Investors Purchase High Volume of Put Options on CVR Refining (CVRR)

CVR Refining LP (NYSE:CVRR) was the target of unusually large options trading activity on Thursday. Stock traders bought 597 put options on the company. This is an increase of 1,071% compared to the typical daily volume of 51 put options.

A number of equities analysts recently commented on the stock. Mizuho set a $25.00 price target on shares of CVR Refining and gave the stock a “buy” rating in a research report on Wednesday. ValuEngine lowered shares of CVR Refining from a “buy” rating to a “hold” rating in a research report on Thursday, November 1st. Citigroup lowered shares of CVR Refining from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $20.00 to $15.00 in a research report on Wednesday, October 31st. Barclays downgraded shares of CVR Refining from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $24.00 to $20.00 in a research note on Wednesday, October 3rd. Finally, Goldman Sachs Group downgraded shares of CVR Refining from a “buy” rating to a “neutral” rating in a research note on Friday, September 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $19.83.

Shares of CVR Refining stock opened at $14.16 on Friday. The stock has a market cap of $2.09 billion, a price-to-earnings ratio of 23.60 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.22 and a current ratio of 1.94. CVR Refining has a 12-month low of $11.65 and a 12-month high of $26.00.

CVR Refining (NYSE:CVRR) last announced its quarterly earnings data on Wednesday, October 24th. The oil and gas company reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.72 billion. CVR Refining had a net margin of 6.16% and a return on equity of 26.00%. The business’s revenue for the quarter was up 34.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.47 earnings per share.

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 12th. Shareholders of record on Monday, November 5th were paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 25.42%. This is an increase from CVR Refining’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Friday, November 2nd. CVR Refining’s dividend payout ratio is presently 600.00%.

A number of institutional investors have recently made changes to their positions in CVRR. Premia Global Advisors LLC acquired a new stake in shares of CVR Refining in the 2nd quarter valued at approximately $103,000. Renaissance Technologies LLC acquired a new stake in shares of CVR Refining in the 3rd quarter valued at approximately $236,000. First Allied Advisory Services Inc. acquired a new stake in shares of CVR Refining in the 2nd quarter valued at approximately $286,000. Cornerstone Wealth Management LLC acquired a new stake in shares of CVR Refining in the 2nd quarter valued at approximately $297,000. Finally, IFG Advisory LLC acquired a new stake in shares of CVR Refining in the 3rd quarter valued at approximately $445,000. Hedge funds and other institutional investors own 13.93% of the company’s stock.

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About CVR Refining

CVR Refining, LP operates as an independent petroleum refiner and marketer of transportation fuels in the United States. The company owns and operates a complex full coking medium-sour crude oil refinery in Coffeyville, Kansas; and a complex crude oil refinery in Wynnewood, Oklahoma. It also controls and operates logistics assets, including approximately 570 miles of owned and leased pipelines; approximately 130 crude oil transports; a network of crude oil gathering tank farms; and approximately 6.4 million barrels of owned and leased crude oil storage capacity, as well as approximately 4.6 million barrels of combined refined products and feedstocks storage capacity.

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