Grisanti Capital Management LLC Decreases Position in CVR Refining, LP (NYSE:CVRR)
Grisanti Capital Management LLC reduced its stake in shares of CVR Refining, LP (NYSE:CVRR) by 27.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 57,550 shares of the oil and gas company’s stock after selling 21,700 shares during the period. Grisanti Capital Management LLC’s holdings in CVR Refining, were worth $546,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Morgan Stanley increased its position in CVR Refining, by 36.1% in the first quarter. Morgan Stanley now owns 2,004,627 shares of the oil and gas company’s stock valued at $18,945,000 after buying an additional 531,355 shares during the last quarter. Bank of America Corp DE increased its position in CVR Refining, by 39.1% in the first quarter. Bank of America Corp DE now owns 1,131,430 shares of the oil and gas company’s stock valued at $10,692,000 after buying an additional 318,126 shares during the last quarter. Acadian Asset Management LLC increased its position in CVR Refining, by 389.1% in the second quarter. Acadian Asset Management LLC now owns 572,644 shares of the oil and gas company’s stock valued at $5,442,000 after buying an additional 455,572 shares during the last quarter. ING Groep NV purchased a new position in CVR Refining, during the first quarter valued at about $3,391,000. Finally, Wellington Management Group LLP purchased a new position in CVR Refining, during the first quarter valued at about $2,745,000. 11.55% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CVR Refining, LP (NYSE:CVRR) opened at 6.75 on Friday. The firm’s 50-day moving average price is $8.67 and its 200 day moving average price is $9.74. CVR Refining, LP has a 12 month low of $6.21 and a 12 month high of $12.55. The firm has a market capitalization of $996.30 million, a P/E ratio of 18.80 and a beta of 1.28.
CVR Refining, (NYSE:CVRR) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by $0.30. CVR Refining, had a return on equity of 3.99% and a net margin of 1.02%. The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same quarter last year, the firm earned $0.53 earnings per share. The company’s revenue was up 14.9% compared to the same quarter last year. Analysts anticipate that CVR Refining, LP will post $0.14 earnings per share for the current fiscal year.
CVRR has been the topic of several research reports. BidaskClub downgraded CVR Refining, from a “sell” rating to a “strong sell” rating in a research report on Sunday, August 6th. Citigroup Inc. cut their target price on CVR Refining, from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Monday, July 17th. Zacks Investment Research downgraded CVR Refining, from a “hold” rating to a “sell” rating in a research report on Monday, April 17th. Finally, UBS AG reissued a “neutral” rating and issued a $8.50 target price (down from $10.00) on shares of CVR Refining, in a research report on Tuesday. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $9.56.
About CVR Refining,
CVR Refining, LP is an independent downstream energy limited partnership with refining and related logistics assets that operates in the mid-continent region. The Company is a petroleum refiner. It owned and operated a complex full coking medium-sour crude oil refinery in Coffeyville, Kansas with a rated capacity of 115,000 barrels per calendar day (bpcd) and a complex crude oil refinery in Wynnewood, Oklahoma with a rated capacity of 70,000 bpcd capable of processing 20,000 bpcd of light sour crude oils (within its rated capacity of 70,000 bpcd), as of December 31, 2016.
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