CVR REFINING (CVI)

[dubbya]

I'm undecided whether its shorts understanding the seasonal cyclicality, end of year selling, or just the scary high payout ratios of this sector.

Its been clear to me for some time that the dividends will have to come down to bring this ratio into line, but when and how much is unknown.
I just spent time putting together a spreadsheet on 22 of them in refining, mainstream. If 50% or less is traditionally considered the safe payout level, there is not one in that category. They are all at extreme levels with NTI is at 81% and CVRR is at 206%.

I'm going to wait for the MLPs to do what they need to do before stepping in. I'll monitor the worst offenders for signs it has begun:
EEP: 597%
NGLS: 500%
PAA: 233%
OKS: 178%
BPL: 165%
DPM: 167%