CVR Energy (NYSE:CVI) Sets New 12-Month Low on Disappointing Earnings

CVR Energy, Inc. (NYSE:CVI)’s stock price hit a new 52-week low on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $18.31 and last traded at $18.33, with a volume of 310637 shares traded. The stock had previously closed at $23.82.

The oil and gas company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.41). The business had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.91 billion. CVR Energy had a return on equity of 25.00% and a net margin of 6.39%. CVR Energy’s quarterly revenue was down 27.3% on a year-over-year basis. During the same period last year, the firm posted $1.89 EPS.

Analyst Upgrades and Downgrades

CVI has been the subject of several research reports. Mizuho dropped their price objective on shares of CVR Energy from $27.00 to $25.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. JPMorgan Chase & Co. dropped their target price on CVR Energy from $26.00 to $23.00 and set an “underweight” rating for the company in a research report on Wednesday, October 2nd. UBS Group reduced their price target on CVR Energy from $33.75 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, August 13th. Tudor, Pickering, Holt & Co. lowered shares of CVR Energy from a “hold” rating to a “sell” rating in a report on Monday, September 9th. Finally, Scotiabank reduced their target price on shares of CVR Energy from $25.00 to $21.00 and set a “sector underperform” rating on the stock in a report on Thursday, October 10th. Four research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $24.75.

Institutional Trading of CVR Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Headlands Technologies LLC grew its holdings in CVR Energy by 820.5% during the 2nd quarter. Headlands Technologies LLC now owns 1,482 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 1,321 shares during the period. Future Financial Wealth Managment LLC bought a new stake in shares of CVR Energy during the 3rd quarter valued at about $46,000. Covestor Ltd grew its stake in CVR Energy by 45,560.0% during the first quarter. Covestor Ltd now owns 2,283 shares of the oil and gas company’s stock worth $81,000 after purchasing an additional 2,278 shares during the period. Quest Partners LLC increased its holdings in CVR Energy by 47.3% in the second quarter. Quest Partners LLC now owns 3,485 shares of the oil and gas company’s stock worth $93,000 after purchasing an additional 1,119 shares in the last quarter. Finally, DRW Securities LLC acquired a new position in CVR Energy in the second quarter valued at approximately $202,000. Institutional investors and hedge funds own 98.88% of the company’s stock.

CVR Energy Price Performance

The stock has a market capitalization of $1.77 billion, a P/E ratio of 2.70 and a beta of 1.48. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.93 and a current ratio of 1.46. The business has a fifty day simple moving average of $23.85 and a 200-day simple moving average of $26.49.

About CVR Energy

CVR Energy, Inc, together with its subsidiaries, engages in the petroleum refining and marketing, and nitrogen fertilizer manufacturing activities in the United States. It operates in two segments, Petroleum and Nitrogen Fertilizer. The Petroleum segment refines and supplies gasoline, crude oil, distillate, diesel fuel, and other refined products.