Recommended Buy On CVR Refining For Good Reasons
Tom Dorsey • 17 Comments
Tom Dorsey • 17 Comments
Is CVR Refining's 22% Yield Too Good To Be True?
The Outsider • 50 Comments
The Outsider • 50 Comments
CVR Refining: 20%-Plus Dividends To Continue Through 2013
Tim Plaehn • 46 Comments
Tim Plaehn • 46 Comments
Yesterday, 3:58 PM
- Tesoro (TSO +1.9%) is upgraded to Buy from Neutral with a $100 price target, lifted from $96, at Goldman Sachs, citing a more constructive outlook for the California refining market, underappreciated value in non-refining assets, and limited risk from higher RINs and a lower Brent-WTI spread.
- Goldman thinks the California refining market will remain well-balanced, despite Torrance returning to service, driven by growing regional demand and the currently low inventories, and that investors have not been giving TSO fair value for its non-refining businesses.
- At the same time, the firm downgrades PBF Energy (PBF +1.2%) to Neutral from Buy with a $26 price target, cut from $37, expecting the company to be “disproportionately negatively impacted” by expectations of higher RINs prices.
- Along with TSO, Goldman rates Valero (VLO +0.1%) and Marathon Petroleum (MPC +4%) as Buys among refiners, while maintaining Sell ratings on Phillips 66 (PSX +1.2%), HollyFrontier (HFC +0.1%), CVR Energy (CVI -0.4%) and CVR Refining (CVRR -1%).
Wed, Jun. 8, 6:39 PM
- Gasoline profit margins have fallen to their narrowest seasonal levels since 2010, dropping by $5/bbl in slightly more than two weeks, as high imports have kept U.S. inventories elevated even as gasoline demand rises.
- The decline was not stemmed by yesterday’s EIA projection that summer gasoline demand will rise to a record 9.5M bbl/day, as gasoline imports into the U.S. east coast, which primarily come from refineries in eastern Canada and Europe, have kept U.S. inventories at the highest levels in at least 20 years.
- "We’re seeing the economics change to the point that many refiners along the coast are looking at maximizing jet fuel and diesel at the expense of gasoline," analyst Andy Lipow tells Bloomberg.
- The falling margins are hurting refiners, with Bloomberg's North America Refining & Marketing index down 28% Y/Y; in today's trade, WNR -3.1%, HFC -2.7%, CVRR -2.2%, VLO -2.2%, TSO -2%, NTI -0.8%, ALJ -0.8%.
Thu, May 19, 6:48 PM
- Oil refiners are returning to normal after a period of high differentials, and are thus no longer a safe place for investors to wait out the energy downturn, UBS analysts say.
- UBS believe refiners have reached an inflection point where headwinds outnumber tailwinds, likely driving refining margins to more normal levels; the firm expects a rising crude price to eventually compress refining margins that were supported by wide basis differentials that have now narrowed.
- UBS initiates Tesoro (NYSE:TSO) with a Buy rating, as it expects TSO to derive more of its EBITDA from retail and marketing vs. refining by 2018 than comparable peers under coverage.
- However, the firm starts Marathon Petroleum (NYSE:MPC) with a Sell rating; Phillips 66 (NYSE:PSX), Valero Energy (NYSE:VLO) and CVR Refining (NYSE:CVRR) are rated Neutral.
Thu, Apr. 28, 8:35 AM
Wed, Apr. 27, 5:30 PM
- AB, ABBV, ACOR, ADP, AEP, AET, AIT, ALKS, ALLE, ALXN, AME, APD, ASPS, AUO, AVT, AXTA, BC, BCOR, BG, BLL, BMS, BMY, BOFI, BWA, BWEN, BXLT, BZH, CAB, CAH, CBG, CCE, CELG, CHTR, CIT, CL, CLF, CLFD, CME, CMS, COMM, COP, COR, CRCM, CRI, CRR, CSH, CVI, CVRR, CWT, CY, DBD, DFT, DLX, DNKN, DOW, DPZ, EME, EPD, EQM, EQT, F, FCFS, FCN, GEO, GLOP, GNC, GOV, GTLS, GWR, HAR, HEES, HHS, HMC, HUN, I, IDA, IDCC, INGR, INSY, INT, IPGP, IQNT, IRDM, IRM, ITC, ITCI, IVC, IVZ, KERX, LANC, LBY, LKQ, LVLT, MA, MD, MDP, MHO, MINI, MITK, MJN, MMC, MO, MPC, MPLX, MSCI, MTH, NEE, NEWM, NOV, OAK, ODFL, ORI, OSK, PF, PJC, POT, PPL, PRLB, PTEN, QSR, RGS, RTIX, RTN, RUTH, SABR, SCG, SEE, SFE, SIRI, SNAK, SNE, SPB, SPIL, SQNS, TFX, THRM, TMO, TOWR, TPX, TWC, TZOO, UAN, UBSI, UFS, UPS, UTHR, VA, VAC, VC, VIAB, VIVO, WCC, WM, WNS, WST, XRS, YNDX, ZBH
Fri, Feb. 19, 10:49 AM
- Calumet Specialty Products Partners (CLMT -9.9%) sinks to a 52-week low after Credit Suisse downgrades units to Neutral from Outperform with an $18 price target, cut from $32, following weak Q4 results.
