CVR Energy (NYSE:CVI) Shares Gap Down - Time to Sell?

Key Points

• CVR Energy shares gapped down, opening at $30.71 after a $32.86 close and last trading around $29.01 on volume of about 112,215 shares.
• Wall Street’s consensus is a Strong Sell (four Sell, two Hold), with a MarketBeat consensus price target of $31.25 and Goldman Sachs initiating coverage with a $30 target.
• Carl C. Icahn bought 275,012 shares at about $21.41 and now holds ~71.2 million shares; insiders bought 783,404 shares in the last 90 days and institutional investors own ~98.9% of the stock.

CVR Energy Inc. (NYSE:CVI - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $32.86, but opened at $30.71. CVR Energy shares last traded at $29.0080, with a volume of 112,215 shares trading hands.

Wall Street Analysts Forecast Growth

CVI has been the subject of several analyst reports. Scotiabank upgraded shares of CVR Energy to a "strong sell" rating in a research note on Friday, March 27th. Wall Street Zen lowered shares of CVR Energy from a "hold" rating to a "sell" rating in a research note on Saturday, April 4th. Raymond James Financial upgraded shares of CVR Energy from an "underperform" rating to a "market perform" rating in a research note on Wednesday, March 25th. Weiss Ratings lowered shares of CVR Energy from a "hold (c)" rating to a "sell (d)" rating in a research note on Friday, February 20th. Finally, The Goldman Sachs Group initiated coverage on shares of CVR Energy in a research note on Friday, April 10th. They issued a "sell" rating and a $30.00 price objective for the company. Two research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat, CVR Energy presently has a consensus rating of "Strong Sell" and a consensus price target of $31.25.

CVR Energy Stock Performance

The company's 50 day moving average price is $28.15 and its 200-day moving average price is $30.09. The company has a debt-to-equity ratio of 1.95, a quick ratio of 1.13 and a current ratio of 1.79. The company has a market cap of $2.94 billion, a PE ratio of 112.42 and a beta of 0.94.

CVR Energy (NYSE:CVI - Get Free Report) last issued its quarterly earnings results on Wednesday, February 18th. The oil and gas company reported ($0.80) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.84) by $0.04. CVR Energy had a net margin of 0.38% and a negative return on equity of 14.31%. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the business posted ($0.13) EPS. CVR Energy's quarterly revenue was down 7.0% compared to the same quarter last year. Equities research analysts anticipate that CVR Energy Inc. will post -0.12 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Carl C. Icahn purchased 275,012 shares of the firm's stock in a transaction dated Tuesday, February 24th. The stock was bought at an average price of $21.41 per share, for a total transaction of $5,888,006.92. Following the purchase, the insider directly owned 71,201,875 shares in the company, valued at approximately $1,524,432,143.75. This trade represents a 0.39% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have purchased 783,404 shares of company stock worth $16,445,044. Company insiders own 0.01% of the company's stock.

Institutional Investors Weigh In On CVR Energy

Several large investors have recently modified their holdings of CVI. BNP Paribas Financial Markets increased its stake in shares of CVR Energy by 21,261.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 776,073 shares of the oil and gas company's stock worth $28,311,000 after purchasing an additional 772,440 shares during the last quarter. Tudor Investment Corp ET AL purchased a new position in CVR Energy in the 3rd quarter valued at approximately $22,217,000. Squarepoint Ops LLC purchased a new position in CVR Energy in the 4th quarter valued at approximately $9,616,000. Bank of America Corp DE grew its stake in CVR Energy by 101.2% in the 3rd quarter. Bank of America Corp DE now owns 706,504 shares of the oil and gas company's stock valued at $25,773,000 after buying an additional 355,412 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in CVR Energy by 33.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,364,250 shares of the oil and gas company's stock valued at $49,768,000 after buying an additional 345,758 shares in the last quarter. Hedge funds and other institutional investors own 98.88% of the company's stock.

CVR Energy Company Profile

CVR Energy, Inc is an independent downstream energy company engaged primarily in petroleum refining and nitrogen fertilizer production in the United States. Headquartered in Sugar Land, Texas, CVR Energy operates through two reportable segments—Petroleum Products and Nitrogen Fertilizers—leveraging its refining expertise and distribution network to serve both wholesale and retail markets across key regions in the U.S.

In its Petroleum Products segment, the company owns and operates the Coffeyville, Kansas refinery, which has the capability to process various grades of crude oil into gasoline, diesel, jet fuel and other refined products.

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