CVR Refining LP (NYSE:CVRR)’s share price rose 7.3% during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $20.28 and last traded at $19.23. Approximately 1,162,606 shares changed hands during mid-day trading, an increase of 76% from the average daily volume of 661,389 shares. The stock had previously closed at $17.92.
The oil and gas company reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.21. CVR Refining had a return on equity of 18.39% and a net margin of 4.94%. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the previous year, the firm earned $0.47 EPS. The firm’s revenue was up 34.0% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 12th. Investors of record on Monday, November 5th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 19.03%. The ex-dividend date is Friday, November 2nd. This is a boost from CVR Refining’s previous quarterly dividend of $0.66. CVR Refining’s payout ratio is currently 440.00%.
A number of institutional investors have recently bought and sold shares of CVRR. FMR LLC raised its holdings in CVR Refining by 1,195.2% in the 2nd quarter. FMR LLC now owns 584,717 shares of the oil and gas company’s stock valued at $13,068,000 after acquiring an additional 539,571 shares in the last quarter. Bank of Montreal Can raised its holdings in CVR Refining by 176.4% in the 2nd quarter. Bank of Montreal Can now owns 741,604 shares of the oil and gas company’s stock valued at $16,575,000 after acquiring an additional 473,282 shares in the last quarter. Natixis acquired a new position in CVR Refining in the 2nd quarter valued at approximately $7,290,000. Alpine Global Management LLC acquired a new position in CVR Refining in the 2nd quarter valued at approximately $6,770,000. Finally, Intrinsic Edge Capital Management LLC raised its holdings in CVR Refining by 160.7% in the 2nd quarter. Intrinsic Edge Capital Management LLC now owns 429,919 shares of the oil and gas company’s stock valued at $9,609,000 after acquiring an additional 265,019 shares in the last quarter. 16.33% of the stock is owned by hedge funds and other institutional investors.
The company has a debt-to-equity ratio of 0.39, a current ratio of 1.87 and a quick ratio of 1.02. The firm has a market cap of $2.84 billion, a P/E ratio of 31.53 and a beta of 1.55.
About CVR Refining (NYSE:CVRR)
CVR Refining, LP operates as an independent petroleum refiner and marketer of transportation fuels in the United States. The company owns and operates a complex full coking medium-sour crude oil refinery in Coffeyville, Kansas; and a complex crude oil refinery in Wynnewood, Oklahoma. It also controls and operates logistics assets, including approximately 570 miles of owned and leased pipelines; approximately 130 crude oil transports; a network of crude oil gathering tank farms; and approximately 6.4 million barrels of owned and leased crude oil storage capacity, as well as approximately 4.6 million barrels of combined refined products and feedstocks storage capacity.
See Also: Should I invest in “strong buy” stocks?
Receive News & Ratings for CVR Refining Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CVR Refining and related companies with MarketBeat.com's FREE daily email newsletter.