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|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||15.95 - 16.30|
|52 Week Range||6.70 - 18.25|
|PE Ratio (TTM)||26.74|
|Earnings Date||Apr 26, 2018|
|Forward Dividend & Yield||1.39 (9.65%)|
|1y Target Est||14.64|
So far in this series, we have discussed the performance of the broader MLP sector, the top MLP gainers, and the top MLP losers in the week ending April 13, 2018. In this part, we’ll discuss the MLP rating updates last week.
Sanchez Midstream Partners (SNMP) is a midstream MLP involved mainly in natural gathering, processing, and compression. Sanchez Midstream Partners was the top MLP gainer in the week ending April 6, 2018. Sanchez Midstream Partners rallied 16.4%. The company’s YTD (year-to-date) return turned positive due to last week’s gain. Sanchez Midstream Partners has risen 8.6% YTD. Despite the recent gains, Sanchez Midstream Partners has still fallen ~21% in the past year.
Of Reuters-surveyed analysts covering CVR Refining (CVRR), 87% recommend “hold” and 13% recommend “sell.” There were no “buy” recommendations. Analysts’ median target price for CVR Refining is $14.75, and the stock is currently trading at $14.40, implying a 2% return in a year. Notably, CVR Refining has risen ~60% in the last year.
Short interest as a percentage of float in CVRR Refining (CVRR) is 2.23%, compared with 2.22% in mid-March 2018. According to data released on March 26, 2018, CVRR Refining’s total shares shorted stood at ~1.12 million on March 15, 2018, 0.6% higher than its ~1.11 million shares shorted on February 28, 2018. CVRR Refining’s short interest is lower than its average of ~2.8% over the last five years.
CVR Energy (CVI) owns 65.9% of CVR Refining’s (CVRR) outstanding shares. Icahn Associates, Goldman Sachs, and Acadian Asset Management are the three largest institutional investors in CVR Refining, with 3.9%, 2.0%, and 1.1%, respectively, of CVRR’s outstanding shares. The top nine investors, excluding CVR Energy, collectively own ~11% of CVR Refining’s outstanding shares.
|Initiated||Credit Suisse : to Neutral||4/10/2018|
|Downgrade||UBS : Neutral to Sell||11/15/2017|
|Upgrade||Barclays : Underweight to Equal-Weight||11/14/2017|
|Downgrade||Credit Suisse : to Neutral||6/20/2017|
|Downgrade||JP Morgan : to Neutral||3/9/2017|
|Upgrade||Goldman Sachs : to Neutral||1/23/2017|
Industry : Oil & Gas Refining & Marketing
Full Time Employees : 959
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. In addition, the company owns 170,000 barrels per day pipeline system that transports crude oil from Broome Station facility to Coffeyville refinery; approximately 1.5 million barrels of crude oil storage capacity, which supports the gathering system and Coffeyville refinery; approximately 0.9 million barrels of crude oil storage capacity at Wynnewood refinery; and approximately 1.5 million barrels of crude oil storage capacity in Cushing, Oklahoma, as well as leases crude oil storage capacity of approximately 2.3 million barrels in Cushing and approximately 0.2 million barrels in Duncan, Oklahoma. CVR Refining GP, LLC operates as the general partner of CVR Refining, LP. The company was founded in 2012 and is based in Sugar Land, Texas. CVR Refining, LP is a subsidiary of CVR Energy, Inc.