CVR Energy, Inc.NYSE
Today, 2:05 PM
Yesterday, 3:59 PM
- CVR Energy (CVI +14.3%) and CVR Refining (CVRR +8.9%) are surging following Pres.-elect Trump's reported appointment of Oklahoma AG Scott Pruitt as the next EPA chief, a decision which may have been influenced by CVR stakeholder Carl Icahn.
- A weekend WSJ article said Icahn, who holds a controlling stake in CVI, has interviewed several candidates for the position.
- Additionally, J.P. Morgan upgrades CVRR to Overweight from Neutral.
Yesterday, 2:00 PM
Yesterday, 12:50 PM
Wed, Nov. 9, 2:19 PM
Wed, Nov. 9, 12:44 PM
- U.S. independent refiners are rallying as investors bet that a Trump administration will ease costly renewable fuel regulations.
- During the campaign, Trump unveiled an energy policy calling for the elimination of many regulations, including the system of buying and selling RINs, although Trump also has said he supports ethanol.
- RINs tracking ethanol use for 2016 have more than doubled in the past year, and RINs tracking biodiesel have jumped 59% Y/Y, according to Bloomberg data.
- In today's trade: CVI +22.5%, CVRR +15.4%, PBF +12.2%, HFC +11.7%, DK +6.1%, VLO +4.8%, WNR +4.4%, TSO +2.9%, MPC +2.8%, PSX +1.9%.
Wed, Nov. 9, 12:42 PM
Thu, Oct. 27, 1:57 PM
- CVR Refining (CVRR -10.3%) plunges after suspending its dividend as it reports much lower than expected Q3 earnings on a 14.7% Y/Y decline in revenue to $1.16B.
- CVRR says its Q3 RINs expense totaled $58.3M, and estimates FY 2016 RINs expense at $210M-$250M; in today's earnings conference call, CEO Jack Lipinski called RINs "an egregious tax on our business."
- Parent company CVR Energy (CVI -7.4%) released an analysis saying that some of the world's biggest oil companies, including Chevron (NYSE:CVX), BP and Royal Dutch Shell (RDS.A, RDS.B), could reap a total of more than $1B this year by selling RINs, while smaller refiners are forced to spend hundreds of millions to buy credits to comply with EPA rules.
Thu, Oct. 27, 8:37 AM
Thu, Oct. 27, 8:33 AM
Wed, Oct. 26, 5:30 PM
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Tue, Sep. 20, 4:46 PM
- via Bespoke - see table
- Five of the stocks have > 50% of their shares sold short.
- SHLD leads the pack.
Fri, Sep. 9, 2:01 PM
Fri, Sep. 9, 12:44 PM
- PBF Energy (PBF -4.6%) is downgraded to Sell from Neutral with a $19 price target, cut from $23, while CVR Energy (CVI +5.3%) is upgraded to Neutral from Sell with a $15 target, raised from $13, at Goldman Sachs.
- In cutting PBF to Sell, Goldman foresees negative free cash flow generation, reflecting ~6% 2016-18 free cash flow yield that translates to a long-term dividend reduction; the firm also cites downside to guidance at the Chalmette and Torrance refining assets, higher RINs exposure, and tough conditions in the U.S. east coast refining market.
- Goldman thinks CVR shares are due to stabilize after a tightening of Brent-WTI differentials and an increase in RIN- and ethanol-related expenses.
Tue, Aug. 16, 4:42 AM
- Billionaire investor Carl Icahn has called on the EPA to make changes to the market for renewable fuel credits or else risk "the mother of all short squeezes" that could bankrupt refiners.
- "The RIN market is the quintessential example of a 'rigged' market where large gas station chains, big oil companies and large speculators are assured to make windfall profits at the expense of small and midsized independent refineries which have been designated the 'obligated parties' to deliver RINs."
- Related tickers: VLO, NTI, CLMT, MPC, TSO, ALDW, CVI, WNR, PBF, DK, HFC, CVRR, NTI, ALJ, TSO, WNR, PSX, XOM, PBF
Thu, Aug. 11, 5:30 PM
- Delek US (NYSE:DK) +12.8% AH following a NY Post report that Carl Icahn-controlled refiner CVR Energy (NYSE:CVI) is planning to make an offer for the company; CVI +9.2% AH.
- The report also speculates that Icahn, who sits on DK’s board, is building a personal stake in the company.
- Refiners have been hurt this year by narrowing oil spreads plus the rising price of RINs; DK has lost 39% and CVI has shed 65% YTD.