Petco added to 'SMID Focus List' at Citi, CVR Energy removed » 06:3709/1409/14/21
Citi strategist Scott…
Citi strategist Scott Chronert added Petco (WOOF) to the firm's "Value Creators SMID Focus List" while removing CVR Energy (CVI). Petco provides further exposure to consumer discretionary, a sector on "which we are increasingly positive," Zaccone tells investors in a research note.
|Over a week ago|
CVR Energy downgraded to Neutral from Buy at Citi » 07:0808/2608/26/21
Citi analyst Prashant Rao…
Citi analyst Prashant Rao downgraded CVR Energy to Neutral from Buy with a price target of $15, down from $25.03. The analyst cut estimates across North America refiners saying excess global spare capacity and "narrower-for-longer" crude discounts present "persistent headwinds" to a full recovery in profitability. He believes baseline equity valuations needs to reset lower.
|Over a month ago|
Icahn exits Herbalife, boosts Xerox in Q2 » 17:0008/1308/13/21
HLF, TEN, IEP, XRX, OXY, DK, WBT, LNG, CVI, NWL
Carl Icahn's Icahn…
Carl Icahn's Icahn Capital disclosed in an SEC filing its holdings as of June 30, 2021. Icahn exited two positions during the second quarter, namely Herbalife (HLF) and Tenneco (TEN). The fund increased its stake in two holdings, including by size of previous position Icahn Enterprises (IEP) and Xerox (XRX). Icahn decreased its stake in three holdings, namely Occidental (OXY), Delek US (DK), and Welbilt (WBT). The fund's top holdings as of June 30, in order of size, were Icahn Enterprises, Occidental, Cheniere Energy (LNG), CVR Energy (CVI), and Newell Brands (NWL).
CVR Energy reports Q2 EPS (6c), consensus (33c) » 17:0408/0208/02/21
Reports Q2 revenue…
Reports Q2 revenue $1.78B, consensus $1.41B. Reports Q2 adjusted EBITDA $66M vs. $36M last year. CEO Dave Lamp says: "Our Petroleum Segment's second quarter results were highlighted by higher throughput volumes, increased crude oil pricing and widening crack spreads, offset by continued high Renewable Identification Number pricing and the mark-to-market impact of our estimated outstanding RIN obligation. CVR Partners experienced a solid 2021 second quarter, led by a combined ammonia utilization rate of 98 percent. Further contributing to the quarter were ideal spring planting conditions, strong shipments of nitrogen fertilizer at both facilities and much improved realized prices."
CVR Energy downgraded to Underperform on RIN price pressure at Scotiabank » 11:0507/1507/15/21
As previously reported…
As previously reported before the open, Scotiabank analyst Paul Cheng downgraded CVR Energy to Underperform from Sector Perform with a price target of $13, down from $15. While still impressed by the company's strong operating performance, he sees shares remain under pressure due to high Renewable Identification Number credit prices that he said "significantly hinder CVI margin capture." He doesn't expect any meaningful sustaining RIN relief until late 2022 or early 2023, the analyst added.
CVR Energy downgraded to Underperform from Sector Perform at Scotiabank » 07:0507/1507/15/21
Scotiabank analyst Paul…
Scotiabank analyst Paul Cheng downgraded CVR Energy to Underperform from Sector Perform with a $13 price target.
HollyFrontier up 3% after Supreme Court rules in renewable fuels case » 10:1806/2506/25/21
Shares of HollyFrontier…
Shares of HollyFrontier (HFC) are up $1.00, or 3%, to $34.68 while shares of refiner peer CVR Energy (CVI) are up nearly 5%, or 86c, to $19.90.
Supreme Court rules for HollyFrontier in renewable fuels case » 10:1706/2506/25/21
The Supreme Court wrote…
The Supreme Court wrote in a decision posted on its website: "When Congress created the renewable fuel program requiring most domestic refineries to blend renewable fuels into the transportation fuels they produce ... it added features designed to lessen the impact of the program's mandates on small refineries... three small refineries initially received an exemption, saw it lapse for a period, and then again petitioned for an exemption under subparagraph (B)(i). EPA granted the exemptions, and a group of renewable fuel producers objected. The Tenth Circuit vacated EPA's decisions, concluding that the small refineries were ineligible for an "extension" under subparagraph (B)(i) because they had allowed previous exemptions to lapse." The Supreme Court reversed the prior decision, ruling "the respondents have not shown that EPA's approval of the petitioners' extension requests was in excess of the agency's statutory authority. 5 U. S. C. Section706(2)(C). To the extent the court of appeals vacated EPA's orders on this ground, the judgment is reversed." Reference Link
|Over a quarter ago|
CVR Energy price target lowered to $28 from $31 at Citi » 07:0206/0906/09/21
Citi analyst Prashant Rao…
Citi analyst Prashant Rao lowered the firm's price target on CVR Energy to $28 from $31 and keeps a Buy rating on the shares. The analyst updated estimates and target prices across the North America Refiners and Marketers group.
Fly Intel: Top five analyst downgrades » 09:3805/2805/28/21
AAPL, PINC, RDHL, ATHM, CVI
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Apple (AAPL) downgraded to Sell from Neutral at New Street, with analyst Pierre Ferragu saying the iPhone 12 looks to have been "the second best-ever received iPhone," after the iPhone 6, but the current super-cycle has brought forward demand and the next iPhone line-up is likely a "12S" type with limited innovation. 2. Premier (PINC) double downgraded to Underweight from Overweight at Barclays, with analyst Steve Valiquette saying that with near-term pressure on Premier's core group purchasing organization business economics in its Supply Chain Services segment that is likely to drag into fiscal 2022, combined with a lack of visibility on growth in the company's Performance Services segment, multiple expansion for the shares looks less likely. 3. RedHill Biopharma (RDHL) downgraded to Buy from Strong Buy at WBB Securities, with analyst Stephen Brozak saying Aemcolo sales used to treat travelers' diarrhea have suffered due to reduced travel during the COVID-19 pandemic and he thinks investors will have to be patient for sales growth "for the foreseeable future." 4. Autohome (ATHM) downgraded to Hold from Buy at Benchmark, with analyst Fawne Jiang saying she expects revenue growth to decelerate for the rest of FY21 and sees increasing uncertainty on the long-term outlook. 5. CVR Energy (CVI) downgraded to Sell from Hold at Tudor Pickering. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.