CVR Refining LP (CVRR) Rating Increased 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. “
Several other equities analysts have also recently issued reports on the company. Piper Jaffray Cos. lifted their price objective on CVR Refining from $5.00 to $6.00 and gave the company an underweight rating in a research note on Friday, September 16th. Citigroup Inc. lifted their price objective on CVR Refining from $7.00 to $9.00 and gave the company a neutral rating in a research note on Wednesday, September 14th. Barclays PLC cut CVR Refining from an overweight rating to an underweight rating and decreased their price objective for the company from $8.00 to $6.00 in a research note on Thursday, August 4th. Credit Suisse Group AG cut CVR Refining from a neutral rating to an underperform rating and decreased their price objective for the company from $8.00 to $6.00 in a research note on Monday, August 1st. Finally, Simmons cut 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 research note on Friday, July 1st. Six investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $10.10.
CVR Refining (NYSE:CVRR) opened at 8.80 on Tuesday. The firm has a market cap of $1.30 billion, a P/E ratio of 49.16 and a beta of 1.34. The company has a 50-day moving average of $8.03 and a 200 day moving average of $8.99. CVR Refining has a one year low of $5.50 and a one year 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 for the quarter, beating the consensus estimate of $0.30 by $0.23. The firm earned $1.16 billion during the quarter, compared to analyst estimates of $1.06 billion. The business’s revenue was down 24.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.54 earnings per share. Equities research analysts expect 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 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 value of $1,425,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
A number of large investors have recently modified their holdings of CVRR. Eqis Capital Management Inc. raised 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 worth $119,000 after buying an additional 3,465 shares during the last quarter. Global X Management Co. LLC raised its position in 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 worth $109,000 after buying an additional 13,325 shares during the last quarter. Clinton Group Inc. bought a new position in CVR Refining during the second quarter worth about $116,000. Invictus RG bought a new position in CVR Refining during the first quarter worth about $184,000. Finally, A.R.T. Advisors LLC bought a new position in CVR Refining during the second quarter worth about $149,000.
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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