CVR Refining LP (CVRR) Upgraded at Zacks Investment Research
CVR Refining LP (NYSE:CVRR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $10.00 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 11.98% from the company’s current price.
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. “
CVRR has been the subject of a number of other reports. TheStreet upgraded CVR Refining from a “sell” rating to a “hold” rating in a report on Thursday, October 6th. Simmons cut CVR Refining from a “neutral” rating to an “underweight” rating and cut their price target for the company from $8.00 to $3.00 in a research note on Friday, July 1st. Barclays PLC cut CVR Refining from an “overweight” rating to an “underweight” rating and cut their price target for the company from $8.00 to $6.00 in a research note on Thursday, August 4th. Citigroup Inc. raised 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, Piper Jaffray Cos. raised their price target on CVR Refining from $4.00 to $5.00 and gave the company an “underweight” rating in a research note on Monday, August 22nd. Six analysts have rated the stock with a sell rating, three have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $9.99.
Shares of CVR Refining (NYSE:CVRR) traded up 1.13% during mid-day trading on Wednesday, hitting $8.93. The stock had a trading volume of 219,858 shares. The firm has a market cap of $1.32 billion, a PE ratio of 49.89 and a beta of 1.34. The firm has a 50 day moving average price of $8.17 and a 200 day moving average price of $8.91. CVR Refining has a 52-week low of $5.50 and a 52-week high of $22.74.
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, beating the Zacks’ consensus estimate of $0.30 by $0.23. The company earned $1.16 billion during the quarter, compared to analysts’ expectations of $1.06 billion. The company’s revenue for the quarter was down 24.8% on a year-over-year basis. During the same quarter last year, the business posted $1.54 earnings per share. Equities analysts predict that CVR Refining will post $0.27 EPS for the current year.
In related 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 value of $1,425,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
Institutional investors have recently modified their holdings of the stock. Global X Management Co. LLC boosted its position 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 period. Clinton Group Inc. bought a new position in shares of CVR Refining during the second quarter valued at about $116,000. Eqis Capital Management Inc. boosted its position 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 period. A.R.T. Advisors LLC bought a new position in shares of CVR Refining during the second quarter valued at about $149,000. Finally, Invictus RG bought a new position in shares of CVR Refining during the first quarter valued at about $184,000.
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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