You know me as a buy and hold type. That said this one will not perform well in the near term as we have been saying, and should likely have fallen. Logic comes from several sides. Oil down, crack spread gone and turnaround downtime dropping throughput should all have taken this one down. They have a combined storage capacity of 6mm barrels and with oil cheap they have inventory write off also. So the market that does not react fast to the simple news we follow here will sell it off, surely when the reality of a huge payout drop hits. Having missed the best sell point post payout because I got busy with too many other projects, I will hold and maybe even add when it gets real cheap after they announce small or no payout for this quarter. I still like the prospects for the rest of 2016. The coming year is not going to be all negative for energy stocks. The rebound here is likely to be as dramatic as the fall I anticipate.
I don't trust Carl either and I have been too cautious here in the past, but these days he looks better to me than the GP over at NTI. They surprised me with a low offer to steal it when I thought they might add other assets to the MLP.
It is a different story here as Carl essentially owns the GP and plays a different game. Early on I considered the GP CVI and I am glad I did not buy it. Crazy special dividends made it look great at times but also caused it to fall 50%. I have said before the GP CVI is Carls personal ATM.
I like this two refinery MLP though. The time to add units of CVRR will come after they announce the payout in January. Watch it for a bottom there. GLTA!
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