CVR Refining LP

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  • uploads///IV Integrated
    Miscellaneous

    Integrated Energy and Refiner Stocks with High Implied Volatility

    As of November 8, 2016, Alon USA Partners (ALDW) had the highest implied volatility among the integrated energy and refining companies in this series.

    By Rabindra Samanta
  • uploads///anr
    Energy & Utilities

    Last Week’s MLP Ratings Updates

    CVR Refining (CVRR), a downstream MLP involved in crude oil refining and refined products marketing, saw ratings updates and target price revisions from Barclays and UBS last week.

    By Kurt Gallon
  • uploads///refinery inputs
    Macroeconomic Analysis

    Refinery Inputs Fell but Are Higher than 2014 Levels

    US crude oil refinery inputs averaged 17.029 million barrels per day (or MMbpd) during the week ended August 7.

    By Keisha Bandz
  • uploads///weakest mlps
    Energy & Utilities

    NBLX, WGP, CLMT, CVRR: The Weakest MLPs in the Third Quarter

    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.

    By Rekha Khandelwal, CFA
  • uploads///Gains
    Energy & Utilities

    Downstream MLPs among Top MLP Gainers Last Week

    US downstream MLPs, including Calumet Specialty Products Partners (CLMT), Alon USA Partners (ALDW), and CVR Refining (CVRR), were among the top five MLP gainers last week.

    By Kurt Gallon
  • uploads///refining mlps surged after trump win
    Company & Industry Overviews

    Refining MLPs Surge after Trump’s Victory: Which One Looks Best?

    Alon USA Partners (ALDW), CVR Refining (CVRR), and Calumet Specialty Products Partners (CLMT) have surged 17%, 22%, and 31%, respectively, since the start of November 2016.

    By Rekha Khandelwal, CFA
  • uploads///Gains
    Energy & Utilities

    These MLPs Rose More than 6.0% in the Week Ended September 29

    Upstream MLPs EV Energy Partners (EVEP), Mid-Con Energy Partners (MCEP), and Legacy Reserves (LGCY) rose 17.6%, 13.7%, and 11.8%, respectively, in the week ended September 29.

    By Kurt Gallon
  • uploads///top losers
    Energy & Utilities

    DMLP, LNG, and NGL: Top MLP and Midstream Losses Last Week

    Dorchester Minerals (DMLP), NGL Energy Partners (NGL), CVR Refining (CVRR), and Hi-Crush Partners (HCLP) were among the top losses last week.

    By Rekha Khandelwal, CFA
  • uploads///US Regular Gasoline Prices
    Macroeconomic Analysis

    Refinery Maintenance Could Raise Gasoline Prices

    The EIA’s (U.S Energy Information Administration) most recent weekly gasoline and diesel fuel price report showed that US regular gasoline retail prices averaged $2.02 per gallon yesterday.

    By Manu Milan
  • uploads///Top gainers
    Basic Materials

    The Top MLP Winners of 2017

    The top three MLP gainers in 2017 were downstream MLPs Calumet Specialty Products Partners (CLMT), Alon USA Partners (ALDW), and CVR Refining (CVRR).

    By Kurt Gallon
  • uploads///featured image
    Energy & Utilities

    7 MLPs That Have Generated Handsome Returns in 2018

    Even though MLP returns are nearly flat in 2018, there are some MLPs that have generated handsome returns year-to-date.

    By Rekha Khandelwal, CFA
  • uploads///gulf coast  crack spread
    Macroeconomic Analysis

    How a Fall in Crack Spreads Is Hurting Refining MLPs

    The Gulf Coast 3-2-1 crack spread was $10.4 per barrel on June 16, 2016.

    By Rekha Khandelwal, CFA
  • uploads///Loss
    Energy & Utilities

    Top MLP Losers in the Week Ending March 2

    NuStar GP Holdings (NSH) and its limited partnership, NuStar Energy (NS), were the top two MLP losers in the week ending March 2, 2018.

    By Kurt Gallon
  • uploads///clmts high leverage
    Company & Industry Overviews

    Calumet’s High Leverage: A Key Concern for Investors

    Currently, Calumet Specialty Products Partners’ (CLMT) net debt-to-equity ratio stands at an alarmingly high level of 4.1x.

    By Rekha Khandelwal, CFA
  • uploads///IV
    Miscellaneous

    Why Is the Crack Spread Fueling Volatility in Refining Stocks?

    As of October 6, 2016, Calumet Specialty Products Partners had the highest implied volatility among our list of integrated energy and refining companies.

    By Rabindra Samanta
  • uploads///CVRR
    Energy & Utilities

    CVR Refining Surged 8% on Exchange Offer from CVR Energy

    On May 29, CVR Energy (CVI) announced its intention to exchange shares of CVR Energy for 37 million common shares of CVR Refining.

    By Rekha Khandelwal, CFA
  • uploads///Loss
    Energy & Utilities

    Which MLPs Lost More than 10.0% in the Week Ending February 9?

    NuStar GP Holdings (NSH) and its limited partnership, NuStar Energy (NS), were the top two MLP losers in the week ending February 9.

