Barclays PLC reissued their underweight rating on shares of CVR Refining LP (NYSE:CVRR) in a research report sent to investors on Monday morning. The firm currently has a $9.00 price target on the stock, up from their prior price target of $6.00.
A number of other brokerages have also commented on CVRR. Piper Jaffray Cos. raised their price objective on 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. reaffirmed a sell rating on shares of CVR Refining in a research note on Wednesday, June 29th. Wolfe Research began coverage on CVR Refining in a research note on Monday, June 20th. They set a market perform rating for the company. Zacks Investment Research downgraded CVR Refining from a hold rating to a strong sell rating in a research note on Wednesday, July 13th. Finally, Credit Suisse Group AG downgraded CVR Refining from a neutral rating to an underperform rating and cut their price target for the stock from $8.00 to $6.00 in a research note on Monday, August 1st. Six research analysts have rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $9.99.
CVR Refining (NYSE:CVRR) opened at 8.81 on Monday. CVR Refining has a 1-year low of $5.50 and a 1-year high of $22.74. The stock’s 50 day moving average price is $8.31 and its 200 day moving average price is $8.91. The stock has a market capitalization of $1.30 billion, a PE ratio of 49.22 and a beta of 1.34.
CVR Refining (NYSE:CVRR) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.53 EPS for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.23. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the business posted $1.54 earnings per share. The company’s revenue was down 24.8% compared to the same quarter last year. Equities research analysts forecast that CVR Refining will post $0.27 earnings per share for the current year.
In related news, Director Carl C. Icahn sold 250,000 shares of the firm’s stock in a transaction that occurred on 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 can be accessed through this hyperlink.
A number of hedge funds have recently added to or reduced their stakes in CVRR. Atlantic Trust Group LLC raised its stake in CVR Refining by 27.6% in the second quarter. Atlantic Trust Group LLC now owns 368,016 shares of the company’s stock worth $2,852,000 after buying an additional 79,683 shares during the period. BNP Paribas Arbitrage SA raised its stake in CVR Refining by 8.1% in the second quarter. BNP Paribas Arbitrage SA now owns 337,456 shares of the company’s stock worth $2,615,000 after buying an additional 25,167 shares during the period. Groesbeck Investment Management Corp NJ raised its stake in CVR Refining by 0.6% in the first quarter. Groesbeck Investment Management Corp NJ now owns 203,900 shares of the company’s stock worth $2,463,000 after buying an additional 1,200 shares during the period. Emerald Acquisition Ltd. acquired a new stake in CVR Refining during the second quarter worth about $1,183,000. Finally, Rafferty Asset Management LLC raised its stake in CVR Refining by 6.8% in the first quarter. Rafferty Asset Management LLC now owns 114,530 shares of the company’s stock worth $1,384,000 after buying an additional 7,284 shares during the period.
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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