CVR Energy (NYSE:CVI) Shares Gap Down After Earnings Miss

Key Points

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Shares of CVR Energy Inc. (NYSE:CVI - Get Free Report) gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $28.27, but opened at $25.45. CVR Energy shares last traded at $26.05, with a volume of 625,032 shares changing hands.

The oil and gas company reported ($0.23) EPS for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.15). The company had revenue of $1.76 billion during the quarter, compared to analysts' expectations of $1.73 billion. CVR Energy had a negative net margin of 4.63% and a negative return on equity of 18.11%. The company's quarterly revenue was down 10.5% on a year-over-year basis. During the same period last year, the business earned $0.09 earnings per share.

Analysts Set New Price Targets

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

Institutional Trading of CVR Energy

Several hedge funds and other institutional investors have recently made changes to their positions in CVI. Amanah Holdings Trust purchased a new stake in shares of CVR Energy in the second quarter valued at about $17,996,000. Two Sigma Investments LP boosted its holdings in shares of CVR Energy by 56.2% in the fourth quarter. Two Sigma Investments LP now owns 750,195 shares of the oil and gas company's stock valued at $14,059,000 after acquiring an additional 269,763 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of CVR Energy by 1,203.0% in the fourth quarter. Millennium Management LLC now owns 286,100 shares of the oil and gas company's stock valued at $5,362,000 after acquiring an additional 264,143 shares in the last quarter. ExodusPoint Capital Management LP boosted its holdings in shares of CVR Energy by 744.9% in the fourth quarter. ExodusPoint Capital Management LP now owns 293,129 shares of the oil and gas company's stock valued at $5,493,000 after acquiring an additional 258,436 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of CVR Energy by 12.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,181,295 shares of the oil and gas company's stock valued at $40,876,000 after purchasing an additional 238,081 shares during the period. Hedge funds and other institutional investors own 98.88% of the company's stock.

CVR Energy Price Performance

The company has a debt-to-equity ratio of 2.78, a current ratio of 1.17 and a quick ratio of 0.75. The company's 50 day moving average is $27.21 and its 200 day moving average is $22.27. The stock has a market cap of $2.50 billion, a price-to-earnings ratio of -7.49 and a beta of 1.20.

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.