- Credit Suisse says it applauds CLMT's desire to focus on its core specialties business and away from more commoditized pursuits, but adds it could be a long road ahead before CLMT finds its business on a more stable footing, with balance sheet and dividend path risks not entirely shared by other refiner MLP names.
- The firm is less optimistic generally about U.S. independent refiners, and cuts its price targets for CVR Refining (CVRR -5.9%) to $16 from $23, and for Alon USA Partners (ALDW -2.6%) to $21 from $31.
Thu, Feb. 18, 9:22 AM
Thu, Feb. 18, 8:37 AM
Wed, Feb. 17, 5:30 PM
- AAN, AAWW, AGIO, ALE, BCC, CAB, CBB, CHH, COT, CVI, CVRR, DAN, DISCA, DISH, DNR, DUK, EIGI, ETR, GEL, GOV, H, HCN, HII, HOT, IDA, IDCC, IQNT, IRT, LDOS, LH, MFA, MGM, MNTA, MPEL, MTRN, MZOR, NHI, NI, ONE, PAAS, PCG, POOL, PPP, PRGO, RS, SCG, SIX, SODA, SYNT, TK, TNK, TTC, UAN, UPL, VA, VAL, WAB, WM, WMT, WST
Oct. 29, 2015, 8:36 AM
- CVR Refining (NYSE:CVRR): Q3 EPS of $0.94 misses by $0.15.
- Revenue of $1.36B (-38.7% Y/Y) beats by $70M.
Oct. 28, 2015, 5:30 PM
- ABC, ABMD, AET, ALKS, ALLE, ALLT, ALLY, ALU, ALXN, AMT, APD, AVT, AVY, AWI, BANC, BBW, BC, BG, BLL, BWA, BWEN, BXLT, CCE, CHTR, CLF, CME, CMS, COP, CRI, CRR, CSH, CVE, CVI, CVRR, DBD, DFT, DIN, DLPH, EME, EPD, EXAS, EXLS, FCN, FIG, FMS, GCI, GG, GLOP, GLPI, GNC, GOV, GT, GTLS, GTXI, HAR, HEES, HST, HTWR, I, IDA, IMS, INGR, IQNT, IRDM, IVZ, JAH, JCI, KEM, KERX, LDOS, LKQ, LLL, LPLA, MA, MCK, MD, MDP, MDXG, MGM, MMYT, MO, MPC, MPLX, MSCI, MTH, MTRN, MWW, NEO, NICE, NOK, NTCT, NVO, NYT, OAK, ODFL, OFC, OSK, PAG, PBI, PES, PF, PNK, POT, PPL, PX, RDS.A, RFP, RGS, RTIX, RYAM, SABR, SAN, SC, SCG, SHOO, SHW, SMP, SNE, SNMX, STM, TDY, TEVA, TFX, THRM, TPX, TWC, UAN, UBSI, UPL, VA, VICL, WRLD, WST, WWE, XEL, XYL, ZBH
Oct. 21, 2015, 2:56 PM
- Citi analyst Faisel Khan downgrades some U.S. refiner stocks, believing that narrowing differentials resulting from recent pipeline expansions and production slowdowns in the U.S. will continue to weigh on refiner margins in the near future.
- The firm’s latest forecast calls for a Brent-WTI differential of only $4.50/bbl, much lower than the previous forecast of $8/bbl.
