CVR Refining LP (CVRR) Issues Quarterly Earnings Results
CVR Refining LP (NYSE:CVRR) announced its quarterly earnings results on Thursday. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by $0.16. The business earned $1.16 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the company earned $0.94 earnings per share. CVR Refining’s revenue was down 14.5% on a year-over-year basis.
CVR Refining (NYSE:CVRR) traded down 10.335% on Thursday, reaching $8.025. The company had a trading volume of 519,374 shares. The stock’s 50-day moving average price is $8.82 and its 200-day moving average price is $8.71. The stock has a market capitalization of $1.18 billion, a P/E ratio of 44.832 and a beta of 1.34. CVR Refining has a 12-month low of $5.50 and a 12-month high of $22.74.
In related news, Director Carl C. Icahn sold 250,000 shares of the stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $5.70, for a total transaction of $1,425,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
Several hedge funds have recently added to or reduced their stakes in CVRR. Global X Management Co. LLC boosted 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 valued at $109,000 after buying an additional 13,325 shares during the last quarter. Clinton Group Inc. acquired a new stake in CVR Refining during the second quarter valued at $116,000. Eqis Capital Management Inc. boosted 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 valued at $119,000 after buying an additional 3,465 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management boosted its stake in CVR Refining by 1.1% in the third quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 14,395 shares of the company’s stock valued at $126,000 after buying an additional 150 shares during the last quarter. Finally, A.R.T. Advisors LLC acquired a new stake in CVR Refining during the second quarter valued at $149,000.
CVRR has been the subject of several research reports. Zacks Investment Research raised CVR Refining from a “hold” rating to a “buy” rating and set a $10.00 price target for the company in a report on Wednesday, October 12th. TheStreet raised CVR Refining from a “sell” rating to a “hold” rating in a report on Thursday, October 6th. Citigroup Inc. raised their price target on CVR Refining from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Wednesday, September 14th. Barclays PLC raised their price target on CVR Refining from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Tuesday, August 2nd. Finally, JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of CVR Refining in a report on Thursday, June 30th. Six analysts have rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $9.99.
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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