CVR Energy (NYSE:CVI) Shares Down 7.3% – Here’s Why

CVR Energy Inc. (NYSE:CVI)’s share price traded down 7.3% on Wednesday . The stock traded as low as $23.11 and last traded at $22.85. 1,196,249 shares traded hands during trading, a decline of 12% from the average session volume of 1,362,980 shares. The stock had previously closed at $24.64.

Analysts Set New Price Targets

CVI has been the topic of several analyst reports. Mizuho reiterated an “underperform” rating and issued a $29.00 target price (up from $27.00) on shares of CVR Energy in a report on Monday, September 15th. The Goldman Sachs Group raised their price objective on CVR Energy from $19.00 to $25.00 and gave the stock a “sell” rating in a research note on Wednesday, October 22nd. Zacks Research upgraded CVR Energy from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Weiss Ratings restated a “hold (c)” rating on shares of CVR Energy in a report on Monday, December 29th. Finally, Scotiabank reiterated an “underperform” rating on shares of CVR Energy in a report on Thursday, October 9th. Two equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Strong Sell” and a consensus price target of $29.25.

CVR Energy Price Performance

The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.28 and a current ratio of 1.96. The company has a fifty day moving average price of $32.29 and a two-hundred day moving average price of $31.53. The company has a market cap of $2.29 billion, a P/E ratio of 13.91 and a beta of 1.14.

CVR Energy (NYSE:CVI) last issued its quarterly earnings results on Tuesday, September 2nd. The oil and gas company reported ($0.23) EPS for the quarter. The company had revenue of $1.76 billion for the quarter. CVR Energy had a net margin of 2.26% and a negative return on equity of 6.43%. On average, sell-side analysts anticipate that CVR Energy Inc. will post -0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CVR Energy

Several hedge funds and other institutional investors have recently made changes to their positions in CVI. BNP Paribas Financial Markets raised its holdings in shares of CVR Energy by 21,261.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 776,073 shares of the oil and gas company’s stock valued at $28,311,000 after purchasing an additional 772,440 shares during the period. Amanah Holdings Trust acquired a new position in CVR Energy during the second quarter worth approximately $17,996,000. Tudor Investment Corp ET AL bought a new stake in CVR Energy in the third quarter valued at approximately $22,217,000. Bank of America Corp DE lifted its position in shares of CVR Energy by 101.2% in the third quarter. Bank of America Corp DE now owns 706,504 shares of the oil and gas company’s stock valued at $25,773,000 after buying an additional 355,412 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of CVR Energy by 33.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,364,250 shares of the oil and gas company’s stock valued at $49,768,000 after buying an additional 345,758 shares during the last quarter. 98.88% of the stock is owned by 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.