OK, why in the premarket (except for someone possibly needing to raise funds to cover other positions) would people sell a small Midwestern refinery mlp because of the UK potentially leaving the EU in the next three years, which they never were a full partner anyway. Would I be buying London commercial real estate today, no. But I might be buying some more CVRR, and other stocks that gone thrown out with the bath water today. I guess you could write the same post on hundreds of boards today.
Clueless, I don't think so, Goldman put out a sell recommendation in mid Jan, it's down around 60 % since then. Since the pipeline it's down 20 % in 9 days. 40% since the cut out of the distribution in mid Feb. This has not been a good holding for the last few months. I thought it was cheap at 12 and at 10, now I like it at 8. It's not like the US doesn't need refined products and the crack spread has been improving, but that doesn't mean that this is the right entry point or that it couldn't go lower. It' all about the distribution when it comes to MLPs.
Not surprised by the earnings, every mReit had bad earnings this quarter, what surprised me is the size of sell off this am. Every other mReit has recovered nicely post their announcements. If I wasn't so exposed to the sector at the moment I would consider this a buying opportunity.