CVR Refining LP (CVRR) reported quarterly earnings results on Thursday, Jul-28-2016. The company said it had a profit of $0.53 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.37. Analysts had a consensus of $0.16. The company posted revenue of $1164.40 million in the period, 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.
Many Wall Street Analysts have commented on CVR Refining LP. 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.
CVR Refining LP closed down -0.42 points or -6.40% at $6.14 with 14,13,171 shares getting traded on Thursday. Post opening the session at $6.5, the shares hit an intraday low of $6.04 and an intraday high of $6.7 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.
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.