X
<

Integrated Energy and Refiners: Insights for Investors

PART:
1 2 3
Part 3
Integrated Energy and Refiners: Insights for Investors PART 3 OF 3

Investors Are Bearish on Integrated Energy and Refiner Stocks

CVR Energy

As of September 29, 2016, CVR Energy (CVI) had the highest short interest-to-equity float ratio among integrated energy and refiner stocks.

Investors Are Bearish on Integrated Energy and Refiner Stocks

Interested in ALJ? Don't miss the next report.

Receive e-mail alerts for new research on ALJ

Success! You are now receiving e-mail alerts for new research. A temporary password for your new Market Realist account has been sent to your e-mail address.

Success! has been added to your Ticker Alerts.

Success! has been added to your Ticker Alerts. Subscriptions can be managed in your user profile.

Its ratio is 36.9%. One month ago, it was 35%. Three months ago, it was 27.7%. In the past three months, the stock has fallen 9.3%—the most among integrated energy and refiner stocks. The fall in CVR Energy’s stock price coincides with the rise in short interest in the stock.

CVR Energy’s net debt-to-EBITDA (earnings before interest, tax, depreciation, and amortization) is -0.1x because it has cash in excess of debt. Its cash and cash equivalents were $690.6 million in 2Q16.

Western Refining

Western Refining’s (WNR) short interest-to-equity float ratio is 18%. One month ago, it was 14.7%. Three months ago, it was 21.5%. Its net-debt-to-EBITDA ratio is 0.7x and its cash and cash equivalents were $198.2 million in 2Q16. In the past three months, the stock has returned 22.8%. The rise in the stock coincides with the fall in short interest.

Alon USA

Alon USA Energy’s (ALJ) short interest-to-equity float ratio is 17.1%. One month ago, it was 16.4%. Three months ago, it was 18.8%. During this period, the stock has risen 18.8%. The company’s net-debt-to-EBITDA ratio is 0.8x and its cash and cash equivalents were $205.8 million as of 2Q16.

PBF Energy

Currently, PBF Energy’s (PBF) short interest-to-equity float ratio is 11%. One month ago, it was 10.7%. Three months ago, it was 5.2%. In the last three months, the stock has fallen 7.6%. Its net-debt-to-EBITDA ratio was 0.5x in 1Q16 and its cash and cash equivalents were $1.4 billion. The rise in short interest coincides with the fall in its stock.

HollyFrontier

HollyFrontier’s (HFC) short interest-to-equity float ratio is 10.5%. One month ago, it was 9.7%. Three months ago, it was 7.7%. Its net-debt-to-EBITDA ratio is 0.5 and its cash and cash equivalents were $451.9 million in 2Q16. In the past three months, the stock has fallen 0.7%.

Tesoro (TSO) and Valero Energy (VLO) have short interest-to-equity float ratios of 5% and 3.7%, respectively.

Conclusion

From the above analysis, you can see that traders and investors are more bearish on refiner stocks than integrated energy stocks. It shows the markets’ bearish outlook on the US refining environment.

X

Please select a profession that best describes you: