Zacks Investment Research upgraded shares of CVR Refining LP (NYSE:CVRR) from a hold rating to a buy rating in a research report sent to investors on Wednesday. The firm currently has $10.00 price target on the stock.
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. “
Other equities analysts have also issued research reports about the stock. TheStreet raised shares of CVR Refining from a sell rating to a hold rating in a research report on Thursday, October 6th. Wolfe Research initiated coverage on shares of CVR Refining in a research report on Monday, June 20th. They set a market perform rating for the company. Citigroup Inc. upped their price target on shares of CVR Refining from $7.00 to $9.00 and gave the stock a neutral rating in a research report on Wednesday, September 14th. Barclays PLC upped their price target on shares of CVR Refining from $8.00 to $10.00 and gave the stock an overweight rating in a research report on Tuesday, August 2nd. Finally, JPMorgan Chase & Co. reaffirmed a sell rating on shares of CVR Refining in a research report on Thursday, June 30th. Six research analysts have rated the stock with a sell rating, three have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $9.99.
CVR Refining (NYSE:CVRR) traded down 2.35% during mid-day trading on Wednesday, reaching $8.72. The company’s stock had a trading volume of 108,755 shares. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 48.72 and a beta of 1.34. CVR Refining has a 52 week low of $5.50 and a 52 week high of $22.74. The company’s 50-day moving average price is $8.25 and its 200 day moving average price is $8.91.
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 company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period last year, the company posted $1.54 EPS. The business’s revenue for the quarter was down 24.8% on a year-over-year basis. On average, equities analysts forecast that CVR Refining will post $0.27 earnings per share for the current fiscal year.
In related news, Director Carl C. Icahn sold 250,000 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $5.70, for a total transaction of $1,425,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
A number of large investors have recently added to or reduced their stakes in CVRR. Eqis Capital Management Inc. raised its stake in CVR Refining by 34.2% in the third quarter. Eqis Capital Management Inc. now owns 13,590 shares of the company’s stock worth $119,000 after buying an additional 3,465 shares during the last quarter. Global X Management Co. LLC raised its stake in 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 during the last quarter. Clinton Group Inc. purchased a new stake in CVR Refining during the second quarter worth $116,000. Invictus RG purchased a new stake in CVR Refining during the first quarter worth $184,000. Finally, A.R.T. Advisors LLC purchased a new stake in CVR Refining during the second quarter worth $149,000.
CVR Refining Company Profile
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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