CVR Refining LP (CVRR) Stock Rating Upgraded by TheStreet
CVR Refining LP (NYSE:CVRR) was upgraded by equities research analysts at TheStreet from a “sell” rating to a “hold” rating in a research report issued on Thursday.
A number of other analysts also recently weighed in on CVRR. JPMorgan Chase & Co. downgraded CVR Refining from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $11.00 to $8.00 in a research report on Friday, June 10th. Wolfe Research started coverage on CVR Refining in a research report on Monday, June 20th. They issued a “market perform” rating for the company. Goldman Sachs Group Inc. reaffirmed a “sell” rating on shares of CVR Refining in a research note on Wednesday, June 29th. Simmons cut CVR Refining from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $8.00 to $3.00 in a research note on Friday, July 1st. Finally, Piper Jaffray Cos. cut CVR Refining from a “neutral” rating to an “underweight” rating in a research note on Friday, July 1st. Six equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $10.10.
CVR Refining (NYSE:CVRR) opened at 8.80 on Thursday. The company has a 50 day moving average price of $8.03 and a 200-day moving average price of $8.99. CVR Refining has a one year low of $5.50 and a one year high of $22.74. The company has a market capitalization of $1.30 billion, a PE ratio of 49.16 and a beta of 1.34.
CVR Refining (NYSE:CVRR) last released its earnings results on Thursday, July 28th. The company reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.23. The firm earned $1.16 billion during the quarter, compared to the consensus estimate of $1.06 billion. The business’s quarterly revenue was down 24.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.54 EPS. Analysts expect that CVR Refining will post $0.27 EPS for the current fiscal year.
In other news, Director Carl C. Icahn sold 250,000 shares of the business’s stock in a transaction that occurred on 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 SEC, which is available through the SEC website.
A number of large investors have recently modified their holdings of CVRR. Global X Management Co. LLC boosted its stake in shares of CVR Refining by 1,825.3% in the second quarter. Global X Management Co. LLC now owns 14,055 shares of the company’s stock valued at $109,000 after buying an additional 13,325 shares during the last quarter. Clinton Group Inc. purchased a new stake in shares of CVR Refining during the second quarter valued at $116,000. Eqis Capital Management Inc. boosted its stake in shares of CVR Refining by 34.2% in the third quarter. Eqis Capital Management Inc. now owns 13,590 shares of the company’s stock valued at $119,000 after buying an additional 3,465 shares during the last quarter. A.R.T. Advisors LLC purchased a new stake in shares of CVR Refining during the second quarter valued at $149,000. Finally, Invictus RG purchased a new stake in shares of CVR Refining during the first quarter valued at $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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