Intrinsic value of CVR Refining - CVRR

Previous Close

$17.00

  Intrinsic Value

$168.51

stock screener

  Rating & Target

str. buy

+891%

Previous close

$17.00

 
Intrinsic value

$168.51

 
Up/down potential

+891%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CVRR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -14.16
  19.10
  17.69
  16.42
  15.28
  14.25
  13.33
  12.49
  11.74
  11.07
  10.46
  9.92
  9.42
  8.98
  8.58
  8.23
  7.90
  7.61
  7.35
  7.12
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
Revenue, $m
  4,431
  5,277
  6,211
  7,231
  8,336
  9,523
  10,793
  12,141
  13,567
  15,068
  16,645
  18,296
  20,020
  21,818
  23,691
  25,640
  27,666
  29,772
  31,961
  34,235
  36,599
  39,057
  41,612
  44,270
  47,037
  49,918
  52,919
  56,047
  59,309
  62,712
  66,265
Variable operating expenses, $m
 
  3,219
  3,789
  4,411
  5,085
  5,809
  6,583
  7,406
  8,276
  9,192
  10,153
  11,160
  12,212
  13,309
  14,452
  15,640
  16,876
  18,161
  19,496
  20,884
  22,326
  23,825
  25,383
  27,005
  28,693
  30,450
  32,281
  34,189
  36,179
  38,255
  40,421
Fixed operating expenses, $m
 
  1,734
  1,778
  1,822
  1,868
  1,914
  1,962
  2,011
  2,062
  2,113
  2,166
  2,220
  2,276
  2,332
  2,391
  2,451
  2,512
  2,575
  2,639
  2,705
  2,773
  2,842
  2,913
  2,986
  3,060
  3,137
  3,215
  3,296
  3,378
  3,463
  3,549
Total operating expenses, $m
  4,354
  4,953
  5,567
  6,233
  6,953
  7,723
  8,545
  9,417
  10,338
  11,305
  12,319
  13,380
  14,488
  15,641
  16,843
  18,091
  19,388
  20,736
  22,135
  23,589
  25,099
  26,667
  28,296
  29,991
  31,753
  33,587
  35,496
  37,485
  39,557
  41,718
  43,970
Operating income, $m
  78
  324
  645
  998
  1,383
  1,800
  2,247
  2,724
  3,229
  3,764
  4,326
  4,915
  5,532
  6,177
  6,849
  7,549
  8,278
  9,037
  9,826
  10,647
  11,501
  12,390
  13,316
  14,280
  15,284
  16,331
  17,423
  18,563
  19,753
  20,995
  22,294
EBITDA, $m
  207
  477
  825
  1,208
  1,626
  2,077
  2,561
  3,077
  3,624
  4,202
  4,810
  5,447
  6,114
  6,811
  7,538
  8,294
  9,082
  9,902
  10,755
  11,642
  12,565
  13,526
  14,526
  15,567
  16,652
  17,783
  18,962
  20,192
  21,477
  22,819
  24,221
Interest expense (income), $m
  42
  41
  55
  72
  89
  109
  130
  152
  175
  200
  227
  254
  283
  313
  345
  377
  411
  447
  484
  522
  562
  603
  646
  691
  737
  786
  836
  888
  943
  1,000
  1,060
Earnings before tax, $m
  15
  283
  589
  926
  1,294
  1,691
  2,117
  2,572
  3,054
  3,563
  4,099
  4,661
  5,249
  5,864
  6,504
  7,172
  7,867
  8,590
  9,342
  10,125
  10,940
  11,787
  12,670
  13,589
  14,547
  15,546
  16,587
  17,674
  18,809
  19,995
  21,234
Tax expense, $m
  0
  77
  159
  250
  349
  457
  572
  694
  825
  962
  1,107
  1,259
  1,417
  1,583
  1,756
  1,936
  2,124
  2,319
  2,522
  2,734
  2,954
  3,183
  3,421
  3,669
  3,928
  4,197
  4,479
  4,772
  5,079
  5,399
  5,733
Net income, $m
  15
  207
  430
  676
  944
  1,234
  1,546
  1,878
  2,230
  2,601
  2,992
  3,403
  3,832
  4,280
  4,748
  5,235
  5,743
  6,271
  6,820
  7,391
  7,986
  8,605
  9,249
  9,920
  10,619
  11,348
  12,109
  12,902
  13,731
  14,596
  15,501

