CVR Refining, LP (CVRR) Upgraded to Buy by 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 brokerage currently has a $11.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 9.45% 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 brokerages also recently weighed in on CVRR. ValuEngine upgraded CVR Refining, from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Credit Suisse Group cut CVR Refining, from an “outperform” rating to a “neutral” rating and set a $10.00 price target for the company. in a research note on Tuesday, June 20th. BidaskClub downgraded CVR Refining, from a “hold” rating to a “sell” rating in a report on Thursday, June 22nd. 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 report on Monday, July 17th. Finally, UBS AG restated a “neutral” rating and set a $8.50 price target (down previously from $10.00) on shares of CVR Refining, in a research note on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $9.69.
CVR Refining, (CVRR) traded up 1.01% during midday trading on Wednesday, hitting $10.05. The company had a trading volume of 396,337 shares. The stock has a 50 day moving average price of $8.52 and a 200-day moving average price of $9.08. The stock has a market capitalization of $1.48 billion, a PE ratio of 27.99 and a beta of 1.28. CVR Refining, has a 52 week low of $6.45 and a 52 week high of $12.55.
CVR Refining, (NYSE:CVRR) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.13) EPS for the quarter, missing the consensus estimate of $0.17 by ($0.30). CVR Refining, had a net margin of 1.02% and a return on equity of 3.99%. The business 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 company posted $0.53 EPS. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. On average, equities analysts predict that CVR Refining, will post $0.25 EPS for the current year.
Large investors have recently made changes to their positions in the company. HighTower Advisors LLC purchased a new position in shares of CVR Refining, in the first quarter worth about $100,000. Alliancebernstein L.P. purchased a new stake in CVR Refining, in the first quarter valued at approximately $112,000. PNC Financial Services Group Inc. boosted its position in CVR Refining, by 10.8% in the first quarter. PNC Financial Services Group Inc. now owns 20,550 shares of the oil and gas company’s stock valued at $195,000 after buying an additional 2,000 shares during the last quarter. Clinton Group Inc. boosted its position in CVR Refining, by 58.7% in the first quarter. Clinton Group Inc. now owns 27,868 shares of the oil and gas company’s stock valued at $263,000 after buying an additional 10,303 shares during the last quarter. Finally, Stifel Financial Corp boosted its position in CVR Refining, by 13.5% in the first quarter. Stifel Financial Corp now owns 31,157 shares of the oil and gas company’s stock valued at $301,000 after buying an additional 3,716 shares during the last quarter. Hedge funds and other institutional investors own 10.98% 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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