Jeff Stevens (Insider Trades), president and CEO of Western Refining Logistics LP (WNRL), acquired 134,408 shares in the company on Sept. 8. The price per share was $22.32 for a total transaction of $2,999,987.
Western Refining Logistics is a fee-based, growth-oriented company formed by parent company Western Refining to own, operate, develop and acquire terminals, storage tanks, pipelines and other logistics assets. The company has a market cap of $1.16 billion.
There were eight insider buys totaling 828,000 shares in 2013. Despite the same number of insider buys in 2015, the total volume of insider shares acquired in 2015 was about one-fifth of the total volume of insider shares acquired in 2013. There have been nine insider buys totaling 931,918 shares this year to date.
Stevens has acquired 892,765 shares in the company in six transactions since 2013 including the aforementioned transaction. Another Western Refining Logistics insider, Director Paul Foster (Insider Trades), purchased 268,817 shares in the company on Sept. 8. The number of insider trades is indirectly related to month-end price. For more information about insider trades with Western Refining Logistics LP, click here.
The company reported total revenue of $578.602 million for the three months ended June 30. Total revenue is down from $735.904 million reported by the company in the second quarter of 2015. On the other hand, net income increased from $14.653 million, or 34 cents per share, to $17.874 million, or 33 cents per share, when comparing the second quarters of 2015 and 2016.
Stevens commented that the company “realized improved net income and delivered its 10th consecutive quarter of distribution growth.” Stevens attributed the company’s “strategic location” to its continued “good financial performance.” The company declared a cash dividend of 41.25 cents per unit, which is 13% greater than the second-quarter 2015 dividend, and is also the 10th consecutive increase in quarterly cash distribution for unitholders.
The company announced on Sept. 7 the pricing of a registered underwritten public offering of 7.5 million common units, which represent limited partner interests. Each unit will be priced at $22.32, and the total gross proceed is estimated to be $167.4 million. The company intends to use net proceeds from the offering to repay all of the borrowings under its revolving credit facility and fund the acquisition of St. Paul Park Refining Co. LLC.
Jim Simons (Trades, Portfolio) acquired 61,000 shares of the company for an average per share price of $23.97 during the second quarter. Simons previously sold out all 39,735 shares of the company at an average per share price of $25.13. For more information about guru trades with Western Refining Logistics, click here.
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