    By Kurt Gallon
  • uploads///underperformers
    Company & Industry Overviews

    ET, CVRR, and DM: Top MLP and Midstream Losses Last Week

    Energy Transfer (ET) was one of the few midstream stocks that fell last week. Energy Transfer fell 3.1% last week.

    By Rekha Khandelwal, CFA
  • uploads///featured image
    Basic Materials

    CVR Refining Stock Up 7% in After-Hours Trading

    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.

    By Rekha Khandelwal, CFA
  • uploads///top losers
    Energy & Utilities

    MMP, NS, VNOM, and CQP: Which MLPs Fell the Most?

    NuStar Energy (NS), Viper Energy Partners (VNOM), and CVR Refining (CVRR) fell 8.9%, 8.6%, and 7.7%, respectively, last week.

    By Rekha Khandelwal, CFA
  • uploads///analyst recom
    Energy & Utilities

    TRGP, CVRR, and HCLP: Key Rating Updates Last Week

    On October 3, Barclays cut its rating for CVR Refining (CVRR) from “equal weight” to “underweight.” Barclays cut its target price.

    By Rekha Khandelwal, CFA
  • uploads///anr
    Energy & Utilities

    MLP Rating Update for the Week Ending August 3

    Hi-Crush Partners (HCLP) saw a rating downgrade and target price revision last week. Credit Suisse raised its target price to $17 from $15.

    By Kurt Gallon
  • uploads///anr
    Energy & Utilities

    MLP Rating Updates for the Week Ending April 13

    Credit Suisse initiated coverage on CVR Refining (CVRR) with a “neutral” rating and assigned a target price of $14.

    By Kurt Gallon
  • uploads///institutional investors
    Company & Industry Overviews

    Institutional Investors’ Views on CVR Refining

    CVR Energy (CVI) owns 65.9% of CVR Refining’s (CVRR) outstanding shares.

    By Rekha Khandelwal, CFA
  • uploads///featured image
    Energy & Utilities

    CVR Refining Has Fallen 13% This Year: What’s Ahead

    In this series, we’ll look at CVR Refining’s recent performance and analyze its key indicators.

    By Rekha Khandelwal, CFA
  • uploads///Gains
    Energy & Utilities

    Top MLP Gainers in the Week Ending March 23

    Legacy Reserves (LGCY) was the top MLP gainer in the week ending March 23. Legacy Reserves rose 11.8% last week.

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    Last Week’s Biggest MLP Losses

    MLPs with heavy exposure to Interstate Pipelines lost the most last week. TC PipeLines (TCP) recorded the highest losses.

    By Kurt Gallon
  • uploads///Energy MWU_ REFINING Losers
    Energy & Utilities

    Refining and Marketing Losses this Week: CVRR, ANDV, MPC, VLO, HFC

    Next in our series of the biggest movers in the energy sector, we’ll now look at the highest-losing stocks this week from the US refining and marketing sector.

    By Nicholas Chapman
  • uploads///Value chain
    Company & Industry Overviews

    Who’s Protected from FERC’s Revised Income Tax Policy?

    Midstream companies such as Kinder Morgan (KMI), Targa Resource (TRGP), and ONEOK (OKE) are taxed as C-corps, so the revised policy doesn’t apply to them.

    By Kurt Gallon
  • uploads///Gains
    Basic Materials

    Last Week’s Top MLP Gainers: Calumet and More

    Calumet Specialty Products Partners (CLMT), a downstream MLP involved in the production of specialty fuels, was the top MLP gainer last week.

    By Kurt Gallon
  • uploads///p
    Energy & Utilities

    Energy Stocks Outdid Oil and the Broader Market Last Week

    On March 2–9, 2018, oilfield services stock Superior Energy Services (SPN) rose the most on our list of energy stocks.

    By Rabindra Samanta
  • uploads///CVRR
    Company & Industry Overviews

    Is CVR Refining’s 14% Yield Really Attractive?

    Based on its latest quarterly distribution annualized, CVR Refining (CVRR) is trading at a yield of ~14%.

    By Rekha Khandelwal, CFA
  • uploads///Loss
    Energy & Utilities

    Last Week’s Biggest MLP Losers: SMLP and More

    Summit Midstream Partners (SMLP), a midstream MLP mainly involved in crude oil gathering and processing and crude oil gathering, was the biggest MLP loser last week.

    By Kurt Gallon
  • uploads///featured image
    Earnings Report

    CVR Refining Announced Its 4Q17 Distribution of $0.45

    CVR Refining’s adjusted EBITDA for 4Q17 rose to $76.4 million from $27.7 million in 4Q16.

    By Rekha Khandelwal, CFA
  • uploads///val
    Company & Industry Overviews

    How Do These MLPs Look in 2018?

    MLPs had a strong start to the new year. The Alerian MLP Index rose 5% in the first week of 2018.

    By Kurt Gallon
  • uploads///Gains
    Basic Materials

    The Top MLP Gainers as of December 8

    CVR Partners, an MLP involved in nitrogen fertilizer production, was the biggest MLP gainer last week (ended December 8), rising 17.4% during the week.

