10.50 -0.53 (-4.81%)
Pre-Market: 8:18AM EST
|Bid||10.50 x 1100|
|Ask||10.51 x 900|
|Day's Range||10.82 - 11.12|
|52 Week Range||8.30 - 26.00|
|Beta (3Y Monthly)||1.98|
|PE Ratio (TTM)||3.97|
|Earnings Date||Feb 20, 2019 - Feb 25, 2019|
|Forward Dividend & Yield||2.52 (22.34%)|
|1y Target Est||17.71|
CVR Refining, LP (CVRR) (the “Partnership”) announced today that CVR Energy, Inc. (“CVR Energy”) (CVI) has elected to exercise the right (the “Call Right”) assigned to it by CVR Refining GP, LLC (the “General Partner”), the general partner of the Partnership and an indirect wholly owned subsidiary of CVR Energy, pursuant to Section 15.1(a) of the Partnership’s First Amended and Restated Agreement of Limited Partnership, as amended (the “Limited Partnership Agreement”), to purchase all of the issued and outstanding common units representing limited partner interests in the Partnership (the “Common Units”) not already owned by the General Partner or its affiliates.
CVR Energy, Inc. (CVI) (“CVR Energy”) announced today that it has elected to exercise the right (the “Call Right”) assigned to it by CVR Refining GP, LLC (the “General Partner”), the general partner of CVR Refining, LP (CVRR) (the “Partnership”) and an indirect wholly owned subsidiary of CVR Energy, pursuant to Section 15.1(a) of the Partnership’s First Amended and Restated Agreement of Limited Partnership, as amended (the “Limited Partnership Agreement”), to purchase all of the issued and outstanding common units representing limited partner interests in the Partnership (the “Common Units”) not already owned by the General Partner or its affiliates.
MLPs and midstream stocks fell significantly in the week ending November 23. Among the stocks that fell the most, Summit Midstream Partners (SMLP) fell 12.6% and Hi-Crush Partners (HCLP) fell 11.6%. CVR Refining (CVRR) fell 10.8% last week. Teekay LNG Partners (TGP) and Gaslog Partners (GLOP) fell 9.6% and 7.1%, respectively.
NEW YORK, Oct. 31, 2018 -- In new independent research reports released early this morning, Market Source Research released its latest key findings for all current investors,.
Very few MLPs closed in the green last week. In the last week, Summit Midstream Partners (SMLP) rose 11.3%, Global Partners (GLP) rose 2.2%, and Kimbell Royalty Partners (KRP) rose 1.0%.
CVR Refining (CVRR) has risen ~6% in 2018, while CVR Energy (CVI) has fallen ~5%. Of the eight Reuters-surveyed analysts covering CVR Refining, six, or 75%, have rated it as a “hold.” One analyst rated it as a “buy,” and one rated CVR Refining as a “sell.” The mean price target for CVR Refining is $22, which implies an upside potential of ~23% from CVRR’s current price of $17.92.
CVR Refining’s (CVRR) refinery throughput in the third quarter rose to 219,000 bpd (barrels per day) from 214,000 bpd in Q3 2017. The company’s refining margin for the quarter rose to $15.41 per total throughput barrel from $13.05 per barrel in Q3 2017. CVR Refining’s refining margin was $12.61 in Q2 2018.
CVR Refining (CVRR) reported its third-quarter results on October 24 after the markets closed. The stock rose 7.2% in after-hours trading yesterday. CVR Refining’s adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) rose to $221 million compared to $139 million in Q3 2017. The refiner’s performance was driven by strong crack spreads, wider crude oil differentials, and lower RIN (renewable identification number) costs during the quarter.
SUGAR LAND, Texas, Oct. 24, 2018 -- CVR Refining, LP (NYSE: CVRR), a refiner and marketer of petroleum fuels, today announced net income of $174 million on net sales of $1,857.
On October 18, Valero Energy (VLO) announced an agreement to acquire Valero Energy Partners (VLP). Valero Energy Partners rose 6.8% on October 19. It rose 9.4% last week.
Midstream MLP NuStar Energy (NS), royalty interest owner Viper Energy Partners (VNOM), and downstream MLP CVR Refining (CVRR) fell 8.9%, 8.6%, and 7.7%, respectively, last week. Cheniere Energy Partners (CQP) fell 6.9% for the week. Credit Suisse initiated coverage on Cheniere Energy Partners with an “underperform” rating, which contributed to the stock’s fall.
Noble Midstream Partners (NBLX) stock fell significantly in August and September as Initiative 97 was started and then made it onto the Colorado ballot as Proposition 112. The proposition requires that new oil and gas development, including fracking, should be a minimum distance of 2,500 feet from “vulnerable” areas such as homes, schools, or hospitals.
On October 3, Barclays cut its rating for CVR Refining (CVRR) from “equal weight” to “underweight.” Barclays cut its target price for CVR Refining from $24 to $20. CVR Refining fell 2.7% in the week ending October 5. The stock has risen ~10% year-to-date.
In the week ending October 5, the MLPs that fell the most were a diverse mix. Royalty interest owner Dorchester Minerals (DMLP), midstream MLP NGL Energy Partners (NGL), downstream player CVR Refining (CVRR), and frac sand company Hi-Crush Partners (HCLP) were among the top losses last week. Other MLPs that fell last week included Calumet Specialty Products Partners (CLMT) and Suburban Propane Partners (SPH).
Sugar Land-based CVR Energy Inc. (NYSE: CVI) has expanded its board by one seat after one of its directors resigned. The outgoing CVR director, Louis Pastor, told the board Sept. 26 he would be leaving for personal reasons and two days later the board named two new appointees, according to a Sept. 28 filing with the U.S. Securities and Exchange Commission. CVR is the holding company of its refining subsidiary CVR Refining LP (NYSE: CVRR) and its nitrogen fertilizer subsidiary CVR Partners LP (NYSE: UAN).
Cheniere Energy (LNG), Teekay LNG Partners (TGP), and Golar LNG Partners (GMLP) were among the top gainers in the MLP and midstream sector last week. Cheniere Energy rose 3.7% while TGP and GMLP rose 10.6% and 5.2%, respectively, in the last week. Other top gainers included Dorchester Minerals (DMLP), CVR Refining (CVRR), and American Midstream Partners (AMID), which rose 7.1%, 6.2%, and 5.0%, respectively.
TC PipeLines (TCP) fell 7.5% last week. The stock has fallen 41% year-to-date. It fell significantly in March following the FERC (Federal Energy Regulatory Commission) ruling relating to cost recoveries for FERC-regulated interstate MLP pipeline rates. It then fell again in May following a distribution cut.
DALLAS , Sept. 14, 2018 /PRNewswire/ -- Alerian announced the results of the September quarterly review for the Alerian Index Series. All changes will be implemented as of the close of business on Friday, ...
Noble Midstream Partners (NBLX) fell 6.5% last week, which ended September 7. Downstream MLP CVR Refining (CVRR) fell 5.8% and was downgraded by Goldman Sachs. We’ll take a look at it in the next part of this series. Plains GP Holdings (PAGP) and Plains All American Pipeline (PAA) fell 4.4% and 3.3%, respectively. A 2.9% fall in crude oil prices likely contributed to the fall in PAA and PAGP.