CVR Energy (NYSE:CVI) Announces Earnings Results

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 data 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. CVR Energy had a negative net margin of 4.63% and a negative return on equity of 18.11%. The firm had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the firm earned $0.09 EPS. The company's revenue was down 10.5% compared to the same quarter last year.

CVR Energy Trading Up 1.0%

Shares of CVR Energy stock traded up $0.24 during trading on Tuesday, reaching $25.17. 676,818 shares of the stock were exchanged, compared to its average volume of 1,043,107. The company has a quick ratio of 0.75, a current ratio of 1.17 and a debt-to-equity ratio of 2.78. The stock's fifty day moving average is $27.21 and its 200 day moving average is $22.27. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of -7.58 and a beta of 1.20. CVR Energy has a 1 year low of $15.10 and a 1 year high of $32.67.

Hedge Funds Weigh In On CVR Energy

A number of institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. increased its position 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of CVR Energy by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,301 shares of the oil and gas company's stock worth $394,000 after acquiring an additional 858 shares during the last quarter. AQR Capital Management LLC purchased a new position in shares of CVR Energy during the 1st quarter worth $611,000. Finally, Royal Bank of Canada boosted its stake in shares of CVR Energy by 67.2% during the 1st quarter. Royal Bank of Canada now owns 14,904 shares of the oil and gas company's stock worth $289,000 after acquiring an additional 5,992 shares during the last quarter. 98.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

CVR Energy Company Profile

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.