Icahn Carl C Lowers stake in CVR Refining LP (CVRR)

CVR Refining LP (CVRR) : Icahn Carl C reduced its stake in CVR Refining LP by 4.17% during the most recent quarter end. The investment management company now holds a total of 5,750,000 shares of CVR Refining LP which is valued at $47,150,000 after selling 250,000 shares in CVR Refining LP , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.CVR Refining LP makes up approximately 0.23% of Icahn Carl C’s portfolio.

Other Hedge Funds, Including , Millennium Management reduced its stake in CVRR by selling 438,360 shares or 88.85% in the most recent quarter. The Hedge Fund company now holds 55,000 shares of CVRR which is valued at $451,000.Indexiq Advisors boosted its stake in CVRR in the latest quarter, The investment management firm added 337 additional shares and now holds a total of 5,900 shares of CVR Refining LP which is valued at $41,300. First Trust Advisors Lp added CVRR to its portfolio by purchasing 4,734,136 company shares during the most recent quarter which is valued at $32,192,125. CVR Refining LP makes up approx 0.10% of First Trust Advisors Lp’s portfolio.Advocacy Wealth Management Services reduced its stake in CVRR by selling 1,474 shares or 55.12% in the most recent quarter. The Hedge Fund company now holds 1,200 shares of CVRR which is valued at $10,752.

CVR Refining LP opened for trading at $8.75 and hit $8.8 on the upside on Monday, eventually ending the session at $8.6, with a gain of 2.38% or 0.2 points. The heightened volatility saw the trading volume jump to 4,20,452 shares. Company has a market cap of $1,269 M.

On the company’s financial health, CVR Refining LP reported $0.11 EPS for the quarter, missing the analyst consensus estimate by $ -0.19 based on the information available during the earnings call on Oct 27, 2016. Analyst had a consensus of $0.30. The company had revenue of $1163.50 million for the quarter, compared to analysts expectations of $1110.36 million. The company’s revenue was down -14.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.94 EPS.

Many Wall Street Analysts have commented on CVR Refining LP. CVR Refining LP was Upgraded by Piper Jaffray to ” Neutral” on Nov 18, 2016. CVR Refining LP was Upgraded by Credit Suisse to ” Neutral” on Nov 10, 2016. CVR Refining LP was Upgraded by JP Morgan to ” Neutral” on Oct 28, 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.

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