JP Morgan Maintains CVR Refining LP to Underweight with Price Target $8.00

Brokerage firm JP Morgan Maintains its rating on CVR Refining LP(NYSE:CVRR). In a research note issued to the investors, the brokerage major Lowers the price-target to $8.00 per share. The shares have been rated Underweight. The rating by JP Morgan was issued on Jun 10, 2016.

In a different note, On Jun 10, 2016, JP Morgan said it Downgrades its rating on CVR Refining LP. The shares have been rated ‘Underweight’ by the firm. UBS said it Initiates Coverage on CVR Refining LP, according to a research note issued on May 19, 2016. The shares have been rated ‘Neutral’ by the firm.

CVR Refining LP (CVRR) shares turned negative on Wednesdays trading session with the shares closing down -0.1 points or -1.14% at a volume of 10,83,347. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $9.2. The peak price level was also seen at $9.2 while the days lowest was $8.5. Finally the shares closed at $8.7. The 52-week high of the shares is $22.74 while the 52-week low is $8.5. According to the latest information available, the market cap of the company is $1,284 M.

CVR Refining LP(CVRR) last announced its earnings results on Apr 28, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $834.00M. Analysts had an estimated revenue of $859.50M. Earnings per share were $-0.46. Analysts had estimated an EPS of $-0.35.

Several Insider Transactions has been reported to the SEC. On Oct 5, 2015, Carl C Icahn (director 10% owner) sold 9,036 shares at $16.13 per share price.Also, On Feb 26, 2015, Robert W Haugen (EVP, Refining Operations) sold 4,000 shares at $18.59 per share price.

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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