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Fly News Breaks for May 30, 2018
CVI, CVRR
May 30, 2018 | 06:25 EDT
Citi analyst Prashant Rao downgraded CVR Refining (CVRR) to Neutral while raising his price target for the shares to $25 from $22. The exchange offer by CVR Energy (CVI) for CVR Refining units brings the two entities closer to a merger, Rao tells investors in a research note. The analyst no longer sees "compelling enough" upside to justify a Buy rating on CVR Refining.
News For CVRR;CVI From the Last 2 Days
CVI
Apr 29, 2024 | 17:01 EDT
Reports Q1 revenue $1.86B, consensus $1.96B. "CVR Energy achieved solid results for the 2024 first quarter driven by lower RINs' expense and higher crude oil and refined product prices, offset by lower refining margins and reduced throughput related to the Wynnewood refinery's planned turnaround," said Dave Lamp, CVR Energy's Chief Executive Officer. "CVR Energy also was pleased to announce a regular first quarter 2024 cash dividend of 50 cents per share, part of our peer-leading annualized dividend yield of approximately six percent.
