CVR Refining, LP (CVRR) Downgraded by Zacks Investment Research to “Hold”
CVR Refining, LP (NYSE:CVRR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
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 have also commented on CVRR. BidaskClub lowered shares of CVR Refining, from a “sell” rating to a “strong sell” rating in a report on Sunday, August 6th. ValuEngine lowered shares of CVR Refining, from a “buy” rating to a “hold” rating in a report on Monday, September 11th. Citigroup Inc. cut their price objective on shares of CVR Refining, from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday, July 17th. UBS AG reiterated a “neutral” rating and issued a $8.50 price objective (down previously from $10.00) on shares of CVR Refining, in a report on Tuesday, August 8th. Finally, Credit Suisse Group AG lowered shares of CVR Refining, from an “outperform” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a report on Tuesday, June 20th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $9.69.
CVR Refining, (NYSE:CVRR) traded up 3.03% during trading on Friday, reaching $10.20. The company had a trading volume of 699,441 shares. The company has a market capitalization of $1.51 billion, a PE ratio of 28.41 and a beta of 1.28. CVR Refining, has a 52-week low of $6.45 and a 52-week high of $12.55. The stock has a 50 day moving average price of $8.70 and a 200-day moving average price of $9.09.
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 analysts’ consensus estimates of $0.17 by ($0.30). CVR Refining, had a return on equity of 3.99% and a net margin of 1.02%. The firm had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the prior year, the firm earned $0.53 EPS. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. On average, equities research analysts anticipate that CVR Refining, will post $0.25 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CVRR. Wells Fargo & Company MN increased its position in shares of CVR Refining, by 17.7% in the 1st quarter. Wells Fargo & Company MN now owns 75,257 shares of the oil and gas company’s stock worth $711,000 after purchasing an additional 11,343 shares during the last quarter. First Trust Advisors LP bought a new stake in shares of CVR Refining, in the 1st quarter worth about $487,000. Stifel Financial Corp increased its position in shares of CVR Refining, by 13.5% in the 1st quarter. Stifel Financial Corp now owns 31,157 shares of the oil and gas company’s stock worth $301,000 after purchasing an additional 3,716 shares during the last quarter. Clinton Group Inc. increased its position in shares of CVR Refining, by 58.7% in the 1st quarter. Clinton Group Inc. now owns 27,868 shares of the oil and gas company’s stock worth $263,000 after purchasing an additional 10,303 shares during the last quarter. Finally, Alliancebernstein L.P. bought a new stake in shares of CVR Refining, in the 1st quarter worth about $112,000. 10.98% of the stock is owned by 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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