CVR Refining, LP (NYSE:CVRR) Downgraded by Zacks Investment Research to Sell
CVR Refining, LP (NYSE:CVRR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” 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. “
A number of other brokerages also recently issued reports on CVRR. ValuEngine upgraded shares of CVR Refining, from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Citigroup Inc. lifted their price target on shares of CVR Refining, from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Thursday, May 25th. BidaskClub upgraded shares of CVR Refining, from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. Finally, Credit Suisse Group downgraded shares of CVR Refining, from an “outperform” rating to a “neutral” rating and set a $10.00 price target on the stock. in a report on Tuesday, June 20th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $10.14.
CVR Refining, (NYSE:CVRR) traded down 2.59% on Tuesday, reaching $9.40. The company had a trading volume of 315,599 shares. CVR Refining, has a 12-month low of $5.50 and a 12-month high of $12.55. The stock has a market capitalization of $1.39 billion, a PE ratio of 9.23 and a beta of 1.33. The stock’s 50 day moving average price is $9.71 and its 200-day moving average price is $10.14.
CVR Refining, (NYSE:CVRR) last announced its quarterly earnings results on Thursday, April 27th. The oil and gas company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.42. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.25 billion. CVR Refining, had a net margin of 2.99% and a return on equity of 11.43%. CVR Refining,’s revenue for the quarter was up 70.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.46) EPS. Equities analysts expect that CVR Refining, will post $1.01 earnings per share for the current fiscal year.
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Hedge funds have recently bought and sold shares of the company. Bank of Montreal Can acquired a new stake in CVR Refining, during the second quarter worth $766,000. Valueworks LLC increased its stake in CVR Refining, by 50.0% in the first quarter. Valueworks LLC now owns 150,000 shares of the oil and gas company’s stock worth $1,417,000 after buying an additional 50,000 shares during the period. HighTower Advisors LLC acquired a new stake in CVR Refining, during the first quarter worth $100,000. Bank of America Corp DE increased its stake in CVR Refining, by 39.1% in the first quarter. Bank of America Corp DE now owns 1,131,430 shares of the oil and gas company’s stock worth $10,692,000 after buying an additional 318,126 shares during the period. Finally, Morgan Stanley increased its stake in CVR Refining, by 36.1% in the first quarter. Morgan Stanley now owns 2,004,627 shares of the oil and gas company’s stock worth $18,945,000 after buying an additional 531,355 shares during the period. Hedge funds and other institutional investors own 11.34% of the company’s stock.
CVR Refining, Company Profile
CVR Refining, LP is an independent downstream energy limited partnership with refining and related logistics assets that operates in the mid-continent region. The Company is a petroleum refiner. It owned and operated a complex full coking medium-sour crude oil refinery in Coffeyville, Kansas with a rated capacity of 115,000 barrels per calendar day (bpcd) and a complex crude oil refinery in Wynnewood, Oklahoma with a rated capacity of 70,000 bpcd capable of processing 20,000 bpcd of light sour crude oils (within its rated capacity of 70,000 bpcd), as of December 31, 2016.
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