CVR Refining (NYSE:CVRR) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Monday.
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. “
A number of other equities analysts also recently commented on CVRR. ValuEngine downgraded CVR Refining from a “buy” rating to a “hold” rating in a research note on Tuesday, February 27th. Tudor Pickering downgraded CVR Refining from a “buy” rating to a “hold” rating in a research note on Monday, February 26th. Barclays reiterated a “hold” rating and issued a $17.00 price target on shares of CVR Refining in a research note on Wednesday, January 10th. Citigroup raised their target price on shares of CVR Refining from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Wednesday, January 24th. Finally, UBS Group cut shares of CVR Refining from a “neutral” rating to a “sell” rating and raised their target price for the stock from $8.50 to $10.50 in a report on Wednesday, November 15th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $12.90.
CVR Refining (NYSE:CVRR) last posted its quarterly earnings results on Thursday, February 22nd. The oil and gas company reported ($0.20) EPS for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.50). The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.19 billion. CVR Refining had a return on equity of 6.62% and a net margin of 1.57%. The firm’s revenue for the quarter was up 19.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.07) earnings per share. analysts anticipate that CVR Refining will post 1.48 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Acadian Asset Management LLC lifted its holdings in CVR Refining by 101.4% in the fourth quarter. Acadian Asset Management LLC now owns 1,659,956 shares of the oil and gas company’s stock worth $27,472,000 after acquiring an additional 835,666 shares during the last quarter. HITE Hedge Asset Management LLC lifted its holdings in CVR Refining by 22.3% in the third quarter. HITE Hedge Asset Management LLC now owns 1,276,154 shares of the oil and gas company’s stock worth $12,570,000 after acquiring an additional 232,347 shares during the last quarter. Brightline Capital Management LLC bought a new position in CVR Refining in the fourth quarter worth about $13,240,000. JPMorgan Chase & Co. lifted its holdings in CVR Refining by 40.4% in the third quarter. JPMorgan Chase & Co. now owns 758,593 shares of the oil and gas company’s stock worth $7,510,000 after acquiring an additional 218,160 shares during the last quarter. Finally, Deutsche Bank AG lifted its holdings in CVR Refining by 23.6% in the fourth quarter. Deutsche Bank AG now owns 675,012 shares of the oil and gas company’s stock worth $11,171,000 after acquiring an additional 129,012 shares during the last quarter. 14.34% of the stock is currently owned by hedge funds and other institutional investors.
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CVR Refining Company Profile
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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