CVR Refining LP (NYSE:CVRR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $10.00 target price on the stock. Zacks Investment Research’s target price indicates a potential upside of 13.51% from the company’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 have also recently commented on CVRR. Barclays PLC reiterated an “underweight” rating and issued a $9.00 price target (up from $6.00) on shares of CVR Refining in a research report on Monday. Piper Jaffray Cos. boosted their price target on shares of CVR Refining from $5.00 to $6.00 and gave the stock an “underweight” rating in a research report on Friday, September 16th. Goldman Sachs Group Inc. reiterated a “sell” rating on shares of CVR Refining in a research report on Wednesday, June 29th. Wolfe Research began coverage on CVR Refining in a report on Monday, June 20th. They set a “market perform” rating on the stock. Finally, Credit Suisse Group AG downgraded CVR Refining from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $8.00 to $6.00 in a report on Monday, August 1st. Six analysts have rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. CVR Refining has an average rating of “Hold” and an average price target of $9.99.
Shares of CVR Refining (NYSE:CVRR) opened at 8.81 on Wednesday. The company’s 50-day moving average is $8.31 and its 200-day moving average is $8.91. CVR Refining has a 52 week low of $5.50 and a 52 week high of $22.74. The firm has a market cap of $1.30 billion, a PE ratio of 49.22 and a beta of 1.34.
CVR Refining (NYSE:CVRR) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.30 by $0.23. The business earned $1.16 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter last year, the firm posted $1.54 earnings per share. CVR Refining’s revenue was down 24.8% compared to the same quarter last year. Analysts forecast that CVR Refining will post $0.27 EPS for the current fiscal year.
In other news, Director Carl C. Icahn sold 250,000 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $5.70, for a total value of $1,425,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link.
Institutional investors have recently modified their holdings of the stock. Global X Management Co. LLC increased its position in shares of CVR Refining by 1,825.3% in the second quarter. Global X Management Co. LLC now owns 14,055 shares of the company’s stock worth $109,000 after buying an additional 13,325 shares in the last quarter. Clinton Group Inc. purchased a new stake in shares of CVR Refining during the second quarter valued at approximately $116,000. Eqis Capital Management Inc. boosted its stake in shares of CVR Refining by 34.2% in the third quarter. Eqis Capital Management Inc. now owns 13,590 shares of the company’s stock valued at $119,000 after buying an additional 3,465 shares during the last quarter. A.R.T. Advisors LLC purchased a new stake in shares of CVR Refining during the second quarter valued at approximately $149,000. Finally, Invictus RG purchased a new stake in shares of CVR Refining during the first quarter valued at approximately $184,000.
About CVR Refining
CVR Refining, LP is an independent downstream energy limited partnership. The Company has refining and related logistics assets that operate in the mid-continent region. The Company is a petroleum refiner and it owns approximately two refineries in the underserved Group 3 of the PADD II region of the United States.
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