CVR Energy (NYSE:CVI) Stock Price Up 4.6% – Here’s Why

CVR Energy Inc. (NYSE:CVI) shares were up 4.6% during mid-day trading on Tuesday. The company traded as high as $61.40 and last traded at $61.62. 94,856 shares were traded during mid-day trading, a decline of 92% from the average session volume of 1,145,664 shares. The stock had previously closed at $58.91.

Analysts Set New Price Targets

CVI has been the topic of several research analyst reports. Zacks Research raised CVR Energy from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. The Goldman Sachs Group raised their price objective on shares of CVR Energy from $36.00 to $50.00 and gave the company a “sell” rating in a research report on Friday. UBS Group raised their price target on shares of CVR Energy from $35.00 to $53.00 and gave the company a “neutral” rating in a report on Friday, October 2nd. Wall Street Zen raised shares of CVR Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, Mizuho upped their price target on CVR Energy from $29.00 to $52.00 and gave the stock an “underperform” rating in a research note on Thursday, October 8th. Four equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average target price of $45.75.

CVR Energy Trading Up 6.8%

The firm has a market cap of $6.32 billion, a P/E ratio of 92.38 and a beta of 0.90. The company’s 50 day moving average is $45.31 and its two-hundred day moving average is $36.72. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.42 and a quick ratio of 0.92.

CVR Energy (NYSE:CVI) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.08. The business had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.22 billion. CVR Energy had a negative return on equity of 15.21% and a net margin of 0.81%. CVR Energy’s quarterly revenue was up 55.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.23) earnings per share. On average, sell-side analysts predict that CVR Energy Inc. will post 1.56 earnings per share for the current year.

CVR Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Monday, August 10th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Monday, August 10th. CVR Energy’s dividend payout ratio is presently 58.82%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CVI. BlackRock Inc. acquired a new stake in CVR Energy during the 2nd quarter worth approximately $143,262,000. State Street Corp lifted its holdings in shares of CVR Energy by 11.0% during the 2nd quarter. State Street Corp now owns 2,153,498 shares of the oil and gas company’s stock worth $59,315,000 after acquiring an additional 213,829 shares during the period. Dimensional Fund Advisors LP lifted its stake in CVR Energy by 16.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,908,062 shares of the oil and gas company’s stock worth $64,220,000 after purchasing an additional 265,013 shares during the last quarter. Bank of America Corp DE boosted its stake in CVR Energy by 19.4% in the second quarter. Bank of America Corp DE now owns 671,728 shares of the oil and gas company’s stock valued at $18,499,000 after buying an additional 109,338 shares in the last quarter. Finally, PDT Partners LLC acquired a new position in CVR Energy during the second quarter worth about $14,502,000. 98.88% of the stock is currently owned by institutional investors and hedge funds.

CVR Energy Company Profile

CVR Energy, Inc is a diversified energy company engaged primarily in petroleum refining and nitrogen fertilizer production. Headquartered in Sugar Land, Texas, the company operates through subsidiaries that serve customers in the United States, with activities concentrated in the Midcontinent region.

Through its refining operations, CVR Energy processes crude oil into transportation fuels and other refined products, including gasoline, diesel fuel, jet fuel and asphalt. Its refineries are located in Coffeyville, Kansas, and Wynnewood, Oklahoma, and are supported by related logistics, storage and transportation assets.

CVR Energy also owns and operates nitrogen fertilizer facilities through CVR Partners, LP.