- Khan cuts ratings for HollyFrontier (HFC -0.4%), Western Refining (WNR -1.6%), CVR Refining (CVRR +0.3%), Alon USA Partners (ALDW +2.4%) and Northern Tier Energy (NTI -2.2%) to Neutral from Buy.
- But the firm maintains its Buy rating on Phillips 66 (PSX -0.5%), Marathon Petroleum (MPC -0.8%) and Valero Energy (VLO -0.6%), which Khan says have diversified their revenue streams into pipelines, gas processing or chemicals.
Jul. 30, 2015, 8:32 AM
- CVR Refining (NYSE:CVRR): Q2 EPS of $1.54 beats by $0.51.
- Revenue of $1.55B (-37.2% Y/Y) misses by $330M.
Jul. 29, 2015, 5:30 PM
- AAWW, AB, ACI, ACIW, ACOR, ACRE, ADP, ALKS, ALLE, ALU, ALXN, AMRC, APD, AVP, AWI, AZN, BC, BCO, BG, BLL, BUD, BWA, BWEN, CAH, CBB, CBM, CBR, CCE, CCJ, CEVA, CI, CL, CME, COP, COT, CPN, CRL, CRR, CRS, CSH, CVE, CVI, CVRR, DBD, DCIX, DFT, DLPH, EDR, EME, ENTG, EPD, ERJ, ESI, EXLS, FCAU, FCN, FIG, FMS, GG, GHM, GLOP, GLPI, GNC, GOV, GTLS, GVA, HEES, HOT, HP, HST, I, IART, IDA, IDCC, IDXX, INGR, IRDM, IRM, IT, ITC, IVZ, KMT, LBY, LINE, LKQ, LLL, MD, MDLZ, MDP, MDXG, MMYT, MOBL, MPC, MPLX, MSCI, MTRN, MWW, NAVB, NICE, NMM, NNN, NOK, NTCT, ODFL, OSK, OXY, PBI, PCRX, PES, PF, PG, PNK, PNW, POT, PRFT, PWE, RDS.A, RFP, RTIX, RYAM, RYL, SC, SCG, SEE, SHOO, SHOP, SMP, SNE, SNMX, SSYS, SUI, SWK, TASR, TDY, TE, TEX, TFX, TKR, TMUS, TWC, TWI, UAN, UFS, UPL, VA, VG, VICL, VLO, VLY, WST, WWE, XEL, XRAY, XYL, YNDX, ZBH
Apr. 30, 2015, 8:40 AM
- CVR Refining (NYSE:CVRR): Q1 EPS of $0.32 may not be comparable to consensus of $0.73.
- Revenue of $1.3B (-45.4% Y/Y) beats by $90M.
Apr. 29, 2015, 5:30 PM
- AAWW, AB, ABC, ACIW, ACOR, ADP, AIT, ALKS, ALLE, AMT, ANR, APD, ARG, ARW, AVP, AWI, BCE, BDC, BG, BKCC, BLL, BWA, BZH, CAH, CCE, CDK, CELG, CI, CL, CME, COMM, COP, CRR, CRS, CSH, CTCM, CVI, CVRR, CWEI, CY, DBD, DIN, DLPH, EME, EPD, ERJ, EXLS, FCN, FIS, FMS, FSS, GEO, GG, GLOP, GNC, GNRC, GOV, GTI, GTLS, HAR, HEES, HST, HUN, I, IDA, IMAX, INCY, INGR, IRDM, ITC, ITG, IVZ, LBY, LKQ, LLL, LPLA, MD, MGLN, MINI, MLM, MMC, MOS, MPC, MPLX, MSCI, MTRN, MVIS, NBIX, NI, NOK, NTCT, NVO, NYT, OAK, ODFL, OMG, PBI, PCRX, PES, PF, POT, PSX, PSXP, PWE, PWR, RDS.A, RDWR, RGLD, RGS, ROK, RYL, SCG, SEE, SHPG, SMP, SNAK, SNE, SNMX, STM, STRZA, TASR, TDY, TEVA, TFX, THRM, TKR, TWC, TWI, UAN, UFS, UPL, VA, VAC, VGR, VIAB, VLY, VNTV, WRLD, WST, WWE, XEL, XOM, XYL, ZMH
CVR Refining LP is an independent downstream energy limited partnership company, which provides refining and related logistics services in the mid-continent region. The company's business includes The company's business includes business includes coking medium-sour crude oil refinery in... More
Sector: Basic Materials
Industry: Oil & Gas Refining & Marketing
Country: United States
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