Alon USA Energy Falls 7% On Poor Results (ALJ)
Shares of Alon USA Energy, Inc. (NYSE: ALJ) are currently down 7% at $6.25 per share during Friday afternoon trading. Today's trading range for shares of Alon USA Energy, Inc has been between $6.25 and $6.65 per share. The consensus price target of analysts covering the company's stock is $6.55 per share.
Volume of 51,000 shares is still well below the daily average volume of 127,000 shares.
Alon USA Energy, Inc. (ALJ) released financial results on Thursday after the market closed that failed to meet Wall Street estimates. The company reported a 2nd quarter adjusted loss of 55 cents per share, on revenue of $840.3 million.
A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of an expected loss of 50 cents per share, on revenue of $1.04 billion.
Chief executive officer Jeff Morris said, "During the second quarter we consummated the acquisition of the Bakersfield refinery. We were able to complete the acquisition without modifying the capital structure of the company. We are planning to integrate the Bakersfield refinery with our other California refineries and expect to complete the integration during the first half of 2011. With the completion of the integration we will have a full conversion West Coast refinery without the need to build a hydrocracker. We are planning to increase the throughput of the integrated California refineries and are expecting substantial improvement to the operating margin."
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