capital Management, Lucus Advisors Llc..
Globeflex Capital L P is an institutional investor bullish on Western Refining, Inc, owning 81117 shares as of Q3 2015 for 0.77% of its portfolio. Hays Advisory Llc owns 262576 shares or 1.75% of its portfolio. NY Euclidean Technologies Management Llc have 2.33% of their stock portfolio for 50495 shares. Further, Vollero Beach Capital Partners Llc reported stake worth 2.40% of its US stock portfolio. The NJ Gargoyle Investment Advisor Llc owns 94950 shares. Western Refining, Inc is 1.72% of the manager’s US portfolio.
Western Refining, Inc. (Western) is a crude oil refiner and marketer of refined products. The Company operates through four segments: refining, Northern Tier Energy LP (NTI), Western Refining Logistics, LP (WNRL) and retail. Its 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. Its 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. Its WNRL segment owns and operates terminal, storage, transportation and wholesale assets consisting of a fleet of crude oil and refined product truck transports and wholesale petroleum product operations in the Southwest region. WNRL’s primary customer is its refineries in the Southwest. Its retail segment operates retail convenience stores and unmanned commercial fleet fueling locations located in the Southwest.
SEC Form 13D is filed within 10 days, by anyone who acquires beneficial ownership of 5%+ of any public firm. Activist investors and practices such as: company breakups, hostile takeovers, and change of control events, are permitted for this form filers. A filer must promptly update its 13D filing in case of acquisition or disposition of 1% or more of the securities that are the subject of the filing.
Insitutional Activity: The institutional sentiment increased to 1.31 in 2016 Q2. Its up 0.39, from 0.92 in 2016Q1. The ratio increased, 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.
Geode Mgmt Ltd Limited Liability Company holds 0.01% of its portfolio in Western Refining, Inc. (NYSE:WNR) for 767,827 shares. Amer Group has 0% invested in the company for 191,884 shares. Tiaa Cref Mgmt Limited Liability Com has 0.01% invested in the company for 354,125 shares. Moreover, Principal Financial Grp has 0.01% invested in Western Refining, Inc. (NYSE:WNR) for 424,168 shares. The California-based Los Angeles Capital Mngmt And Equity Rech has invested 0.01% in Western Refining, Inc. (NYSE:WNR). Us Fincl Bank De has 0% invested in the company for 15,437 shares. Morgan Stanley reported 1.93 million shares or 0.01% of all its holdings. Capital Fund Mngmt reported 183,812 shares or 0.04% of all its holdings. South Dakota Investment Council accumulated 0.06% or 135,700 shares. Clear Harbor Asset Llc holds 0.09% of its portfolio in Western Refining, Inc. (NYSE:WNR) for 20,320 shares. Suntrust Banks has invested 0.01% of its portfolio in Western Refining, Inc. (NYSE:WNR). Schroder Mgmt Gru accumulated 651,500 shares or 0.03% of the stock. Westchester Cap Mgmt Limited Liability Company has invested 0% of its portfolio in Western Refining, Inc. (NYSE:WNR). Tcw Grp Inc holds 0% or 23,876 shares in its portfolio. Rothschild Asset Mngmt has invested 0.12% of its portfolio in Western Refining, Inc. (NYSE:WNR).
Insider Transactions: Since May 26, 2016, the stock had 3 insider purchases, and 0 insider sales for $10.20 million net activity. Shares for $2.32 million were bought by Stevens Jeff A. $7.67 million worth of Western Refining, Inc. (NYSE:WNR) was bought by Foster Paul L. Hogan Brian John bought 10,000 shares worth $213,740.
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. is a crude oil refiner and marketer of refined products. The company has a market cap of $4.33 billion. The Firm operates through four divisions: refining, Northern Tier Energy LP (NTI), Western Refining Logistics, LP (WNRL) and retail. It has a 24.46 P/E ratio. 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.
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. $60 is the highest target while $19 is the lowest. The $36.22 average target is -3.41% below today’s ($37.5) stock price. Western Refining has been the topic of 26 analyst reports since July 24, 2015 according to StockzIntelligence Inc. Zacks upgraded Western Refining, Inc. (NYSE:WNR) on Friday, August 7 to “Hold” rating. The firm earned “Outperform” rating on Monday, April 11 by Credit Suisse. The firm has “Neutral” rating given on Thursday, July 14 by Goldman Sachs. The company was upgraded on Monday, January 4 by Tudor Pickering. Macquarie Research initiated it with “Neutral” rating and $43 target price in Friday, July 24 report. Tudor Pickering downgraded the stock to “Sell” rating in Tuesday, April 19 report. The stock of Western Refining, Inc. (NYSE:WNR) has “Neutral” rating given on Monday, August 22 by Piper Jaffray. Credit Suisse maintained Western Refining, Inc. (NYSE:WNR) rating on Monday, September 19. Credit Suisse has “Outperform” rating and $31 price target. The stock has “Underweight” rating given by JP Morgan on Friday, June 10. Barclays Capital downgraded the shares of WNR in a report on Monday, October 10 to “Equalweight” rating.
More important recent Western Refining, Inc. (NYSE:WNR) news were published by: Bloomberg.com which released: “Tesoro Eyes Permian Basin in Deal to Buy Western Refining” on November 17, 2016, also Prnewswire.com published article titled: “Harwood Feffer LLP Announces Investigation of Western Refining, Inc.”, Wsj.com published: “Tesoro to Buy Western Refining for $4.1 Billion” on November 17, 2016. More interesting news about Western Refining, Inc. (NYSE:WNR) was released by: Nasdaq.com and their article: “Mid-Day Market Update: Western Refining Surges On Acquisition News; Stage …” with publication date: November 17, 2016.
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.”
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.