Here’s something interesting I noticed:
The price of Western Refining (WNR) stock has dropped more than 15 percent since its high near the start of the year. Western Refining has a price to earning ratio of less than eight, and the average for the S&P 500 is more than 19. By comparison, Exxon Mobile’s (XOM) P/E ratio is more than 12.
Also, Western Refining recently announced a $200 million stock buy back, which one would expect would increase pressure for a stock’s price to increase.
News reports that some investors are selling WNR stock short, meaning they expect the price to drop, but I can’t find any stories to justify such speculation.
I’m only paying attention to it because I own a little bit of WNR stock.