I scratch my head every time I look at my investment here. This stock has paid handsomely every quarter and the yield is 7.8%. Yet, YET, it is failing in price....and it up and down like a venetian blind. Research is little if any and I went to the refinery in Okla. and looked at the operation. Steady money making operation. Dazed and confused..
I'm guessing it has to do with Icahn Enterprises owning 82% of the stock. There's little float, so there's no reason for analysts to follow it. I've been watching it but the Icahn involvement has kept me from buying it. Whatever his plans are, they probably will benefit Icahn Enterprises to the detriment of the other shareholders.
I believe that now that Icahn has lowered his cost to close the zero via reg/special dividends he will position to sell cvi off. hfc would be my first guess as a potential buyer, but wnr could nicely integrate cvi/cvrr. That said, wnr is still integrating nti so maybe less likely.
I see cvi trending higher and heading to 55.00 regardless. First half 2014 earnings look solid and we won't have $1.40 RINS this year. Mid cont margins are solid and wti/Brent should be close to a peak....ready to weaken.