CVR Refining LP (CVRR) Receives Underweight Rating from Barclays PLC
Barclays PLC reiterated their underweight rating on shares of CVR Refining LP (NYSE:CVRR) in a research report report published on Monday morning. They currently have a $9.00 target price on the stock, up from their prior target price of $6.00.
Several other analysts have also recently issued reports on the company. Wolfe Research initiated coverage on CVR Refining in a research report on Monday, June 20th. They set a market perform rating for the company. Piper Jaffray Cos. lowered CVR Refining from a neutral rating to an underweight rating in a research note on Friday, July 1st. Credit Suisse Group AG lowered CVR Refining from a neutral rating to an underperform rating and dropped their price target for the company from $8.00 to $6.00 in a research note on Monday, August 1st. Citigroup Inc. increased their price target on CVR Refining from $7.00 to $9.00 and gave the company a neutral rating in a research note on Wednesday, September 14th. Finally, Zacks Investment Research raised CVR Refining from a strong sell rating to a hold rating in a research note on Tuesday, September 20th. Six equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $10.44.
CVR Refining (NYSE:CVRR) opened at 9.07 on Monday. The stock’s 50 day moving average price is $8.10 and its 200 day moving average price is $8.91. CVR Refining has a 1-year low of $5.50 and a 1-year high of $22.74. The stock has a market capitalization of $1.34 billion, a PE ratio of 50.67 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 (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.23. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the business posted $1.54 EPS. The business’s revenue for the quarter was down 24.8% compared to the same quarter last year. On average, equities research analysts predict that CVR Refining will post $0.27 earnings per share for the current fiscal year.
In other CVR Refining news, Director Carl C. Icahn sold 250,000 shares of the firm’s stock in a transaction 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 filing with the SEC, which can be accessed through this hyperlink.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVRR. Geode Capital Management LLC increased its position in CVR Refining by 4.2% in the first quarter. Geode Capital Management LLC now owns 28,310 shares of the company’s stock valued at $341,000 after buying an additional 1,147 shares during the last quarter. Groesbeck Investment Management Corp NJ increased its position in CVR Refining by 0.6% in the first quarter. Groesbeck Investment Management Corp NJ now owns 203,900 shares of the company’s stock valued at $2,463,000 after buying an additional 1,200 shares during the last quarter. Stifel Financial Corp increased its position in CVR Refining by 5.5% in the second quarter. Stifel Financial Corp now owns 26,841 shares of the company’s stock valued at $208,000 after buying an additional 1,400 shares during the last quarter. State Street Corp increased its position in CVR Refining by 4.1% in the first quarter. State Street Corp now owns 47,199 shares of the company’s stock valued at $570,000 after buying an additional 1,847 shares during the last quarter. Finally, Eqis Capital Management Inc. increased its position in 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.
CVR Refining Company Profile
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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