Bank of America Corp DE Reduces Stock Holdings in CVR Energy Inc. $CVI

Key Points

• Bank of America cut its CVR Energy stake by 30.7% in the first quarter, selling 249,661 shares and retaining 562,390 shares valued at approximately $18.9 million. Institutional investors collectively own 98.88% of CVI.
• CVR Energy reported quarterly EPS of $0.34, beating estimates of $0.26, while revenue rose 55.5% year over year to $2.74 billion. The company also declared a quarterly dividend of $0.10 per share, representing a 1.1% annualized yield.
• Despite CVI trading at $36.55, above the analyst consensus price target of $30.50, analyst sentiment remains negative: three analysts rate it Hold and five rate it Sell, resulting in a consensus “Strong Sell” rating.

Bank of America Corp DE cut its stake in CVR Energy Inc. (NYSE:CVI - Free Report) by 30.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 562,390 shares of the oil and gas company's stock after selling 249,661 shares during the quarter. Bank of America Corp DE owned about 0.56% of CVR Energy worth $18,924,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of CVI. EverSource Wealth Advisors LLC boosted its position in shares of CVR Energy by 44.4% during the first quarter. EverSource Wealth Advisors LLC now owns 1,102 shares of the oil and gas company's stock valued at $37,000 after buying an additional 339 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of CVR Energy by 51.5% in the first quarter. PNC Financial Services Group Inc. now owns 1,142 shares of the oil and gas company's stock worth $38,000 after buying an additional 388 shares during the period. Quarry LP purchased a new stake in shares of CVR Energy in the third quarter worth approximately $50,000. Aster Capital Management DIFC Ltd bought a new stake in shares of CVR Energy during the 4th quarter worth approximately $40,000. Finally, Horizon Investments LLC bought a new stake in shares of CVR Energy during the 4th quarter worth approximately $47,000. 98.88% of the stock is owned by hedge funds and other institutional investors.

CVR Energy Stock Down 0.3%

CVR Energy stock opened at $36.55 on Thursday. The company has a quick ratio of 0.92, a current ratio of 1.42 and a debt-to-equity ratio of 2.38. The firm has a market cap of $3.67 billion, a P/E ratio of 53.76 and a beta of 0.83. The business has a fifty day moving average of $31.74 and a two-hundred day moving average of $30.50. CVR Energy Inc. has a twelve month low of $19.62 and a twelve month high of $41.67.

CVR Energy (NYSE:CVI - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.08. The business had revenue of $2.74 billion for the quarter, compared to analysts' expectations of $2.22 billion. CVR Energy had a net margin of 0.81% and a negative return on equity of 15.21%. The company's revenue was up 55.5% compared to the same quarter last year. During the same period last year, the business earned ($0.23) EPS. On average, analysts forecast that CVR Energy Inc. will post 0.79 earnings per share for the current fiscal year.

CVR Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Monday, August 10th were given a $0.10 dividend. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.1%. CVR Energy's dividend payout ratio (DPR) is presently 58.82%.

Analyst Upgrades and Downgrades

CVI has been the topic of a number of recent analyst reports. Scotiabank increased their target price on CVR Energy from $25.00 to $28.00 and gave the stock a "sector underperform" rating in a research note on Wednesday, April 22nd. Mizuho boosted their target price on shares of CVR Energy from $28.00 to $29.00 and gave the company an "underperform" rating in a research note on Tuesday, August 4th. Wall Street Zen upgraded shares of CVR Energy from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of CVR Energy in a research note on Wednesday, August 12th. Finally, Zacks Research upgraded shares of CVR Energy from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. Three investment analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Strong Sell" and a consensus price target of $30.50.

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.

Want to see what other hedge funds are holding CVI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CVR Energy Inc. (NYSE:CVI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source