CVR Refining LP (CVRR) is Reiterated by Barclays to Overweight, Lowers Price Target to $ 8

CVR Refining LP (CVRR) was Reiterated by Barclays to “Overweight” while Lowering the Price Target of the company shares to $ 8 from a previous price target of $10 . Barclays advised their investors in a research report released on Aug 2, 2016.

Many Wall Street Analysts have commented on CVR Refining LP. CVR Refining LP was Downgraded by Credit Suisse to ” Underperform” on Aug 1, 2016. CVR Refining LP was Downgraded by Piper Jaffray to ” Underweight” on Jul 1, 2016. CVR Refining LP was Downgraded by JP Morgan to ” Underweight” on Jun 10, 2016.

On the company’s financial health, CVR Refining LP reported $0.53 EPS for the quarter, beating the analyst consensus estimate by $ 0.37 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.16. The company had revenue of $1164.40 million for the quarter, compared to analysts expectations of $1104.45 million. The company’s revenue was down -24.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.54 EPS.

CVR Refining LP opened for trading at $6.14 and hit $6.43 on the upside on Friday, eventually ending the session at $6.42, with a gain of 4.56% or 0.28 points. The heightened volatility saw the trading volume jump to 9,21,335 shares. Company has a market cap of $948 M.

In a different news, on Feb 26, 2015, Robert W Haugen (EVP, Refining Operations) sold 4,000 shares at $18.59 per share price.

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. It owns two refineries in the underserved Group 3 of the PADD II region of the United States. It owns and operates a full coking medium-sour crude oil refinery in Coffeyville Kansas and a crude oil refinery in Wynnewood Oklahoma. In addition the Company also controls and operates supporting logistics assets including owned and leased pipelines owned crude oil transports a network of crude oil gathering tank farms owned and leased crude oil storage capacity and combined refinery related storage capacity. It processes a variety of crudes including West Texas sour (WTS) West Texas intermediate (WTI) sweet and sour Canadian and locally gathered crudes. The Company offers refined products primarily to retailers railroads and farm cooperatives and other refiners/marketers in Group 3 of the PADD II region.

CVR Refining LP

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