CVR Refining, LP (CVRR) Releases Quarterly Earnings Results, Misses Estimates By $0.45 EPS
CVR Refining, LP (NYSE:CVRR) released its quarterly earnings results on Thursday. The oil and gas company reported ($0.13) EPS for the quarter, missing the consensus estimate of $0.32 by $0.45, Briefing.com reports. CVR Refining, had a return on equity of 11.43% and a net margin of 2.99%. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter in the prior year, the business earned $0.53 earnings per share. The company’s quarterly revenue was up 14.9% on a year-over-year basis.
CVR Refining, (NYSE:CVRR) traded down 15.43% on Thursday, reaching $7.95. The company had a trading volume of 1,334,921 shares. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 7.81 and a beta of 1.33. The stock’s 50-day moving average price is $9.36 and its 200 day moving average price is $10.04. CVR Refining, has a 52-week low of $5.50 and a 52-week high of $12.55.
Several research analysts have recently commented on CVRR shares. Zacks Investment Research lowered CVR Refining, from a “hold” rating to a “sell” rating in a research report on Thursday, March 30th. BidaskClub upgraded CVR Refining, from a “sell” rating to a “hold” rating in a research report on Saturday, July 1st. Citigroup Inc. lowered their price target on CVR Refining, from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Monday, July 17th. Credit Suisse Group lowered CVR Refining, from an “outperform” rating to a “neutral” rating and set a $10.00 price target for the company. in a research report on Tuesday, June 20th. Finally, ValuEngine upgraded CVR Refining, from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a strong buy rating to the company. CVR Refining, currently has a consensus rating of “Hold” and an average price target of $9.63.
A number of hedge funds have recently made changes to their positions in CVRR. Parkwood LLC boosted its position in shares of CVR Refining, by 61.1% in the second quarter. Parkwood LLC now owns 141,000 shares of the oil and gas company’s stock valued at $1,340,000 after buying an additional 53,487 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of CVR Refining, by 389.1% in the second quarter. Acadian Asset Management LLC now owns 572,644 shares of the oil and gas company’s stock valued at $5,442,000 after buying an additional 455,572 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of CVR Refining, during the second quarter valued at approximately $570,000. Bank of Montreal Can bought a new position in shares of CVR Refining, during the second quarter valued at approximately $766,000. Finally, Valueworks LLC boosted its position in shares of CVR Refining, by 50.0% in the first quarter. Valueworks LLC now owns 150,000 shares of the oil and gas company’s stock valued at $1,417,000 after buying an additional 50,000 shares during the last quarter. 11.39% of the stock is owned by hedge funds and other institutional investors.
About CVR Refining,
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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