IFG Advisory LLC purchased a new position in shares of CVR Refining LP (NYSE:CVRR) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 22,590 shares of the oil and gas company’s stock, valued at approximately $445,000.
Several other hedge funds also recently added to or reduced their stakes in the business. Premia Global Advisors LLC bought a new stake in shares of CVR Refining during the 2nd quarter worth about $103,000. LPL Financial LLC raised its position in shares of CVR Refining by 9.1% during the 1st quarter. LPL Financial LLC now owns 63,632 shares of the oil and gas company’s stock worth $830,000 after buying an additional 5,301 shares in the last quarter. Cornerstone Wealth Management LLC bought a new stake in shares of CVR Refining during the 2nd quarter worth about $297,000. First Allied Advisory Services Inc. bought a new stake in shares of CVR Refining during the 2nd quarter worth about $286,000. Finally, Russell Investments Group Ltd. raised its position in shares of CVR Refining by 14.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 197,923 shares of the oil and gas company’s stock worth $4,386,000 after buying an additional 24,460 shares in the last quarter. Institutional investors own 16.33% of the company’s stock.
NYSE CVRR opened at $17.28 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.22 and a current ratio of 1.94. CVR Refining LP has a 12 month low of $11.11 and a 12 month high of $26.00. The company has a market capitalization of $2.66 billion, a P/E ratio of 7.59 and a beta of 1.48.
CVR Refining (NYSE:CVRR) last released its earnings results on Wednesday, October 24th. The oil and gas company reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. CVR Refining had a net margin of 6.16% and a return on equity of 26.00%. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the previous year, the firm earned $0.47 EPS. The business’s revenue for the quarter was up 34.0% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 12th. Investors of record on Monday, November 5th will be issued a $0.90 dividend. This is an increase from CVR Refining’s previous quarterly dividend of $0.66. This represents a $3.60 dividend on an annualized basis and a dividend yield of 20.83%. The ex-dividend date of this dividend is Friday, November 2nd. CVR Refining’s payout ratio is presently 600.00%.
A number of analysts have commented on CVRR shares. ValuEngine downgraded shares of CVR Refining from a “buy” rating to a “hold” rating in a research report on Thursday, November 1st. Mizuho began coverage on shares of CVR Refining in a report on Thursday, August 2nd. They issued a “buy” rating and a $27.00 target price on the stock. Citigroup dropped their target price on shares of CVR Refining from $21.00 to $20.00 and set a “hold” rating on the stock in a report on Friday, September 7th. Barclays downgraded shares of CVR Refining from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $24.00 to $20.00 in a report on Wednesday, October 3rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of CVR Refining from $22.00 to $24.00 and gave the stock a “neutral” rating in a report on Friday, July 27th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $18.79.
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CVR Refining 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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