CVR Refining LP (CVRR) Raised to “Hold” at Zacks Investment Research
CVR Refining LP (NYSE:CVRR) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday.
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 analysts also recently issued research reports about the company. Wolfe Research initiated coverage on CVR Refining in a research note on Monday, June 20th. They issued a “market perform” rating on the stock. Citigroup Inc. lifted their price objective on CVR Refining from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 14th. Barclays PLC lifted their price objective on CVR Refining from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 2nd. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of CVR Refining in a research note on Thursday, June 30th. Finally, Goldman Sachs Group Inc. reaffirmed a “sell” rating on shares of CVR Refining in a research note on Wednesday, June 29th. Seven equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $10.10.
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Shares of CVR Refining (NYSE:CVRR) traded down 8.77% during mid-day trading on Tuesday, reaching $8.95. 873,582 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $6.96 and a 200 day moving average of $9.29. The firm has a market capitalization of $1.32 billion, a P/E ratio of 50.00 and a beta of 1.34. 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 quarterly earnings data on Thursday, July 28th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.23. The firm earned $1.16 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the previous year, the firm earned $1.54 EPS. The business’s revenue was down 24.8% compared to the same quarter last year. On average, analysts forecast that CVR Refining will post $0.27 EPS for the current fiscal year.
In other CVR Refining news, Director Carl C. Icahn sold 250,000 shares of the company’s stock in a transaction 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 filing with the SEC, which is available at the SEC website.
Several large investors have recently modified their holdings of the company. Renaissance Technologies LLC boosted its stake in shares of CVR Refining by 28.4% in the first quarter. Renaissance Technologies LLC now owns 464,500 shares of the company’s stock valued at $5,611,000 after buying an additional 102,707 shares in the last quarter. Atlantic Trust Group LLC boosted its stake in shares of CVR Refining by 27.6% in the second quarter. Atlantic Trust Group LLC now owns 368,016 shares of the company’s stock valued at $2,852,000 after buying an additional 79,683 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of CVR Refining by 8.1% in the second quarter. BNP Paribas Arbitrage SA now owns 337,456 shares of the company’s stock valued at $2,615,000 after buying an additional 25,167 shares in the last quarter. Groesbeck Investment Management Corp NJ boosted its stake in shares of 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 in the last quarter. Finally, Emerald Acquisition Ltd. purchased a new stake in shares of CVR Refining during the second quarter valued at $1,183,000.
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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