CVR Energy (NYSE:CVI) Sets New 1-Year High – Here’s Why

CVR Energy Inc. (NYSE:CVI)’s share price reached a new 52-week high on Wednesday. The stock traded as high as $63.31 and last traded at $63.0980, with a volume of 811,219 shares traded. The stock had previously closed at $58.91.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of CVR Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday. Mizuho upped their price target on shares of CVR Energy from $29.00 to $52.00 and gave the company an “underperform” rating in a research report on Thursday, October 8th. Zacks Research raised shares of CVR Energy from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Weiss Ratings raised shares of CVR Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Finally, The Goldman Sachs Group lifted their price objective on shares of CVR Energy from $36.00 to $50.00 and gave the stock a “sell” rating in a research report on Friday. Four analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, CVR Energy currently has an average rating of “Reduce” and a consensus price target of $45.75.

CVR Energy Stock Up 7.1%

The stock has a market capitalization of $6.34 billion, a price-to-earnings ratio of 92.79 and a beta of 0.90. The company has a quick ratio of 0.92, a current ratio of 1.42 and a debt-to-equity ratio of 2.38. The firm has a 50-day moving average of $45.91 and a two-hundred day moving average of $36.94.

CVR Energy (NYSE:CVI) last announced its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.08. The firm had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.22 billion. CVR Energy had a negative return on equity of 15.21% and a net margin of 0.81%. The business’s revenue for the quarter was up 55.5% on a year-over-year basis. During the same period in the prior year, the business earned ($0.23) EPS. As a group, sell-side analysts anticipate 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. Shareholders of record on Monday, August 10th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, August 10th. CVR Energy’s payout ratio is 58.82%.

Hedge Funds Weigh In On CVR Energy

A number of large investors have recently made changes to their positions in CVI. Nykredit A S purchased a new stake in shares of CVR Energy during the second quarter worth $29,000. EverSource Wealth Advisors LLC boosted its position in CVR Energy by 44.4% during the first quarter. EverSource Wealth Advisors LLC now owns 1,102 shares of the oil and gas company’s stock valued at $37,000 after purchasing an additional 339 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in CVR Energy by 51.5% during the first quarter. PNC Financial Services Group Inc. now owns 1,142 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 388 shares during the last quarter. Farther Finance Advisors LLC boosted its position in CVR Energy by 197.2% during the third quarter. Farther Finance Advisors LLC now owns 1,153 shares of the oil and gas company’s stock valued at $59,000 after purchasing an additional 765 shares during the last quarter. Finally, CX Institutional grew its stake in CVR Energy by 5,362.5% in the third quarter. CX Institutional now owns 1,311 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 1,287 shares in the last quarter. Institutional investors and hedge funds own 98.88% of the company’s stock.

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.