CVR Refining LP (NYSE:CVRR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $10.00 price target on the stock. Zacks Investment Research’s price objective suggests a potential upside of 11.98% from the company’s current price.
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 recently 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 began coverage on shares of CVR Refining in a research note on Monday, June 20th. They set a “market perform” rating on the stock. Citigroup Inc. increased their price objective on shares of CVR Refining from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 14th. Barclays PLC increased their price objective on shares of CVR Refining from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 2nd. Finally, JPMorgan Chase & Co. reiterated a “sell” rating on shares of CVR Refining in a research note on Thursday, June 30th. Six research analysts have rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $9.99.
Shares of CVR Refining (NYSE:CVRR) traded up 1.13% during midday trading on Wednesday, hitting $8.93. The stock had a trading volume of 219,858 shares. CVR Refining has a one year low of $5.50 and a one year high of $22.74. The firm has a 50 day moving average of $8.17 and a 200-day moving average of $8.91. The company has a market cap of $1.32 billion, a P/E ratio of 49.89 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 company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the previous year, the business posted $1.54 EPS. The business’s revenue for the quarter was down 24.8% on a year-over-year basis. On average, analysts forecast that CVR Refining will post $0.27 earnings per share for the current fiscal year.
In other news, Director Carl C. Icahn sold 250,000 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $5.70, for a total value of $1,425,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Eqis Capital Management Inc. boosted its position in 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 period. Global X Management Co. LLC boosted its position 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 valued at $109,000 after buying an additional 13,325 shares during the period. Clinton Group Inc. bought a new position in CVR Refining during the second quarter valued at about $116,000. Invictus RG bought a new position in CVR Refining during the first quarter valued at about $184,000. Finally, A.R.T. Advisors LLC bought a new position in CVR Refining during the second quarter valued at about $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.