CVR Refining LP (CVRR) : Traders are bullish on CVR Refining LP (CVRR) as it has outperformed the S&P 500 by a wide margin of 0.57% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 1.39%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 1.44% in the last 1 week, and is up 1.61% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 2.2% and the 50-Day Moving Average is 15.22%. CVR Refining LP (NYSE:CVRR): stock turned positive on Friday. Though the stock opened at $6.12, the bulls momentum made the stock top out at $6.4 level for the day. The stock recorded a low of $6.02 and closed the trading day at $6.33, in the green by 6.75%. The total traded volume for the day was 792,383. The stock had closed at $5.93 in the previous days trading.
Institutional Investors own 10.87% of CVR Refining LP shares. Also, Equity Analysts at the Barclays downgrades the rating on CVR Refining LP (NYSE:CVRR). The brokerage firm has issued a Underweight rating on the shares. The shares were previously rated Overweight. The Analysts at the ratings agency lowers the price target from $8 per share to $6 per share. The rating by the firm was issued on August 4, 2016.
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.