Zacks Investment Research cut shares of CVR Refining, LP (NYSE:CVRR) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning.
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. “
CVRR has been the subject of a number of other research reports. ValuEngine cut shares of CVR Refining, from a buy rating to a hold rating in a research report on Friday, June 2nd. Citigroup Inc. reissued a neutral rating and issued a $10.00 target price (down previously from $11.80) on shares of CVR Refining, in a research report on Saturday, April 22nd. Credit Suisse Group cut shares of CVR Refining, from an outperform rating to a neutral rating and set a $10.00 target price for the company. in a research report on Tuesday, June 20th. Finally, BidaskClub cut shares of CVR Refining, from a hold rating to a sell rating in a research report on Thursday, June 22nd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a strong buy rating to the company’s stock. CVR Refining, presently has a consensus rating of Hold and an average target price of $9.63.
CVR Refining, (CVRR) remained flat at $9.05 during trading on Tuesday. 295,208 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $9.71 and its 200-day moving average price is $10.14. The company has a market capitalization of $1.34 billion, a P/E ratio of 8.89 and a beta of 1.33. CVR Refining, has a 52 week low of $5.50 and a 52 week high of $12.55.
CVR Refining, (NYSE:CVRR) last released its quarterly earnings data on Thursday, April 27th. The oil and gas company reported $0.45 EPS for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.42. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.25 billion. CVR Refining, had a net margin of 2.99% and a return on equity of 11.43%. The company’s revenue for the quarter was up 70.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.46) earnings per share. Equities research analysts anticipate that CVR Refining, will post $0.78 EPS for the current year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC purchased a new position in CVR Refining, during the fourth quarter valued at about $2,440,000. GSA Capital Partners LLP purchased a new position in CVR Refining, during the fourth quarter valued at about $277,000. HITE Hedge Asset Management LLC purchased a new position in CVR Refining, during the fourth quarter valued at about $1,475,000. Acadian Asset Management LLC purchased a new position in CVR Refining, during the first quarter valued at about $1,105,000. Finally, Wells Fargo & Company MN increased its position in CVR Refining, by 17.7% in the first quarter. Wells Fargo & Company MN now owns 75,257 shares of the oil and gas company’s stock valued at $711,000 after buying an additional 11,343 shares in the last quarter. 11.40% 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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