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Investors Buy High Volume of CVR Refining Call Options (CVRR)

CVR Refining LP (NYSE:CVRR) saw unusually large options trading on Wednesday. Traders bought 3,516 call options on the company. This is an increase of approximately 1,237% compared to the typical daily volume of 263 call options.

Several hedge funds have recently modified their holdings of CVRR. FMR LLC grew its holdings in shares of CVR Refining by 1,195.2% during the second quarter. FMR LLC now owns 584,717 shares of the oil and gas company’s stock valued at $13,068,000 after buying an additional 539,571 shares in the last quarter. Natixis purchased a new position in shares of CVR Refining during the second quarter valued at $7,290,000. Alpine Global Management LLC purchased a new position in CVR Refining in the second quarter valued at about $6,770,000. Intrinsic Edge Capital Management LLC grew its stake in CVR Refining by 160.7% in the second quarter. Intrinsic Edge Capital Management LLC now owns 429,919 shares of the oil and gas company’s stock valued at $9,609,000 after purchasing an additional 265,019 shares in the last quarter. Finally, Cowen Inc. purchased a new position in CVR Refining in the second quarter valued at about $3,465,000. Institutional investors and hedge funds own 7.43% of the company’s stock.

Get CVR Refining alerts: CVRR has been the topic of a number of recent analyst reports. ValuEngine lowered CVR Refining from a “hold” rating to a “sell” rating in a research report on Saturday, December 1st. Goldman Sachs Group lowered CVR Refining from a “buy” rating to a “neutral” rating in a research report on Friday, September 7th. Barclays lowered CVR Refining from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $24.00 to $20.00 in a research report on Wednesday, October 3rd. Mizuho set a $25.00 target price on CVR Refining and gave the stock a “buy” rating in a research report on Wednesday, November 28th. Finally, Citigroup lowered CVR Refining from a “neutral” rating to a “sell” rating and cut their target price for the stock from $20.00 to $15.00 in a research report on Wednesday, October 31st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. CVR Refining has an average rating of “Hold” and a consensus price target of $19.83.

Shares of CVR Refining stock opened at $9.86 on Thursday. The firm has a market cap of $1.23 billion, a PE ratio of 3.53 and a beta of 1.44. The company has a current ratio of 1.94, a quick ratio of 1.22 and a debt-to-equity ratio of 0.37. CVR Refining has a 12-month low of $8.30 and a 12-month high of $26.00.

CVR Refining (NYSE:CVRR) last announced its earnings results on Wednesday, October 24th. The oil and gas company reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.72 billion. CVR Refining had a return on equity of 26.00% and a net margin of 6.16%. CVR Refining’s revenue for the quarter was up 34.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.47 earnings per share.

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CVR Refining Company Profile

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.

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