CVR Energy (NYSE:CVI) Downgraded by Raymond James Financial to "Underperform"

Raymond James Financial lowered shares of CVR Energy (NYSE:CVI - Free Report) from a market perform rating to an underperform rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports.

Other research analysts have also recently issued research reports about the stock. Scotiabank boosted their price target 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. Mizuho boosted their price objective on shares of CVR Energy from $21.00 to $25.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Wall Street Zen lowered shares of CVR Energy from a "hold" rating to a "sell" rating in a report on Wednesday, April 30th. Finally, The Goldman Sachs Group reduced their price objective on shares of CVR Energy from $19.00 to $16.00 and set a "sell" rating on the stock in a report on Thursday, March 27th. Seven investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Reduce" and an average price target of $23.80.

CVR Energy Price Performance

Shares of CVR Energy stock traded down $0.31 during trading hours on Tuesday, reaching $28.62. 725,720 shares of the company's stock were exchanged, compared to its average volume of 1,236,047. CVR Energy has a 1 year low of $15.10 and a 1 year high of $32.67. The company has a market capitalization of $2.88 billion, a P/E ratio of -14.53 and a beta of 1.16. The business has a fifty day moving average of $26.16 and a two-hundred day moving average of $21.55. The company has a quick ratio of 0.85, a current ratio of 1.32 and a debt-to-equity ratio of 2.47.

CVR Energy (NYSE:CVI - Get Free Report) last released its earnings results on Monday, April 28th. The oil and gas company reported ($0.58) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.90) by $0.32. CVR Energy had a negative net margin of 2.68% and a negative return on equity of 12.66%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the prior year, the firm earned $0.04 earnings per share. The company's revenue for the quarter was down 11.6% compared to the same quarter last year. As a group, research analysts predict that CVR Energy will post -0.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Carl C. Icahn acquired 98,875 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The stock was acquired at an average price of $17.84 per share, for a total transaction of $1,763,930.00. Following the purchase, the insider owned 70,339,251 shares of the company's stock, valued at $1,254,852,237.84. This represents a 0.14% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders bought 177,884 shares of company stock valued at $3,200,627. Insiders own 0.01% of the company's stock.

Hedge Funds Weigh In On CVR Energy

A number of institutional investors and hedge funds have recently modified their holdings of CVI. Matrix Trust Co acquired a new position in shares of CVR Energy during the second quarter worth $26,000. Harbor Capital Advisors Inc. raised its position in shares of 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 acquiring an additional 646 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of CVR Energy by 55.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,052 shares of the oil and gas company's stock worth $38,000 after acquiring an additional 731 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of CVR Energy by 1,030.2% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,944 shares of the oil and gas company's stock worth $38,000 after acquiring an additional 1,772 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of CVR Energy by 106.6% during the 1st quarter. GAMMA Investing LLC now owns 2,159 shares of the oil and gas company's stock worth $42,000 after acquiring an additional 1,114 shares in the last quarter. Institutional investors and hedge funds own 98.88% of the company's stock.

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.