CVR Refining, LP (CVRR) Issues Quarterly Earnings Results
CVR Refining, LP (NYSE:CVRR) issued its quarterly earnings results on Wednesday. The oil and gas company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.24, Briefing.com reports. CVR Refining, had a return on equity of 3.99% and a net margin of 1.02%. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period last year, the company earned $0.11 earnings per share. The company’s revenue was up 19.1% on a year-over-year basis.
CVRR has been the subject of several analyst reports. ValuEngine downgraded CVR Refining, from a “buy” rating to a “hold” rating in a report on Monday, September 11th. BidaskClub downgraded CVR Refining, from a “sell” rating to a “strong sell” rating in a report on Sunday, August 6th. Citigroup Inc. reduced 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. Zacks Investment Research downgraded CVR Refining, from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Finally, UBS AG restated a “neutral” rating and set a $8.50 price target (down from $10.00) on shares of CVR Refining, in a report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. CVR Refining, presently has a consensus rating of “Hold” and an average target price of $10.38.
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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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