CVR Refining LP (CVRR) Rating Reiterated by Barclays PLC
CVR Refining LP (NYSE:CVRR)‘s stock had its “underweight” rating reiterated by analysts at Barclays PLC in a research note issued to investors on Monday. They presently have a $9.00 target price on the stock, up from their previous target price of $6.00. Barclays PLC’s price objective points to a potential upside of 0.33% from the company’s previous close.
A number of other equities research analysts have also recently issued reports on CVRR. Wolfe Research started coverage on CVR Refining in a research note on Monday, June 20th. They issued a “market perform” rating on the stock. Goldman Sachs Group Inc. restated a “sell” rating on shares of CVR Refining in a research note on Wednesday, June 29th. JPMorgan Chase & Co. restated a “sell” rating on shares of CVR Refining in a research note on Thursday, June 30th. Simmons cut CVR Refining from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $8.00 to $3.00 in a research note on Friday, July 1st. Finally, Piper Jaffray Cos. cut CVR Refining from a “neutral” rating to an “underweight” rating in a research note on Friday, July 1st. Six analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a strong buy rating to the company’s stock. CVR Refining presently has an average rating of “Hold” and a consensus price target of $10.44.
CVR Refining (NYSE:CVRR) traded up 1.93% during midday trading on Monday, hitting $8.97. 306,859 shares of the stock were exchanged. The company’s 50 day moving average is $8.08 and its 200 day moving average is $8.91. The company has a market capitalization of $1.32 billion, a P/E ratio of 50.11 and a beta of 1.34. CVR Refining has a 1-year low of $5.50 and a 1-year high of $22.74.
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CVR Refining (NYSE:CVRR) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.53 earnings per share (EPS) for the quarter, beating 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 quarter in the prior year, the firm posted $1.54 earnings per share. The company’s revenue was down 24.8% on a year-over-year basis. Analysts predict 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 the company’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $5.70, for a total transaction of $1,425,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Several large investors have recently made changes to their positions in CVRR. Global X Management Co. LLC boosted its stake in shares of 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 valued at $109,000 after buying an additional 13,325 shares in the last quarter. Clinton Group Inc. bought a new position in CVR Refining during the second quarter valued at $116,000. Eqis Capital Management Inc. boosted 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 valued at $119,000 after buying an additional 3,465 shares during the period. A.R.T. Advisors LLC bought a new position in CVR Refining during the second quarter valued at $149,000. Finally, Invictus RG bought a new position in CVR Refining during the first quarter valued at $184,000.
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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