Shares of CVR Energy Inc. (NYSE:CVI – Get Free Report) saw an uptick in trading volume on Wednesday following a better than expected earnings announcement. Approximately 4,176,003 shares changed hands during mid-day 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 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the business earned $0.40 EPS. CVR Energy’s quarterly revenue was up 68.8% on a year-over-year basis.
CVR Energy Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Monday, November 16th will be given 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 dividend payout ratio (DPR) is 58.82%.
Key Stories Impacting CVR Energy
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
Wall Street Analyst Weigh In
Several equities analysts have recently commented on CVI shares. Wall Street Zen raised CVR Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 10th. Zacks Research raised CVR Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, October 16th. UBS Group boosted their price target on CVR Energy from $35.00 to $53.00 and gave the company a “neutral” rating in a research note on Friday, October 2nd. The Goldman Sachs Group upped their price objective on CVR Energy from $36.00 to $50.00 and gave the company a “sell” rating in a report on Friday, October 9th. Finally, Weiss Ratings upgraded CVR Energy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $45.75.
Read Our Latest Research Report on CVR Energy
Institutional Trading of CVR Energy
A number of institutional investors have recently bought and sold shares of the business. Nykredit A S bought a new position in shares of CVR Energy during the second quarter worth approximately $29,000. Parallel Advisors LLC boosted its stake in shares of CVR Energy by 64.5% in the third quarter. Parallel Advisors LLC now owns 668 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 262 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of CVR Energy by 44.4% in 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 buying an additional 339 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of CVR Energy by 51.5% in 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 buying an additional 388 shares during the period. Finally, Sterling Capital Management LLC grew its position in CVR Energy by 851.4% during the third quarter. Sterling Capital Management LLC now owns 999 shares of the oil and gas company’s stock worth $51,000 after buying an additional 894 shares in the last quarter. Institutional investors own 98.88% of the company’s stock.
CVR Energy Stock Down 5.1%
The stock has a 50-day moving average of $52.84 and a 200-day moving average of $35.88. 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 firm has a market cap of $4.64 billion, a price-to-earnings 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.
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