CVR Refining LP (CVRR) is Downgraded by Barclays to Underweight, Lowers Price Target to $ 6

CVR Refining LP (CVRR) was Downgraded by Barclays to ” Underweight” while Lowering the Price Target of the company shares to $ 6 from a previous price target of $8 . Earlier the firm had a rating of “Overweight ” on the company shares. Barclays advised their investors in a research report released on Aug 4, 2016.

Many Wall Street Analysts have commented on CVR Refining LP. Shares were Reiterated by Barclays on Aug 2, 2016 to “Overweight” and Lowered the Price Target to $ 8 from a previous price target of $10 .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.

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 closed down -0.29 points or -4.91% at $5.62 with 14,78,440 shares getting traded on Tusday. Post opening the session at $6, the shares hit an intraday low of $5.5 and an intraday high of $6 and the price fluctuated in this range throughout the day.Shares ended Tusday 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.

CVR Refining LP

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