CVR Refining (CVRR) Stock Price Up 7.3% on Strong Earnings

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%.



CVRR has been the subject of several research analyst reports. ValuEngine cut CVR Refining from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 2nd. Mizuho initiated coverage on CVR Refining in a research report on Thursday, August 2nd. They set a “buy” rating and a $27.00 price objective for the company. Citigroup cut their price objective on CVR Refining from $21.00 to $20.00 and set a “hold” rating for the company in a research report on Friday, September 7th. Barclays cut CVR Refining from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $24.00 to $20.00 in a research report on Wednesday, October 3rd. Finally, JPMorgan Chase & Co. boosted their price objective on CVR Refining from $22.00 to $24.00 and gave the stock a “neutral” rating in a research report on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $19.50.

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.

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