CVR Refining, LP (CVRR) Downgraded to Sell at Zacks Investment Research
Zacks Investment Research lowered shares of CVR Refining, LP (NYSE:CVRR) from a hold rating to a sell rating in a research report released on Tuesday, July 11th.
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. “
Other equities research analysts have also issued reports about the stock. ValuEngine raised shares of CVR Refining, from a hold rating to a buy rating in a research note on Tuesday, June 13th. BidaskClub raised shares of CVR Refining, from a sell rating to a hold rating in a research note on Saturday, July 1st. Citigroup Inc. upped their price objective on shares of CVR Refining, from $10.00 to $11.00 and gave the company a neutral rating in a research note on Thursday, May 25th. Finally, Credit Suisse Group lowered shares of CVR Refining, from an outperform rating to a neutral rating and set a $10.00 price objective on the stock. in a research note on Tuesday, June 20th. Three equities research 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 stock. CVR Refining, has an average rating of Hold and an average target price of $9.56.
Shares of CVR Refining, (NYSE CVRR) traded down 4.221% during midday trading on Tuesday, reaching $7.375. 174,252 shares of the company were exchanged. The company has a market capitalization of $1.09 billion, a P/E ratio of 20.543 and a beta of 1.28. CVR Refining, has a 52-week low of $5.65 and a 52-week high of $12.55. The stock has a 50-day moving average price of $9.13 and a 200 day moving average price of $9.93.
CVR Refining, (NYSE:CVRR) last posted its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.13) EPS for the quarter, missing the Zacks’ consensus estimate of $0.17 by $0.30. CVR Refining, had a net margin of 1.02% and a return on equity of 3.99%. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the company posted $0.53 earnings per share. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. Equities research analysts expect that CVR Refining, will post $0.14 EPS for the current fiscal year.
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A number of hedge funds and other institutional investors have recently modified their holdings of the company. Parkwood LLC raised its position in shares of CVR Refining, by 61.1% in the second quarter. Parkwood LLC now owns 141,000 shares of the oil and gas company’s stock valued at $1,340,000 after buying an additional 53,487 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of 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 in the last quarter. Russell Investments Group Ltd. bought a new position in shares of CVR Refining, during the second quarter valued at about $570,000. Bank of Montreal Can acquired a new position in CVR Refining, during the second quarter valued at $766,000. Finally, Valueworks LLC increased its position in CVR Refining, by 50.0% in the first quarter. Valueworks LLC now owns 150,000 shares of the oil and gas company’s stock valued at $1,417,000 after buying an additional 50,000 shares during the last quarter. 11.55% of the stock is currently owned by institutional investors and hedge funds.
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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