CVR Refining LP (CVRR) Upgraded to Hold at Zacks Investment Research
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. “
A number of other brokerages have also weighed in on CVRR. JPMorgan Chase & Co. lowered CVR Refining from a neutral rating to an underweight rating and decreased their price objective for the company from $11.00 to $8.00 in a report on Friday, June 10th. Piper Jaffray Cos. raised 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. raised 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 lowered CVR Refining from a neutral rating to an underweight rating and decreased their price objective for the company from $8.00 to $3.00 in a report on Friday, July 1st. Seven investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $10.10.
CVR Refining (NYSE:CVRR) opened at 8.85 on Tuesday. The company has a market capitalization of $1.31 billion, a PE ratio of 49.44 and a beta of 1.34. The stock has a 50 day moving average of $7.83 and a 200-day moving average of $9.01. CVR Refining has a 12-month low of $5.50 and a 12-month high of $22.74.
CVR Refining (NYSE:CVRR) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.23. The company earned $1.16 billion during the quarter, compared to analyst estimates of $1.06 billion. CVR Refining’s revenue was down 24.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.54 EPS. Equities analysts expect 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 business’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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of institutional investors have recently made changes to their positions in the stock. State Street Corp increased its position in shares of CVR Refining by 4.1% in the first quarter. State Street Corp now owns 47,199 shares of the company’s stock worth $570,000 after buying an additional 1,847 shares during the period. Rafferty Asset Management LLC increased its position in shares of CVR Refining by 6.8% in the first quarter. Rafferty Asset Management LLC now owns 114,530 shares of the company’s stock worth $1,384,000 after buying an additional 7,284 shares during the period. Groesbeck Investment Management Corp NJ increased its position in shares of CVR Refining by 0.6% in the first quarter. Groesbeck Investment Management Corp NJ now owns 203,900 shares of the company’s stock worth $2,463,000 after buying an additional 1,200 shares during the period. Geode Capital Management LLC increased its position in shares of CVR Refining by 4.2% in the first quarter. Geode Capital Management LLC now owns 28,310 shares of the company’s stock worth $341,000 after buying an additional 1,147 shares during the period. Finally, Invictus RG acquired a new position in shares of CVR Refining during the first quarter worth about $184,000.
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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