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  314
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,332
  2,403
  2,828
  3,293
  3,796
  4,337
  4,915
  5,529
  6,178
  6,862
  7,580
  8,331
  9,117
  9,935
  10,788
  11,676
  12,598
  13,558
  14,554
  15,590
  16,666
  17,785
  18,949
  20,160
  21,419
  22,731
  24,098
  25,522
  27,008
  28,558
  30,175
Adjusted assets (=assets-cash), $m
  2,018
  2,403
  2,828
  3,293
  3,796
  4,337
  4,915
  5,529
  6,178
  6,862
  7,580
  8,331
  9,117
  9,935
  10,788
  11,676
  12,598
  13,558
  14,554
  15,590
  16,666
  17,785
  18,949
  20,160
  21,419
  22,731
  24,098
  25,522
  27,008
  28,558
  30,175
Revenue / Adjusted assets
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
Average production assets, $m
  1,532
  1,826
  2,149
  2,502
  2,884
  3,295
  3,734
  4,201
  4,694
  5,214
  5,759
  6,330
  6,927
  7,549
  8,197
  8,871
  9,572
  10,301
  11,059
  11,845
  12,663
  13,514
  14,398
  15,318
  16,275
  17,272
  18,310
  19,392
  20,521
  21,698
  22,928
Working capital, $m
  314
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total debt, $m
  542
  737
  955
  1,193
  1,450
  1,727
  2,023
  2,338
  2,670
  3,020
  3,388
  3,773
  4,175
  4,594
  5,031
  5,485
  5,957
  6,448
  6,959
  7,489
  8,040
  8,613
  9,209
  9,829
  10,474
  11,145
  11,845
  12,575
  13,335
  14,128
  14,957
Total liabilities, $m
  1,035
  1,230
  1,448
  1,686
  1,943
  2,220
  2,516
  2,831
  3,163
  3,513
  3,881
  4,266
  4,668
  5,087
  5,524
  5,978
  6,450
  6,941
  7,452
  7,982
  8,533
  9,106
  9,702
  10,322
  10,967
  11,638
  12,338
  13,068
  13,828
  14,621
  15,450
Total equity, $m
  1,297
  1,173
  1,380
  1,607
  1,852
  2,116
  2,398
  2,698
  3,015
  3,349
  3,699
  4,066
  4,449
  4,848
  5,265
  5,698
  6,148
  6,616
  7,102
  7,608
  8,133
  8,679
  9,247
  9,838
  10,453
  11,093
  11,760
  12,455
  13,180
  13,936
  14,725
Total liabilities and equity, $m
  2,332
  2,403
  2,828
  3,293
  3,795
  4,336
  4,914
  5,529
  6,178
  6,862
  7,580
  8,332
  9,117
  9,935
  10,789
  11,676
  12,598
  13,557
  14,554
  15,590
  16,666
  17,785
  18,949
  20,160
  21,420
  22,731
  24,098
  25,523
  27,008
  28,557
  30,175
Debt-to-equity ratio
  0.418
  0.630
  0.690
  0.740
  0.780
  0.820
  0.840
  0.870
  0.890
  0.900
  0.920
  0.930
  0.940
  0.950
  0.960
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
  1.000
  1.000
  1.000
  1.000
  1.010
  1.010
  1.010
  1.010
  1.020
Adjusted equity ratio
  0.487
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  15
  207
  430
  676
  944
  1,234
  1,546
  1,878
  2,230
  2,601
  2,992
  3,403
  3,832
  4,280
  4,748
  5,235
  5,743
  6,271
  6,820
  7,391
  7,986
  8,605
  9,249
  9,920
  10,619
  11,348
  12,109
  12,902
  13,731
  14,596
  15,501
Depreciation, amort., depletion, $m
  129
  153
  181
  210
  242
  277
  314
  353
  394
  438
  484
  532
  582
  634
  689
  745
  804
  866
  929
  995
  1,064
  1,136
  1,210
  1,287
  1,368
  1,451
  1,539
  1,630
  1,724
  1,823
  1,927
Funds from operations, $m
  328
  360
  611
  886
  1,187
  1,511
  1,859
  2,231
  2,624
  3,039
  3,476
  3,935
  4,414
  4,915
  5,437
  5,981
  6,547
  7,136
  7,749
  8,387
  9,050
  9,740
  10,459
  11,207
  11,987
  12,800
  13,647
  14,532
  15,455
  16,420
  17,428
Change in working capital, $m
  60
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  268
  360
  611
  886
  1,187
  1,511
  1,859
  2,231
  2,624
  3,039
  3,476
  3,935
  4,414
  4,915
  5,437
  5,981
  6,547
  7,136
  7,749
  8,387
  9,050
  9,740
  10,459
  11,207
  11,987
  12,800
  13,647
  14,532
  15,455
  16,420
  17,428
Maintenance CAPEX, $m
  0
  -129
  -153
  -181
  -210
  -242
  -277
  -314
  -353
  -394
  -438
  -484
  -532
  -582
  -634
  -689
  -745
  -804
  -866
  -929
  -995
  -1,064
  -1,136
  -1,210
  -1,287
  -1,368
  -1,451
  -1,539
  -1,630
  -1,724
  -1,823
New CAPEX, $m
  -102
  -294
  -323
  -353
  -382
  -411
  -439
  -467
  -493
  -520
  -545
  -571
  -597
  -622
  -648
  -674
  -701
  -729
  -757
  -787
  -818
  -850
  -884
  -920
  -957
  -997
  -1,038
  -1,082
  -1,129
  -1,177
  -1,229
Cash from investing activities, $m
  -108
  -423
  -476
  -534
  -592
  -653
  -716
  -781
  -846
  -914
  -983
  -1,055
  -1,129
  -1,204
  -1,282
  -1,363
  -1,446
  -1,533
  -1,623
  -1,716
  -1,813
  -1,914
  -2,020
  -2,130
  -2,244
  -2,365
  -2,489
  -2,621
  -2,759
  -2,901
  -3,052
Free cash flow, $m
  160
  -62
  134
  353
  594
  858
  1,143
  1,450
  1,778
  2,125
  2,493
  2,880
  3,285
  3,710
  4,155
  4,618
  5,100
  5,603
  6,126
  6,670
  7,237
  7,826
  8,439
  9,078
  9,742
  10,435
  11,158
  11,911
  12,697
  13,518
  14,375
Issuance/(repayment) of debt, $m
  -33
  197
  218
  238
  258
  277
  296
  314
  332
  350
  368
  385
  402
  419
  437
  454
  472
  491
  510
  530
  551
  573
  596
  620
  645
  672
  700
  729
  761
  793
  828
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -33
  197
  218
  238
  258
  277
  296
  314
  332
  350
  368
  385
  402
  419
  437
  454
  472
  491
  510
  530
  551
  573
  596
  620
  645
  672
  700
  729
  761
  793
  828
Total cash flow (excl. dividends), $m
  127
  135
  352
  591
  852
  1,135
  1,439
  1,765
  2,110
  2,475
  2,860
  3,264
  3,688
  4,130
  4,591
  5,072
  5,573
  6,094
  6,636
  7,201
  7,788
  8,399
  9,035
  9,697
  10,388
  11,107
  11,857
  12,640
  13,458
  14,311
  15,204
Retained Cash Flow (-), $m
  -16
  -188
  -207
  -227
  -246
  -264
  -282
  -300
  -317
  -334
  -350
  -367
  -383
  -400
  -416
  -433
  -450
  -468
  -486
  -505
  -525
  -546
  -568
  -591
  -615
  -640
  -667
  -695
  -725
  -756
  -789
Prev. year cash balance distribution, $m
 
