CVR Energy (NYSE:CVI) Shares Up 6.7% – Here’s Why

CVR Energy Inc. (NYSE:CVI) shares traded up 6.7% on Wednesday . The stock traded as high as $27.57 and last traded at $27.4410. 456,221 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 1,369,967 shares. The stock had previously closed at $25.72.

Analyst Ratings Changes

A number of research firms have recently issued reports on CVI. Weiss Ratings cut shares of CVR Energy from a “hold (c)” rating to a “sell (d)” rating in a research report on Friday, February 20th. Wall Street Zen downgraded CVR Energy from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. One equities research analyst has rated the stock with a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, CVR Energy presently has an average rating of “Strong Sell” and a consensus target price of $29.25.

CVR Energy Stock Performance

The stock has a market cap of $2.75 billion, a price-to-earnings ratio of 104.93 and a beta of 1.12. The company’s fifty day simple moving average is $23.73 and its two-hundred day simple moving average is $30.12. The company has a debt-to-equity ratio of 1.95, a current ratio of 1.79 and a quick ratio of 1.13.

CVR Energy (NYSE:CVI) last issued its quarterly earnings data on Wednesday, February 18th. The oil and gas company reported ($0.80) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.04. CVR Energy had a net margin of 0.38% and a negative return on equity of 14.31%. The firm had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the company earned ($0.13) earnings per share. The business’s revenue was down 7.0% on a year-over-year basis. On average, analysts forecast that CVR Energy Inc. will post -0.12 earnings per share for the current year.

CVR Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 9th. Shareholders of record on Monday, March 2nd were paid a dividend of $0.37 per share. The ex-dividend date was Monday, March 2nd. This represents a $1.48 dividend on an annualized basis and a yield of 5.4%.

Insider Buying and Selling

In other news, major shareholder Carl C. Icahn acquired 275,012 shares of CVR Energy stock in a transaction on Tuesday, February 24th. The stock was acquired at an average cost of $21.41 per share, with a total value of $5,888,006.92. Following the transaction, the insider owned 71,201,875 shares of the company’s stock, valued at approximately $1,524,432,143.75. This trade represents a 0.39% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders purchased 783,404 shares of company stock worth $16,445,044. Insiders own 0.01% of the company’s stock.

Hedge Funds Weigh In On CVR Energy

A number of hedge funds and other institutional investors have recently modified their holdings of CVI. Neo Ivy Capital Management boosted its position in CVR Energy by 165.4% in the third quarter. Neo Ivy Capital Management now owns 65,340 shares of the oil and gas company’s stock worth $2,384,000 after purchasing an additional 40,721 shares during the last quarter. Bayforest Capital Ltd purchased a new stake in shares of CVR Energy during the 3rd quarter valued at $1,057,000. Allianz Asset Management GmbH increased its position in shares of CVR Energy by 69.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 458,214 shares of the oil and gas company’s stock valued at $16,716,000 after purchasing an additional 187,620 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of CVR Energy by 38.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 380,127 shares of the oil and gas company’s stock worth $13,867,000 after purchasing an additional 106,350 shares during the period. Finally, Citigroup Inc. grew its position in CVR Energy by 95.6% during the third quarter. Citigroup Inc. now owns 391,985 shares of the oil and gas company’s stock valued at $14,300,000 after buying an additional 191,584 shares during the period. Hedge funds and other institutional investors own 98.88% of the company’s stock.

About CVR Energy

CVR Energy, Inc is an independent downstream energy company engaged primarily in petroleum refining and nitrogen fertilizer production in the United States. Headquartered in Sugar Land, Texas, CVR Energy operates through two reportable segments—Petroleum Products and Nitrogen Fertilizers—leveraging its refining expertise and distribution network to serve both wholesale and retail markets across key regions in the U.S.

In its Petroleum Products segment, the company owns and operates the Coffeyville, Kansas refinery, which has the capability to process various grades of crude oil into gasoline, diesel, jet fuel and other refined products.