CVR Refining (CVRR) Price Target Cut to $20.00 by Analysts at Citigroup

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CVR Refining (NYSE:CVRR) had its price target cut by Citigroup from $21.00 to $20.00 in a research report released on Friday morning, MarketBeat Ratings reports. They currently have a hold rating on the oil and gas company’s stock.

A number of other equities research analysts have also recently issued reports on the company. ValuEngine cut CVR Refining from a strong-buy rating to a buy rating in a report on Thursday, August 2nd. Mizuho started coverage on CVR Refining in a report on Thursday, August 2nd. They set a buy rating and a $27.00 price objective for the company. 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 report on Friday, July 27th. Tudor Pickering upgraded CVR Refining from a hold rating to a buy rating in a report on Friday, May 18th. Finally, Zacks Investment Research cut CVR Refining from a strong-buy rating to a hold rating in a report on Tuesday, July 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $19.21.

Shares of NYSE:CVRR traded down $0.65 during trading on Friday, reaching $20.15. 349,583 shares of the stock were exchanged, compared to its average volume of 420,210. CVR Refining has a 12 month low of $8.40 and a 12 month high of $26.00. The stock has a market cap of $3.07 billion, a PE ratio of 33.58 and a beta of 1.48. The company has a quick ratio of 1.02, a current ratio of 1.87 and a debt-to-equity ratio of 0.39.

CVR Refining (NYSE:CVRR) last issued its quarterly earnings data on Wednesday, July 25th. The oil and gas company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.22. CVR Refining had a return on equity of 18.39% and a net margin of 4.94%. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the previous year, the company posted ($0.13) earnings per share. The business’s revenue was up 36.3% on a year-over-year basis. equities research analysts expect that CVR Refining will post 2.4 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, August 13th. Investors of record on Monday, August 6th were paid a $0.66 dividend. This is a boost from CVR Refining’s previous quarterly dividend of $0.51. This represents a $2.64 annualized dividend and a dividend yield of 13.10%. The ex-dividend date of this dividend was Friday, August 3rd. CVR Refining’s payout ratio is 440.00%.

Several hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its stake in shares of CVR Refining by 225.7% in the first quarter. JPMorgan Chase & Co. now owns 1,776,238 shares of the oil and gas company’s stock valued at $23,180,000 after buying an additional 1,230,845 shares during the period. Brightline Capital Management LLC boosted its stake in shares of CVR Refining by 25.0% in the first quarter. Brightline Capital Management LLC now owns 1,000,000 shares of the oil and gas company’s stock valued at $13,050,000 after buying an additional 200,000 shares during the period. Bank of Montreal Can boosted its stake in shares of CVR Refining by 176.4% in the second quarter. Bank of Montreal Can now owns 741,604 shares of the oil and gas company’s stock valued at $16,575,000 after buying an additional 473,282 shares during the period. FMR LLC boosted its stake in shares of CVR Refining by 1,195.2% in the second quarter. FMR LLC now owns 584,717 shares of the oil and gas company’s stock valued at $13,068,000 after buying an additional 539,571 shares during the period. Finally, Intrinsic Edge Capital Management LLC boosted its stake in shares of CVR Refining by 160.7% in the second 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 buying an additional 265,019 shares during the period. Institutional investors and hedge funds own 16.94% of the company’s stock.

CVR Refining Company Profile

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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Analyst Recommendations for CVR Refining (NYSE:CVRR)

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