CVR Energy (NYSE:CVI) Issues Quarterly Earnings Results, Misses Estimates By $0.15 EPS

Key Points

• CVR Energy reported a quarterly loss of ($0.23) EPS, missing estimates by $0.15, while revenues reached $1.76 billion, slightly above forecasts.
• The company's stock experienced a decline of 6.3% following the earnings announcement, trading down to $25.10.
• Wall Street analysts have been cautious, with seven analysts giving CVR Energy a sell rating and a consensus price target of $23.80.

CVR Energy (NYSE:CVI - Get Free Report) released its quarterly earnings results on Wednesday. The oil and gas company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.15), Zacks reports. The company had revenue of $1.76 billion during the quarter, compared to analysts' expectations of $1.73 billion. CVR Energy had a negative return on equity of 17.18% and a negative net margin of 4.63%. The company's revenue was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.09 EPS.

CVR Energy Trading Down 6.3%

NYSE CVI traded down $1.68 during trading on Friday, hitting $25.10. The stock had a trading volume of 807,231 shares, compared to its average volume of 1,035,322. The company has a debt-to-equity ratio of 2.47, a quick ratio of 0.85 and a current ratio of 1.32. The stock has a market capitalization of $2.52 billion, a price-to-earnings ratio of -7.56 and a beta of 1.17. CVR Energy has a one year low of $15.10 and a one year high of $32.67. The stock has a 50 day simple moving average of $27.15 and a 200 day simple moving average of $22.20.

Institutional Trading of CVR Energy

Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its stake in CVR Energy by 67.2% in the first quarter. Royal Bank of Canada now owns 14,904 shares of the oil and gas company's stock worth $289,000 after purchasing an additional 5,992 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of CVR Energy by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,301 shares of the oil and gas company's stock valued at $394,000 after acquiring an additional 858 shares in the last quarter. AQR Capital Management LLC bought a new stake in shares of CVR Energy during the first quarter valued at approximately $611,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of CVR Energy by 14.8% during the first quarter. Goldman Sachs Group Inc. now owns 496,650 shares of the oil and gas company's stock valued at $9,635,000 after acquiring an additional 63,909 shares in the last quarter. Institutional investors own 98.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CVI shares. Mizuho lifted their price target on CVR Energy from $21.00 to $25.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Scotiabank lifted their price target on CVR Energy from $21.00 to $25.00 and gave the stock a "sector underperform" rating in a research report on Friday, July 11th. Wall Street Zen lowered CVR Energy from a "hold" rating to a "sell" rating in a research report on Wednesday, April 30th. Finally, Raymond James Financial lowered CVR Energy from a "market perform" rating to an "underperform" rating in a research report on Tuesday, July 15th. Seven analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Based on data from MarketBeat, CVR Energy has a consensus rating of "Reduce" and a consensus price target of $23.80.

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.

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