  312
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  259
  145
  364
  606
  871
  1,157
  1,465
  1,793
  2,142
  2,510
  2,898
  3,304
  3,730
  4,175
  4,639
  5,123
  5,626
  6,150
  6,695
  7,263
  7,853
  8,467
  9,107
  9,773
  10,467
  11,190
  11,945
  12,733
  13,555
  14,414
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  249
  132
  317
  499
  675
  840
  990
  1,121
  1,230
  1,316
  1,376
  1,410
  1,418
  1,402
  1,362
  1,302
  1,224
  1,133
  1,031
  923
  812
  703
  597
  498
  407
  326
  256
  197
  148
  109
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

CVR Refining, LP is an independent downstream energy limited partnership with refining and related logistics assets that operates in the mid-continent region. The Company is a petroleum refiner. It owned and operated a complex full coking medium-sour crude oil refinery in Coffeyville, Kansas with a rated capacity of 115,000 barrels per calendar day (bpcd) and a complex crude oil refinery in Wynnewood, Oklahoma with a rated capacity of 70,000 bpcd capable of processing 20,000 bpcd of light sour crude oils (within its rated capacity of 70,000 bpcd), as of December 31, 2016. In addition, it also controlled and operated supporting logistics assets, including approximately 340 miles of active owned and leased pipelines, approximately 150 crude oil transports, a network of crude oil gathering tank farms, approximately 6.4 million barrels of owned and leased crude oil storage and over 4.5 million barrels of combined refined products and feedstocks storage capacity, as of December 31, 2016.

