JPMorgan Chase & Co. Initiates Coverage on CVR Refining (CVRR)
Research analysts at JPMorgan Chase & Co. started coverage on shares of CVR Refining (NASDAQ:CVRR) in a report released on Thursday, TheFlyOnTheWall.com reports. The firm set a “neutral” rating and a $26.00 price target on the stock. JPMorgan Chase & Co.’s price objective would indicate a potential downside of 0.08% from the company’s current price.
The analysts wrote, “We are initiating coverage of CVR Refining with a Neutral rating and a year-end 2014 price target of $26/unit. CVRR is benefiting from the substantial strength in refining margins resulting from increased Western Canadian Sedimentary Basin and Mid-Continent production, combined with limited transportation options for these landlocked crudes. Furthermore, CVRR’s growing logistics asset base accentuates these favorable crack spreads. In addition, CVRR enjoys favorable refined product supply/demand fundamentals as PADD II (where CVRR is located) is typically short product, requiring imports for PADD II and creating an incremental transportation premium in CVRR’s margins.”
CVR Refining (NASDAQ:CVRR) traded up 0.46% on Thursday, hitting $26.02. The stock had a trading volume of 395,051 shares. CVR Refining has a 1-year low of $20.16 and a 1-year high of $30.97. The stock’s 50-day moving average is $24.9 and its 200-day moving average is $23.07. The company has a market cap of $3.841 billion and a P/E ratio of 6.59.
CVR Refining (NASDAQ:CVRR) last posted its quarterly earnings results on Thursday, May 1st. The company reported $1.80 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.90 by $0.90. The company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter last year, the company posted $1.34 earnings per share. CVR Refining’s revenue was up 4.5% compared to the same quarter last year. Analysts expect that CVR Refining will post $4.56 EPS for the current fiscal year.
CVR Refining, LP is an energy limited partnership with refining and related logistics assets that operates in the mid-continent region.
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