CVR Energy (NYSE:CVI) Sees Unusually-High Trading Volume Following Better-Than-Expected Earnings

CVR Energy Inc. (NYSE:CVI) shares saw strong trading volume on Wednesday following a better than expected earnings announcement. 4,176,003 shares changed hands during trading, an increase of 269% from the average daily volume of 1,131,848 shares. The stock last traded at $46.2360 and had previously closed at $48.60.

The oil and gas company reported $4.00 earnings per share for the quarter, topping the consensus estimate of $2.91 by $1.09. CVR Energy had a net margin of 0.81% and a negative return on equity of 15.21%. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the business posted $0.40 earnings per share. The business’s revenue for the quarter was up 68.8% compared to the same quarter last year.

CVR Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Monday, November 16th will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, November 16th. This represents a $0.40 annualized dividend and a yield of 0.9%. CVR Energy’s payout ratio is currently 58.82%.

CVR Energy News Summary

Here are the key news stories impacting CVR Energy this week:

• Positive Sentiment: CVR reported third-quarter earnings of $4.00 per share, above analyst expectations, while revenue rose 68.8% year over year to $3.28 billion. The results highlight strong recent performance. Article: CVR Energy Q3 Earnings and Revenues Beat Estimates
• Positive Sentiment: The proposed purchase of Marathon Petroleum’s St. Paul Park and Mandan refineries would significantly expand CVR’s refining footprint and capacity. Article: Marathon to Sell Two Refineries to CVR Energy
• Neutral Sentiment: CVR priced an underwritten offering of 10.5 million shares at $47.55 each, targeting roughly $500 million before expenses, with an option for underwriters to buy additional shares. Proceeds are intended to help fund the refinery acquisition. Article: CVR Energy Announces Pricing of Offering of Common Stock
• Neutral Sentiment: The company also declared a $0.10 quarterly dividend, payable November 23 to shareholders of record November 16. Article: CVR Energy Stock Information
• Negative Sentiment: The equity raise dilutes existing shareholders, and the scale of the $4.2 billion acquisition raises questions about financing, leverage and integration. Reports say these concerns have overshadowed the quarter’s results, leaving shares under pressure. Article: CVR Energy Stock Falls as Refinery Deal and Share Sale Overshadow Record Quarter

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CVI shares. The Goldman Sachs Group raised their price target on CVR Energy from $36.00 to $50.00 and gave the stock a “sell” rating in a research report on Friday, October 9th. Mizuho increased their target price on CVR Energy from $29.00 to $52.00 and gave the stock an “underperform” rating in a research note on Thursday, October 8th. Weiss Ratings raised CVR Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. UBS Group raised their target price on shares of CVR Energy from $35.00 to $53.00 and gave the stock a “neutral” rating in a report on Friday, October 2nd. Finally, Zacks Research raised shares of CVR Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, CVR Energy currently has a consensus rating of “Reduce” and an average price target of $45.75.

Institutional Investors Weigh In On CVR Energy

Hedge funds and other institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC increased its position in CVR Energy by 64.5% during the third quarter. Parallel Advisors LLC now owns 668 shares of the oil and gas company’s stock worth $34,000 after buying an additional 262 shares during the last quarter. NewEdge Advisors LLC raised its stake in CVR Energy by 2.5% in the 2nd quarter. NewEdge Advisors LLC now owns 13,890 shares of the oil and gas company’s stock valued at $383,000 after acquiring an additional 336 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in CVR Energy by 44.4% during the 1st 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. lifted its holdings in CVR Energy by 51.5% during the 1st 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. Finally, Farther Finance Advisors LLC lifted its holdings in CVR Energy by 197.2% during the 3rd 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. Institutional investors and hedge funds own 98.88% of the company’s stock.

CVR Energy Stock Performance

The company has a debt-to-equity ratio of 2.38, a current ratio of 1.42 and a quick ratio of 0.92. The stock’s 50-day simple moving average is $52.84 and its 200 day simple moving average is $35.88. The stock has a market capitalization of $4.64 billion, a P/E ratio of 67.86 and a beta of 0.85.

About CVR Energy

CVR Energy, Inc (NYSE:CVI) is a diversified energy company engaged primarily in petroleum refining and nitrogen fertilizer production. Through its refining operations, the company processes crude oil into transportation fuels and other refined products, including gasoline, diesel fuel, jet fuel and asphalt.

CVR Energy operates refineries in Coffeyville, Kansas, and Wynnewood, Oklahoma. The facilities primarily serve customers in the Midcontinent region of the United States and are supported by related logistics and distribution assets.