FINANCIAL RATIOS  of  CVR Refining (CVRR)

Valuation Ratios
P/E Ratio 167.3
Price to Sales 0.6
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 9.4
Price to Free Cash Flow 15.1
Growth Rates
Sales Growth Rate -14.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -47.7%
Cap. Spend. - 3 Yr. Gr. Rate -13%
Financial Strength
Quick Ratio 157
Current Ratio 0
LT Debt to Equity 41.6%
Total Debt to Equity 41.8%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 10.9%
Return On Total Capital 0.8%
Ret/ On T. Cap. - 3 Yr. Avg. 11%
Return On Equity 1.2%
Return On Equity - 3 Yr. Avg. 15.5%
Asset Turnover 2
Profitability Ratios
Gross Margin 3.4%
Gross Margin - 3 Yr. Avg. 6.1%
EBITDA Margin 4.2%
EBITDA Margin - 3 Yr. Avg. 6.3%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin 0.3%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CVRR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CVRR stock intrinsic value calculation we used $4431 million for the last fiscal year's total revenue generated by CVR Refining. The default revenue input number comes from 2016 income statement of CVR Refining. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CVRR stock valuation model: a) initial revenue growth rate of 19.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CVRR is calculated based on our internal credit rating of CVR Refining, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of CVR Refining.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CVRR stock the variable cost ratio is equal to 61%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1692 million in the base year in the intrinsic value calculation for CVRR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.5% for CVR Refining.

Corporate tax rate of 27% is the nominal tax rate for CVR Refining. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CVRR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CVRR are equal to 34.6%.

Life of production assets of 11.9 years is the average useful life of capital assets used in CVR Refining operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CVRR is equal to 0%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1297 million for CVR Refining - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 143.807 million for CVR Refining is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of CVR Refining at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

▶ Which Refining and Marketing Energy Stocks Fell This Week?   [Jan-19-18 09:30AM  Market Realist]
▶ Why These 2 Downstream MLPs Could Be Promising in 2018   [Jan-12-18 03:10PM  Market Realist]
▶ How Do These MLPs Look in 2018?   [01:37PM  Market Realist]
▶ Refining and Marketing Stocks That Are Losing This Week   [Jan-05-18 09:15AM  Market Realist]
▶ ETFs with exposure to CVR Refining LP : December 25, 2017   [Dec-25-17 11:49AM  Capital Cube]
▶ Top 10 Stocks Under $20   [Dec-22-17 01:23PM  Zacks]
▶ Last Weeks MLP Ratings Updates   [Nov-21-17 02:24PM  Market Realist]
▶ CVR Refining Starts Paying Investors Again in Q3   [Nov-08-17 04:32PM  Motley Fool]
▶ Improved Refining Margin Drove CVR Refinings 3Q17 Earnings   [Nov-02-17 03:00PM  Market Realist]
▶ CVR Refining LP to Host Earnings Call   [09:00AM  ACCESSWIRE]
▶ CVR Refining Announces 2017 Third Quarter Earnings Call   [Oct-18-17 08:30AM  PR Newswire]
▶ Top MLP Gainers in the Week Ending October 13   [Oct-17-17 01:22PM  Market Realist]
▶ Analyzing Wall Streets Targets for CVRR, PARR, CEO, and SU   [Oct-13-17 07:40AM  Market Realist]
▶ Analysts Recommendations for Calumet Specialty   [Sep-19-17 07:37AM  Market Realist]
▶ Here's Why CVR Energy Rose 12.3% in August   [Sep-08-17 03:35PM  Motley Fool]
▶ ETFs with exposure to CVR Refining LP : August 15, 2017   [Aug-15-17 03:55PM  Capital Cube]
▶ Why these MLPs Fell More than 5% Last Week   [Aug-01-17 03:07PM  Market Realist]
▶ The Worst Energy Stocks from July 2428, 2017   [08:18AM  Market Realist]
▶ Icahn's biofuel bet faces significant headwinds   [Jul-31-17 04:44PM  Reuters]
▶ Analysts Seem Uncertain about Refining MLPs Future   [Jul-25-17 10:37AM  Market Realist]
▶ Short Interest In ALDW, CVRR, and CLMT Falls   [09:07AM  Market Realist]
▶ Why CLMT and ALDW Have Risen despite Sector Weakness   [Jul-24-17 10:38AM  Market Realist]
▶ Could CVR Refining Pay Distributions in 2Q17?   [07:40AM  Market Realist]
▶ ALDW, CVRR, CLMT: Could Refining Margins Improve In 2Q17?   [Jul-21-17 04:36PM  Market Realist]
▶ Which Energy Stocks Diverged from Oils Gains Last Week?   [Jul-17-17 11:16AM  Market Realist]
▶ CVR Refining Announces 2017 Second Quarter Earnings Call   [Jul-13-17 08:30AM  PR Newswire]
▶ Refiners Tumble on Proposed Biofuel Quotas   [Jul-06-17 04:01PM  GuruFocus.com]
▶ 3 Stocks Billionaires Own   [Jun-16-17 10:05AM  Motley Fool]
▶ Why Shares of CVR Energy Declined 12% in May   [Jun-09-17 11:47AM  Motley Fool]
▶ ETFs with exposure to CVR Refining LP : June 6, 2017   [Jun-06-17 11:40AM  Capital Cube]
▶ ETFs with exposure to CVR Refining LP : May 23, 2017   [May-23-17 12:36PM  Capital Cube]
Financial statements of CVRR
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