CVR Refining LP (CVRR) Lifted to Buy at Zacks Investment Research
CVR Refining LP (NYSE:CVRR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm currently has a $10.00 target price on the stock. Zacks Investment Research’s price target suggests a potential upside of 11.98% from the stock’s previous close.
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 research analysts have also recently commented on CVRR. Wolfe Research initiated 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. reiterated a “sell” rating on shares of CVR Refining in a research note on Wednesday, June 29th. JPMorgan Chase & Co. reiterated 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 cut their price target for the stock 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 investment analysts have rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $9.99.
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CVR Refining (NYSE:CVRR) traded up 1.13% on Wednesday, reaching $8.93. The company had a trading volume of 219,858 shares. The stock has a 50 day moving average of $8.17 and a 200 day moving average of $8.91. CVR Refining has a 12 month low of $5.50 and a 12 month high of $22.74. The firm has a market capitalization of $1.32 billion, a PE ratio of 49.89 and a beta of 1.34.
CVR Refining (NYSE:CVRR) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.53 EPS for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.23. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.06 billion. The company’s revenue for the quarter was down 24.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.54 EPS. On average, analysts anticipate that CVR Refining will post $0.27 EPS for the current year.
In other news, Director Carl C. Icahn sold 250,000 shares of the company’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 transaction of $1,425,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its position in CVR Refining by 4.2% in the first quarter. Geode Capital Management LLC now owns 28,310 shares of the company’s stock valued at $341,000 after buying an additional 1,147 shares during the period. 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 valued at $109,000 after buying an additional 13,325 shares during the period. Invictus RG bought a new position in CVR Refining during the first quarter valued at approximately $184,000. State Street Corp raised its position in CVR Refining by 4.1% in the first quarter. State Street Corp now owns 47,199 shares of the company’s stock valued at $570,000 after buying an additional 1,847 shares during the period. Finally, Groesbeck Investment Management Corp NJ raised its position 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 valued at $2,463,000 after buying an additional 1,200 shares during the period.
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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