CVR Energy (NYSE:CVI) Shares Down 4% – Here’s Why

CVR Energy Inc. (NYSE:CVI) shares dropped 4% on Tuesday . The company traded as low as $33.75 and last traded at $33.5560. Approximately 461,671 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 1,461,362 shares. The stock had previously closed at $34.94.

Analysts Set New Price Targets

CVI has been the topic of several recent research reports. Weiss Ratings lowered shares of CVR Energy from a “hold (c)” rating to a “sell (d)” rating in a report on Friday, February 20th. Scotiabank raised shares of CVR Energy to a “strong sell” rating in a research note on Friday. Wall Street Zen upgraded shares of CVR Energy from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. The Goldman Sachs Group raised their price objective on CVR Energy from $22.00 to $25.00 and gave the company a “sell” rating in a research note on Thursday, March 12th. Finally, Raymond James Financial upgraded CVR Energy from an “underperform” rating to a “market perform” rating in a report on Wednesday, March 25th. Two research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Strong Sell” and an average price target of $30.00.

CVR Energy Stock Down 4.2%

The firm has a market cap of $3.37 billion, a PE ratio of 129.02 and a beta of 1.12. The company has a debt-to-equity ratio of 1.95, a quick ratio of 1.13 and a current ratio of 1.79. The company’s 50-day simple moving average is $25.91 and its two-hundred day simple moving average is $30.23.

CVR Energy (NYSE:CVI) last released 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. The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.70 billion. CVR Energy had a net margin of 0.38% and a negative return on equity of 14.31%. The company’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.13) earnings per share. On average, analysts predict that CVR Energy Inc. will post -0.12 earnings per share for the current fiscal year.

CVR Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, March 2nd were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date was Monday, March 2nd.

Insider Buying and Selling

In other CVR Energy news, major shareholder Carl C. Icahn acquired 275,012 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was acquired at an average price of $21.41 per share, for a total transaction of $5,888,006.92. Following the acquisition, the insider owned 71,201,875 shares in the company, valued at $1,524,432,143.75. This represents a 0.39% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last three months, insiders purchased 783,404 shares of company stock worth $16,445,044. Corporate insiders own 0.01% of the company’s stock.

Hedge Funds Weigh In On CVR Energy

Hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets raised its holdings in shares of CVR Energy by 21,261.8% during the third quarter. BNP Paribas Financial Markets now owns 776,073 shares of the oil and gas company’s stock valued at $28,311,000 after acquiring an additional 772,440 shares in the last quarter. Tudor Investment Corp ET AL bought a new stake in CVR Energy in the third quarter valued at $22,217,000. Squarepoint Ops LLC purchased a new position in CVR Energy during the 4th quarter valued at $9,616,000. Bank of America Corp DE raised its holdings in CVR Energy by 101.2% in the 3rd quarter. Bank of America Corp DE now owns 706,504 shares of the oil and gas company’s stock worth $25,773,000 after purchasing an additional 355,412 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in CVR Energy by 33.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,364,250 shares of the oil and gas company’s stock worth $49,768,000 after purchasing an additional 345,758 shares in the last quarter. 98.88% of the stock is owned by hedge funds and other institutional investors.

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.