CVR Energy (NYSE:CVI) Shares Gap Down on Disappointing Earnings

Key Points

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CVR Energy Inc. (NYSE:CVI - Get Free Report)'s stock price gapped down before the market opened on Thursday following a dissappointing 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 traded.

The oil and gas company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.15). CVR Energy had a negative return on equity of 17.18% and a negative net margin of 4.63%. The firm had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the company posted $0.09 EPS. The firm's quarterly revenue was down 10.5% compared to the same quarter last year.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. raised its stake in CVR Energy by 65.5% during the 1st quarter. Harbor Capital Advisors Inc. now owns 1,633 shares of the oil and gas company's stock worth $32,000 after buying an additional 646 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in CVR Energy by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,443 shares of the oil and gas company's stock worth $364,000 after buying an additional 683 shares during the period. SummerHaven Investment Management LLC raised its stake in CVR Energy by 2.4% during the 2nd quarter. SummerHaven Investment Management LLC now owns 32,465 shares of the oil and gas company's stock worth $872,000 after buying an additional 758 shares during the period. Matrix Trust Co acquired a new stake in CVR Energy during the 2nd quarter worth $26,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in CVR Energy by 1.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,282 shares of the oil and gas company's stock worth $1,130,000 after buying an additional 1,035 shares during the period. Institutional investors and hedge funds own 98.88% of the company's stock.

CVR Energy Price Performance

The firm has a market cap of $2.52 billion, a price-to-earnings ratio of -7.55 and a beta of 1.20. The company has a current ratio of 1.32, a quick ratio of 0.85 and a debt-to-equity ratio of 2.47. The company has a 50 day moving average of $27.18 and a 200 day moving average of $22.23.

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.