    By Kurt Gallon
  • uploads///net debt to capital
    Earnings Report

    Calumet Specialty Expects Lower Capital Spending in 2018

    According to Calumet Specialty Products Partners (CLMT), its pro forma net debt-to-total capital ratio after selling the Superior refinery is 76%.

    By Rekha Khandelwal, CFA
  • uploads///Loss
    Basic Materials

    These MLPs Fell More Than 7% Last Week

    EV Energy Partners (EVEP) was the worst-performing MLP last week. It fell a massive 20.9% during the week.

    By Kurt Gallon
  • uploads///Beta
    Company & Industry Overviews

    Phillips 66’s Beta: Does It Imply That PSX Is Less Volatile?

    Phillips 66’s (PSX) 90-day beta stood at 1.2 on March 16, 2017, below its peer average of 2.1.

    By Maitali Ramkumar
  • uploads///integrated energy and refiners IV
    Energy & Utilities

    Integrated Energy Companies and Refiners with High Implied Volatility

    As of August 11, 2016, Alon USA Energy (ALJ) has the highest implied volatility among integrated energy companies and refiners.

    By Rabindra Samanta
  • uploads///Returns
    Earnings Report

    Valero’s Stock Rose 4.7% Following Its Earnings Release

    Valero Energy (VLO) announced its results on July 26, 2016, before the market opened.

    By Maitali Ramkumar
  • uploads///Estimates
    Earnings Report

    HollyFrontier’s 2Q16 Earnings Expected to Outshine Those of 1Q16

    Wall Street analysts expect HollyFrontier to post EPS of $0.35, which is 76% lower than its 2Q15 adjusted EPS.

    By Maitali Ramkumar
  • uploads///Refiners
    Macroeconomic Analysis

    What Are the Correlations between Refining Stocks, Cracks, and SPY?

    The correlation between refiners and the benchmark crack USGC WTI Cushing 3-2-1 shows a mixed trend.

    By Maitali Ramkumar
  • uploads///downsream
    Macroeconomic Analysis

    How Do PSX, DK, and CVRR Compare on 100-Day Moving Averages?

    Phillips 66 (PSX) was trading 1.5% above its 100-day moving average yesterday. On March 1, 2016, the stock was on par with its 100-day moving average.

    By Rabindra Samanta
  • uploads///Cash Flow
    Company & Industry Overviews

    PBF’s Cash Flow Is Volatile amid Changes in Working Capital

    PBF Energy has seen a fall in cash balances from 3Q14 to 3Q15. PBF’s cash balance in 3Q15 stood at $707 million, showing a 5% fall over 3Q14.

    By Maitali Ramkumar
  • uploads///U
    Macroeconomic Analysis

    Lower Gasoline Demand Sent Prices Down

    According to the EIA’s Weekly Petroleum Status report, US gasoline demand was 8.9 MMbpd (million barrels per day) for the week ended January 22.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Strong Distillate Inventories Build, Forcing Prices to the Floor

    The EIA’s Weekly Petroleum Status Report released on January 13 reported that US distillate inventories rose by ~6.1 MMbbls for the week ended January 8.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Lower Gasoline Demand Pushed Inventories to Surge

    Gasoline demand was 8.5 MMbpd for the week ended January 8, 2016. Demand rose by ~0.34 MMbpd compared to the previous week ended January 1, 2016.

    By Manu Milan
  • uploads///Cash Flow Analysis of Downstream Companies
    Macroeconomic Analysis

    Cash Flow Analysis of Downstream Companies in 3Q15

    Cash flow from continuing operations for upstream and midstream has diminished or is in negative territory. ExxonMobil’s price-to-cash-flow ratio was 8x in 3Q15.

    By Rabindra Samanta
  • uploads///refinery inputs
    Macroeconomic Analysis

    US Refinery Inputs Up in Week Ended October 30

    In its weekly report on November 4, 2015, the EIA reported that US crude oil refinery inputs averaged more than 15.6 MMbpd during the week ended October 30. This was a rise of 21,000 bpd.

    By Keisha Bandz
  • uploads///US crude oil production
    Macroeconomic Analysis

    Slowing US Crude Oil Output Could Impact US Refiners

    US crude oil production fell for the eighth time in the last ten weeks. Crude oil prices rose almost 10% during the second week of October.

    By Gordon Kristopher
  • uploads///gasoline
    Macroeconomic Analysis

    Higher Gasoline Inventories in the Week Ended April 24

    While both gasoline production and demand decreased last week, a decrease in demand seems to have had a more pronounced effect on inventories than changes in production.

    By Keisha Bandz
  • uploads///distillate stocks
    Macroeconomic Analysis

    Slight Rise in Distillate Inventories in Week Ending April 17

    Distillates are an important group of fuels for transportation and heating purposes. Distillate demand also drives crude demand and crude prices.

    By Keisha Bandz
  • uploads///gasoline stocks
    Macroeconomic Analysis

    Gasoline Inventories Declined in the Week Ending April 17

    The EIA reported that gasoline inventories decreased by 2.1 MMbbls to ~225.7 MMbbls in the week to April 17. Analysts expected inventories to decline by 1 MMbbls.

    By Keisha Bandz
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