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 note issued to investors 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 research analysts also recently issued research reports about the stock. Wolfe Research started coverage on shares of CVR Refining in a research report on Monday, June 20th. They issued a “market perform” rating for the company. Citigroup Inc. raised their target price on shares of CVR Refining from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Wednesday, September 14th. Barclays PLC raised their target price on shares of CVR Refining from $8.00 to $10.00 and gave the company an “overweight” rating in a research report on Tuesday, August 2nd. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of CVR Refining in a research report on Thursday, June 30th. Finally, Goldman Sachs Group Inc. reaffirmed a “sell” rating on shares of CVR Refining in a research report on Wednesday, June 29th. Seven investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $10.10.
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CVR Refining (NYSE:CVRR) traded down 8.77% during mid-day trading on Tuesday, reaching $8.95. 873,582 shares of the company were exchanged. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of 50.00 and a beta of 1.34. CVR Refining has a 12-month low of $5.50 and a 12-month high of $22.74. The company’s 50 day moving average price is $6.96 and its 200-day moving average price is $9.29.
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 analysts’ consensus estimates of $0.30 by $0.23. The business earned $1.16 billion during the quarter, compared to the consensus estimate of $1.06 billion. The firm’s revenue for the quarter was down 24.8% on a year-over-year basis. During the same period last year, the business posted $1.54 EPS. On average, equities research analysts forecast that CVR Refining will post $0.27 earnings per share for the current fiscal year.
In other news, Director Carl C. Icahn sold 250,000 shares of CVR Refining stock in a transaction dated Tuesday, August 2nd. The shares were 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 Securities & Exchange Commission, which is available at the SEC website.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC increased its position 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 worth $5,611,000 after buying an additional 102,707 shares during the period. Atlantic Trust Group LLC boosted its stake in CVR Refining by 27.6% in the second quarter. Atlantic Trust Group LLC now owns 368,016 shares of the company’s stock worth $2,852,000 after buying an additional 79,683 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in CVR Refining by 8.1% in the second quarter. BNP Paribas Arbitrage SA now owns 337,456 shares of the company’s stock worth $2,615,000 after buying an additional 25,167 shares in the last quarter. Groesbeck Investment Management Corp NJ boosted its stake in CVR Refining by 0.6% in the first quarter. Groesbeck Investment Management Corp NJ now owns 203,900 shares of the company’s stock worth $2,463,000 after buying an additional 1,200 shares in the last quarter. Finally, Emerald Acquisition Ltd. bought a new stake in CVR Refining during the second quarter worth about $1,183,000.
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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