CVR Refining LP (CVRR) Upgraded by Zacks Investment Research to Hold
According to Zacks, “CVR Refining, LP is engaged in the refining of petroleum primarily in the United States. It has refining and related logistics assets that operate in the mid-continent region. The company operates in Coffeyville, Kansas, Wynnewood and Oklahoma. CVR Refining, LP is headquartered in Sugar Land, Texas. “
Several other research firms also recently issued reports on CVRR. JPMorgan Chase & Co. downgraded CVR Refining from a neutral rating to an underweight rating and cut their price objective for the company from $11.00 to $8.00 in a report on Friday, June 10th. Piper Jaffray Cos. boosted their price objective on CVR Refining from $5.00 to $6.00 and gave the company an underweight rating in a report on Friday, September 16th. Citigroup Inc. boosted their price objective on CVR Refining from $7.00 to $9.00 and gave the company a neutral rating in a report on Wednesday, September 14th. Wolfe Research began coverage on CVR Refining in a report on Monday, June 20th. They issued a market perform rating on the stock. Finally, Simmons downgraded CVR Refining from a neutral rating to an underweight rating and cut their price objective for the company from $8.00 to $3.00 in a report on Friday, July 1st. Seven equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $10.10.
Shares of CVR Refining (NYSE:CVRR) opened at 8.95 on Tuesday. The stock has a market capitalization of $1.32 billion, a PE ratio of 50.00 and a beta of 1.34. The firm has a 50-day moving average price of $7.04 and a 200-day moving average price of $9.28. CVR Refining has a 1-year low of $5.50 and a 1-year high of $22.74.
CVR Refining (NYSE:CVRR) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.23. The firm earned $1.16 billion during the quarter, compared to analysts’ expectations of $1.06 billion. CVR Refining’s quarterly revenue was down 24.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.54 EPS. On average, equities research analysts forecast that CVR Refining will post $0.27 earnings per share for the current year.
In other news, Director Carl C. Icahn sold 250,000 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $5.70, for a total transaction of $1,425,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Hedge funds have recently made changes to their positions in the stock. Emerald Acquisition Ltd. purchased a new stake in shares of CVR Refining during the second quarter worth about $1,183,000. Bank of Montreal Can purchased a new stake in shares of CVR Refining during the second quarter worth about $868,000. Renaissance Technologies LLC boosted its stake in shares of CVR Refining by 28.4% in the first quarter. Renaissance Technologies LLC now owns 464,500 shares of the company’s stock worth $5,611,000 after buying an additional 102,707 shares during the period. Atlantic Trust Group LLC boosted its stake in shares of CVR Refining by 27.6% in the second quarter. Atlantic Trust Group LLC now owns 368,016 shares of the company’s stock worth $2,852,000 after buying an additional 79,683 shares during the period. Finally, Pacad Investment Ltd. purchased a new stake in shares of CVR Refining during the second quarter worth about $216,000.
About CVR Refining
CVR Refining, LP is an independent downstream energy limited partnership. The Company has refining and related logistics assets that operate in the mid-continent region. The Company is a petroleum refiner and it owns approximately two refineries in the underserved Group 3 of the PADD II region of the United States.
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